The answer might be yes or no depending from person to person.
So let me ask you one thing. Do you think you need to have a goal in your life?
Yes! you need a goal in order to achieve something in life.
Without goal you are hunting in the dark landing nowhere.
Having a goal does not mean you will be successful.
But it gives you a direction that will lead you on the right track.
Just like goal, you need to have a plan for you business.
Please check our Home Page to understand. When why is clear, How becomes easy?
It is a road map for your business success.
It does not have to be perfect but having it will give you a sense of blueprint as where you want to go.
You might not consider in the beginning when you are starting a company but before investing time & money you should know what you are up to.
Down the line there might be minor tweaks in the plan, but as a you move forward it becomes an integral part of your business success.
We have listed below as what needs to be considered to give you an idea to start with.
Step By Step On Business Plan
Executive Summary
- the title page ( name of your business), the logo etc
- fundamentals of your business
- synopsis of your business concepts
- current business position and when it was formed
Business description
- description of your industry and its outlook
- your business legal structure
- competitive edge. how you are unique. what different offerings you have
- description of your business operation ( day to day). it is service, retail, educational, e-commerce etc
- who you will sell, how will you sell ( distribution of your offerings)
Market strategies
- how you plan to reach your customers
- Are you price competitive product or premium product
- Analysis of the market ( size, structure, growth, trends, sales, distribution, promotional strategy
Competitive analysis
- strength & weakness of your competitors in the market
- how you are unique & different
- why you will be successful compared to others
Design & product development
- what is your design strategy
- how you consider user interface.
- considering user experience.
Operation & management plan
- how will you function on daily basis
- location or any branches you have if any. clear and crisp details
- the people who will run the business
- business processes
- different channels you are going to use to reach out to your customers ( logistics)
Financial factors
- what are you expenses at the start
- the capital you will require to keep running your business
- who will manage finance
- how will you mange it.
- day to day updates on the financial front to let you know where you stand.
The above factors need to be considered before you go out in the market.
The plan is like a bible which lets you know where you are & where you want to go and how will get there.
As your business starts to expands keep looking at the plan t make sure it syncs and do minor changes on the way as when required.
It is a not a full proof plan that will make you successful but just like goals it keeps you on track.
So do you think you need a business plan. if yes. Please leave comments and if no please let us know why?
You can also check our blog on Marketing Plan and why it is important for your business.
You can also check a blog on 7 Steps to a perfectly written business plan
Let us know what else can be included.