How to Develop a Winning Business Plan in 5 Easy StepsAbbakin
The best way to start a business is to set out your ideas in a proper business plan, with costs and returns on investments well analyzed. This post outlines how to develop a winning business plan in 5 easy steps.
It includes free access to our Sample Business Plan, Worksheets, Tools and other Resources to help you create a wining business plan that your potential investors or partners would get excited about and willing to invest in.
First, What is a Business Plan?
A business plan is a written outline that organizes your business ideas and evaluates all aspects of the economic viability of the business.
It contains different sections that provide correct assessment of the proposed changing prospects of a business and serves as a useful roadmap; as well as a financing tool.
A business plan is an essential tool for any business regardless of its size, nature or industry. Without a business plan it may be difficult for some (if not all) startup or existing businesses to achieve consistency in growth and long-term operational success.
To be great at writing your business plan, below are 5 components of a good business plan every investors would look at; while analyzing the possible potentials for return on investment (ROI).
How to Develop a Winning Business Plan in 5 Easy Steps
#1. Get Good Financial Projections
Your business plan should spell out all of your sources of income and expenses. Questions such as: How much money you need for the business? How to get the business funding? And how you want to use the raised funds
are usually answered step-by-step by the business plan.
Your business financing may come from the contribution from owner(s) or short-term borrowing from the banks; while some of the expense items you might include the following items:
- Buying supplies
- Paying employees,
renting or lease,
- Buying equipment
- Getting computer,
power or communication systems,
- Paying for
filling fees or the business name registration, etc.
#2. Initiate a Capable Financial Control
Would you bet your savings in a game where you don’t know how to count scores? People mistakenly do this in business all the time. Your business plan should include capable financial control and a team equipped with financial management skills.
Though, most entrepreneurs do not come from accounting backgrounds and so often go to the schools or training institutions to learn these skills. As a business owner or manager, include a qualified team that will measure the best possible options while utilizing your retained earnings.
You will learn the importance of becoming qualified in bookkeeping accounting, computer software and cash flow management. Some of this information is contained in our Business Management and Expansion Courses.
#3. Consider a Sound Business Concept
The single most common mistake made by entrepreneurs is not selecting the right kind of business initially. This is because there can be a huge gap between your concept of good business and the market reality.
A good way to verify your understanding of a business is to test-market your product or service before you start-up and grow fully. Do you think you have a great ‘kite’ that will capture the attention of ‘kite’ fliers throughout the world? Why not craft some ‘kites’ and try selling them to people first.
So, you should research, test and refine your business ideas before expanding your operations and investing huge money or other resources. Our “Starting a Business 101 eBook” will help you understand everything on how you can choose, start and grow a successful business in any economy or industry.
#4. Include Able Management Team
Have ever asked yourself why most startup businesses fail? When thinking about your business growth, investor will look for people with good ethical values, have complementary skills and who are smarter in the industry to partner as co-founders.
You may also plan to hire qualified people who have the skills that you lack or consider professional business plan writers who can help package your brand. It’s important to define the unique abilities you are bringing to the business, and then seek out others who can turn your weaknesses into strengths.
Building a great management team should include bringing in the experts as part of your business planning. However, you can delay hiring key managers until initial rounds of market experimentation have produced a stable business model or minimum viable product (MVP).
#5. Create Effective Marketing Plan
Having a great business idea or product alone is not enough for a startup to succeed; a great marketing plan must complement this initiative.
Your business plan will include a well-designed startup marketing plan that is capable of increasing your business awareness; attracting more target customers and can boost product sales.
The problem here is that majority of founders has little marketing experience, and hardly set a marketing budget that will grow their business from the ground.
How do you plan to market your business so it can succeed amides competitors?
Creating an effective marketing plan for your business will integrate into your company’s product positioning and growth strategies that let the world know about your awesome products or professional services.
Wrapping up: How to Develop a Winning Business Plan
A Business Plan is the key ingredient for a successful business – and yet, this is often ignored by many startup entrepreneurs.
Whether you have a great business idea or have completed some market research and now starting up your business in Nigeria or any other part of the world; we hope that this post might have helped you prioritize your business concepts.
Perhaps it presented some of the understanding you need in your business planning processes. For example, the marketing and sales section of your business plan traditionally begins with a market examination which includes market and industry analysis.
Other major parts of the business planning strategy include the tactics and budgeted activities required to gain the market share and grow a successful venture while working with the right team.
With our product packaging team, your business plan may start with value proposition statements that describe both what your business will deliver to the marketplace; and the competitive edge you definitely enjoy while doing what you love to do!
Download our free Business Plan Template here. Your sample business plan outline may include the following sections: The Title page, Executive summary, Company overview, Market analysis, Products and services, Marketing plan, Logistics and operations plan, Financial plan, and Appendix.
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