4 Learning Points to Take Away from Building your Business Plan
Many new entrepreneurs balk at the idea of creating a business plan. Most new business owners seeking funding think of writing a one as a necessary evil. You can reframe how you think of creating one, though, once you come to understand how building your plan sets you up for success. Here are four learning points to take away from building your business plan that just might make the process more palatable, even positive.
Find What Sets You Apart
Creating a roadmap for your business is a great way for you to learn how you can differentiate yourself from your competition. Near the beginning of your plan, in the Executive Summary section, make sure you clearly define the mission and vision of your business.
Succinctly explain what it is your business does, why, and what makes you and your team uniquely qualified to do it. Laying this out will either give you greater confidence in approaching investors or it will help you to refine your objectives, processes, and resources.
Get Excited About your Business
Once you’ve found what sets your company apart, you can focus on the excitement of crushing the competition. Rather than boring readers with policies, processes, procedures, or industry statistics, cite statistics on your own team’s unique qualifications.
While industry research is certainly necessary, incorporate it with statistics and performance histories of your team members. You’ll want your business plan to read more like a brochure than like an owner’s manual.
Set Company Goals
Creating a business plan forces you to set goals. Once you have completed your plan, you will be able to more clearly see where your company is headed. It’s not going to be enough to just go into business, wing it, and hope profits will increase year over year.
The Execution sections will need to include quarterly and yearly marketing and sales forecasting, which forces you to set goals. Once you’ve got these goals in writing, you will be more apt to support their achievement and more likely to grow your business.
Focus on What’s Important
Setting your mission, vision, and goals forces you to focus on what is truly important to your business. The Milestones section helps you to refine these even more. Any new idea will need to be aligned with what you have already defined in this section.
This will narrow the focus of new tangents that you or your team may be eagerly exploring in hopes of growing the business even more. If new products, processes, or procedures won’t help you reach your monthly milestones, perhaps they should be shelved for a later date, redefined, or shelved for another business idea.
Your business plan is for your benefit. Not only will a well-written plan attract the best investors, but you can learn from it, as well. Creating this type of blueprint for your business refines your thought processes and can do nothing but help your business succeed. As with most tasks we dread, if we discover what we can learn, the task becomes much less daunting. For more ideas on business success, investor information, or for help creating a plan for your business, contact Desert Star Commercial Consulting at (702) 723-9593, today!