No matter how long you’ve been running a business, every business needs to have a written business plan. Whether you need funding or to attract investors, a business plan is a must-have document for the success of your small business. The process of writing one helps you have a look at your business and determine what’s working and what isn’t. Here is a checklist for creating a winning business plan;

  1. Executive Summary
  2. Business Description
  3. Market Analysis
  4. Organization Management
  5. Sales Strategies
  6. Funding Requirements
  7. Financial Projections
  8. Executive Summary

The title page of your business plan should start with the executive summary. The executive summary is a very important part of a business plan. It must inform the lender what you actually need. Usually, what the business owner requires is placed on the last page of business plan. Clearly write what you actually asking for in the executive summary.

  1. Business Description

In this document, you need to describe about your business, what type of business you are running and what it does. Plus, also add when your business was formed and what is your mission statement. Your business description and mission statement are the things that tell your story to your lenders and investors. Additionally, it also help others to connect with you. It is also reminding factor that reminds you why you got started originally.

Here are some of the questions that you can answer in the business description section of your business plan:

  • What type of business model you have?
  • What are your customer base?
  • What are your revenue sources?
  • What are your products/services?
  • Where is your business located?
  • Who are your business’ principals?
  • What type of business structure you are running?
  • What are your market opportunities?
  • What is your projected growth?

Answering to these questions limits your focus and indicate to your potential investors and lenders the way you’re viewing your business.

  1. Market Analysis & Strategies

Market strategies are the result of a careful market analysis. A market analysis helps the business owner to understand all aspects of the market in order to clearly define your target market and the business can be positioned with a purpose to accumulate its share of sales.

It also helps you to observe your competitors and the current market situation. As you perform your business’ market analysis, you need to include some information about your core target market, your best customers’ profiles as well as some other market research data.

  1. Operations and Management Plan

Use this part of your business plan to show off your business management team. Actually, there are lots of signs that your business management team matters most as compared to your product/service idea.

Venture capitalists and investors want to see that you have an experienced management team that has the abilities to manage your business in difficult times. Having a right management and organized company is more likely to be an effective candidate for an investor, so be the one and also ensure to highlight the expertise and qualifications of each member of your business management team in your business plan.

  1. Sales Strategies

How you will raise cash with your business and make revenues? Answer this question with your business sales strategy. This part of business plan is all about elucidating your pricing strategy for selling your products or services and defining the connection between your price points and everything related sales in your business.

You also need to add all details about the business promotional strategies that you’re currently using to promote your business, along with the strategies you want to implement later on. These strategies include your usage of press releases and your social media efforts as well as some other sort of appearances to help you improve and increase your brand awareness. It also help your viewers and customers to buy your product or services

  1. Funding Requirements

The funding requirement section of your business plan is where you ask for the amount of money you need. Make certain that you’re being as realistic about your funding requirements as possible. You can range the required amount from low to high if you don’t have any idea about the exact amount you need. Also, add the information for both best and worst-case scenarios. You also should add a timeline so your lenders can better understand your needs.

  1. Financial Projections

Financial data is always at the back of the business plan; however that doesn’t mean it’s of no importance as compared to the up-front material which includes the business idea and the business management team.

Make certain that you outline any successes up to now. This is essential if you want to acquire funding for business expansion purposes.

Summary
How to Write a Successful Business Plan in 2018?
Article Name
How to Write a Successful Business Plan in 2018?
Description
Any business owner can have a great idea and have a winning business plan plan in place increases your chances of success by 16%.
Author
Merchant Advisors
Merchant Advisors
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