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The textbook definition of a business plan is a document that sets out a business’s future objectives and strategies. Does your business really need one? How do you even make one? Is there a correct way to make one? What should be in a business plan? There are no set rules for what a business plan must look like. Businesses should have business plans that reflect the overall model and structure of the company rather than using a one-size-fits all template. A business plan should be divided into key sections that reflect different aspects of the business, such as marketing strategy, financials, product & pricing, and team.
First off, you need an introduction to your business in the form of an executive summary. In your summary, you should include information about who you are as a company, what you do, and your mission. You should also express future goals and direction of the company. You might ask, “why do I need to do this?” As a business owner, of course you know who and what your company is. Why write it down?
Writing a plan on paper forces you to think about all of the aspects. A business plan is a foundation for your goals and business. It is also extremely helpful to share with stakeholders who want to understand more about the strategy. Internally, a business plan is a great way to regain focus on the overall vision. Given, strategies are always changing but it is still helpful to write down action steps and work towards a larger goal.
Second, part of your business plan should include a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats. A SWOT can be a simple table where you list bullet points for each category.
In the strengths section, you should identify everything that differentiates your business from others. Why is your business great? Weaknesses are where note the aspects you want to improve. Opportunities cover potential areas of expansion for your business. Finally, there are threats. This includes the competition, barriers to entry, and other aspects that make it difficult for your business to launch or grow. Writing these items down will force you to think about each aspect. You should always think about this information in the back of your mind.
Face it, an unlimited stream of money does not exist. The financials are a crucial part of your business plan. You have the foundation of your business set. All of your goals are written down and the SWOT has been completed. You know the direction you want the company to go, the steps you are going to take, but how much are these steps going to cost? In this section, you will itemize your budget while also projecting revenue.
You should be realistic about your budget. Think back to your first accounting class. Remember, budget sheets and income statements? This section of the business plan needs to incorporate all of these items. Consider all of the expenses needed to grow. Will you be utilizing advertising on social media? How much do you plan to spend? What will payroll look like? Are you going to be traveling for your business? Factor in all foreseeable expenses, and plan for unforeseeable expenses as well.
Many people think a business plan and marketing plan are the same thing, but they aren’t. They should be separate documents that are cohesive in strategy. Given, a marketing plan is part of a business plan. A business plan goes over EVERYTHING while a marketing plan goes into detail about marketing strategy, budget, goals, creative materials, branding guidelines, campaigns, etc.
You should have a strategy for all marketing campaigns and materials. Include calendars for content planning and milestone setting. Include mock-ups of promotional materials. Consider what is your Facebook ads will look like. Consider your flyers, business cards, and even commercials. How often are you going to run the ads? Are you going to utilize experiential marketing or have an entire event with the product at the center of it?
You need to design the campaign ad consider duration. How long the campaign is going to run? You might be posting every week, but every week for a year? Half a year? The marketing plan is a HUGE part of the business plan. Marketing helps boost and promote your business so it needs to be an important part of your business plan.
Generally, you want to include the following core topics in a business plan: SWOT analysis, marketing plan, financials, product description, target audience, etc. If you need help forming and writing your business plan, shoot us an email here. We are happy to help you achieve your business goals and define a strategy for success.
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