What does it take to make a good #businessplan? 📄
A plan that's more than a document, keeps everyone on the same page and helps you run your business.
It's simpler than you may think. Just keep these 10 things in mind to turn your plan from basic to excellent!
Use clear language 💬
You never know who will read your plan. Investors, employees, partners, family, and friends.
Stick with language that anyone can understand. Avoid industry jargon, clean up typos and have people review your plan to ensure it's easy to follow.
Plan for employees 👥
Even if you're a business of one, you should address how you'll approach bringing on employees from the start.
Focus on who will be necessary to grow, the culture you want to instill, and how you will recognize accomplishments.
Set achievable goals 🥅
When it comes to your financials, don't shoot for the moon. This will only hurt your chances of success.
Look to others in your space to establish a baseline for performance. If you exceed them, you can always adjust.
Know your mission 🔭
The purpose, or mission, of your business, should be outlined in your plan.
It helps drive why you're doing what you do and inspires others to get behind you.
Know how to track results 📊
It's not enough to set milestones and goals. You need to have a way to track ongoing performance.
Define what metrics you care about, what tools you will use, and how this data can inform decisions.
Consider marketing strategies early 📣
Marketing may be the last thing on your mind. But, it's vital that you at least start considering how to promote your business.
Who is your audience? How much will you spend? What's your messaging? Start small and build from there.
Fit the need of your business 💼
You shouldn't write a business plan to check a box. You should know how you intend to use it.
Pursuing funding? Need an internal management tool?
Having an answer will help you choose the best format and focus on info vital to your needs.
Be realistic
It's easy to set unrealistic financial goals. It can be just as easy to establish an unrealistic and unsustainable strategy.
So, get specific and avoid vague ambitions. Focus on what's achievable within the next 3, 6, and 12 months. Review as you go and adjust.
Identify your assumptions 🤷
You don't have all the answers. And that's OK! Make educated guesses, leverage external data, and reference your competitors.
Just be sure that you are upfront about your assumptions. This will help you easily refine and update them as you go.
Know your audience 🎟️
Similar to knowing how you'll use your plan, you want to keep in mind who you are intending to read it.
Just you? Your employees? Investors? A mentor?
Depending on your audience, you may adjust the scannability, formatting, and even document type.
BONUS ⭐ Keep your plan updated ⭐
Your business plan isn't something you write and forget.
To make it truly useful, you should update it based on performance, add new objectives, and explore what-if scenarios to best prepare your business for the future. #businessgrowth
Now you know what to focus on to create an excellent business plan!
For a more detailed exploration of the tips on this list, check out our full writeup:
articles.bplans.com/good-business-plan-qualities/