Many new entrepreneurs are intimidated by the formality of a business plan or put off the process until they need a loan.
Many business planning experts will stress that you don’t need a lengthy plan to launch your business.
Instead, try developing your business plan as a succinct, living document that you revisit and update as the market and business conditions and opportunities evolve.
Don’t just create one and abandon it somewhere, a business plan is not a dead document, it is a living document that needs to be constantly updated.
Some helpful tips to consider as you create the perfect business plan
Define Success: All business planning should keep real goals in mind. It’s about achieving what you want. Define your own version or understanding of success succinctly and start from there.
Focus: You can’t do everything and you’re not credible when you promise everything to everybody. Focus on a well- defined target market, and understand who isn’t in your market. Also, concentrate on a well – defined product offering.
Create meaningful steps: Strategy without implementation means nothing. Make it real with dates, deadlines, tasks, and measurements you can track.
Manage the planning process: The initial plan is just the beginning. What makes the real difference for your business is managing the implementation of the plan, keeping the planning process alive, reviewing progress towards goals, watching for changing assumptions, and revising your approach.
Break up your plan into mini – plans: In addition to your overall business plan, try creating mini – plans for areas of your business such as sales, marketing, and technology.
Re – visit these plans monthly, if not weekly. Keeping it simple not only makes the planning process easier, it makes it more likely that you will stay true to your plan in the year ahead.