Killer business plan is necessary in order to assure that your business will continue to develop and thrive. The problem that people have when it comes to making a killer plan is that they do not know how to organize their ideas. Committing time to write a killer business plan can definitely improve your chances for growth. In this article, I will be giving you tips in order to achieve it.
Tips to Making a Killer Business Plan
There are many different ways to improve the process of planning a business. There are also a lot of actors involved in making an effective and killer business plan. A good plan for your business requires a holistic analysis on all factors that could contribute to your business’ growth. Here is a list of different tips to help you make the most effective and killer plan.
· Understand the need for a plan
Many people think that plans are just formalities. These are the requirements needed in order to say that you are really serious about your business. However, what people need to understand is that business plans are there for a reason. All of the hard work that you put in building a business will be for naught if you do not make a killer business plan. It is the most important outline of your goals, and the necessary actions needed to achieve them.
· Ask for help, you won’t be able to make a killer business plan on your own
If you’ve never written a business plan before, then don’t expect that your output will immediately be a killer business plan. You need the input of experienced individuals like professional advisers, business colleagues, and trusted staff in order to make an exceptional business plan. Atop of that, you also need to contact researches in books and in the internet in order to make sure that you are doing everything that needs to be done.
· Follow a framework
Having an organized outline and framework to help you write a killer business plan is a must! Your plans must include three parts: (1) Where you are now, (2) Where you intend to be, and (3) how are you going to get there. This framework is the basic questions that must be answered in order for you to make a killer business plan.
· Tell the reader where you currently are
A holistic business plan needs a detailed account of your company’s history. At the first part of your business plan, you must be able to show to the person reading your killer business plan where your company is currently standing. You must be able to provide your history, location, products and services, market, customers, competition, staff, and equipment.
In order to make you reader think that you are showing him or her a killer business plan, you need to be able to inform that person of all the things needed to know more about you and your company. If you are just starting out, state your plans about those areas.
· Have a set of goals and convey them to the reader
All companies have a single goal: success. However, the road to that goal is seldom reached by many. That is because in the process of it all, the short term and long term goals have been overshadowed by greed to immediate success.
In order to make a killer business plan, you need to be able to cover (1) your objectives and goals, (2) state what you want from the reader, and (3) explain why you need it and what it will be used for.
· Explain to the reader how you intend to reach your goals
Setting goals are the easy part in making a killer business plan. The much harder job is to find a feasible way to achieve that goal without using an exorbitant amount of investments. The key points needed in order to make an excellent business plan is to show your (1) market plan, (2) additional resources needed, (3) your contribution like cash or equipment, (4) financial security, and (5) cash flow for profit and loss.
· Provide information and documents to support your business plan
Once you’ve done the ones stated above, it is necessary to ensure to the reader that all of the things that you were saying are legitimate. In order to do that you must provide documentation like letters of support from your accountant, confirmation of pending customers, quotations for machinery, and your professional curriculum vitae. This will make your business pitch more credible and legitimate.
· Ask someone to review your killer business plan
Sometimes, there are important things that you can miss when you’ve been focused on your work for so long. Therefore, it is important that a fresh set of eyes can review the killer business plan that you have made before you show it to investors. Even the smallest sign of mistake can spell the end to your entrepreneurship.
· Present your plan effectively
After your work has been reviewed, you need to present it in a clean and professional manner. In business presentations, form is almost as important as content. You must get your presentation typed, make sure that all of the papers are clean, use a classy folder, and don’t forget to include contact details to investors may follow up with you.
· Deliver your plan to the reader on time
Once you deem your plan to be killer enough, you need to be able to present it to an investor. Prior to a formal interview, you need to give time to the reader to read your killer business plan. Afterwards, you can start to supplement the content of your business plan with your passion for it and how you can assure that their time and money won’t be wasted with you.
Making a business plan is not an easy task. There are a lot of hoops and loops that you must go through in order to make it as fool-proof as possible. However, even though it takes a lot of effort, a killer business plan can be very worth it especially since a good one will make you receive a lot of inquiries afterwards.