How To Write A Business Plan

Writing a business plan is a fundamental step to ensuring your business has every chance of succeeding. Common statistics state that 9 out of 10 businesses fail on the first 5 years of operation, and of the remaining 10%, 90% fail in the following 5 years.

Why? There may be a number of reasons - from poor customer service, inadequate product, poor logistics management and cost control. However, the number of businesses that do not define their goals and map out their path to success is phenomenal. Taking the step to define your business goals, plan where you want to go and what you want to achieve will place you in an increased position of future success and realization of your dreams.

Below is a list of the areas you need to consider when writing your business plan. These steps will help define the business goals, the reason for existence (of the business), and define the direction you will take.

Step 1 ? Define your vision

You may know inside your head why you want to start a business, and what business it will be. However, your staff will not know this information, and after a time, you too will also forget some of the details. Write down what your mission is ? your purpose and vision for the company. This sets the tone for all business and actions taken on a daily basis, working toward achieving your mission and purpose.

Step 2 ? Set your goals and objectives for the business

Think big. Do not let your own limitations impact on what you think your business is capable of achieving. Define what you short (less than 12 months), medium (1-3 years time frame) and long term goals (usually 3-5 years timeframe) will be. Think of topics such as how much revenue do you want to generate? How many outlets will you have? How much passive income will it produce for you in the future? How many customers on your database will you have? What will be your geographic area of influence? These goals will be a combination of your personal goals for your own life blended with that of the life of the business.

Step 3 ? Define your USP

In order to stand out form the crowd, it is imperative that you know and define your USP ? Unique Selling Proposition. What it is that you offer and provide that is different to other people in the market? It may be that you offer additional services to your core product; it may be that you have a more personalized customer service approach; it may be your after sales service and warrantee on the product. What is it that your customer will be attracted to above other businesses offering the same service or product? Once you know this, then you can use it as a focus for your customers to recognize you and remember you.

Step 4 ? Know your market

Have you ever thought up a brilliant idea and began to investigate it, only to find out that another business has already started with that exact same idea? This happens daily to many people, but do not be discouraged. The marketplace is huge and can support a number of businesses providing the same service. Look at petrol stations and dry cleaners as an example. So, get to know the market ? your market. How many competitors are there? What do they offer? What have the trends been in the industry? What might be the future trends and predicted growth/decline of the industry? Are there any benchmarks you can base your business performance on, such as profit margins, expected turnover per business size, and so on? Once you have a broader picture of the market you are entering into, you will be better equipped to handle and maximize your potential business growth.

Step 5 ? Know your customer

Without doubt, this is one of the most important aspects of running a business. You must know your customer. For the most part, products or services that are not a necessity, and where there are a number of suppliers for the same item, your customer will buy on emotion. Understanding and defining why they do what they do is the key to success. There may be a number of factors that are common amongst your target audience for your business services. By researching and finding out what these are, you will be able to see what areas you can focus on where there is a need, and what areas will not interest them. Write down what your ideal customer will look like, behave like and want from you. Seeing your business through their eyes will help to highlight your strengths and any weaknesses you might have.

Step 6 ? Research the demand for your business

It is important to know what the demand is for your product, before spending large amounts of capital on your business. Do not go off your 'gut instinct' as to whether there are droves of people waiting to buy your product. The simple rule is this ? if the demand exceeds supply, business will be great. If supply exceeds demand, your business will eventually die. A saturated market can only support a few businesses, and often these organizations have a USP clearly defined that helps them stand out from the rest. Secondary research can be conducted from your home (via the Internet), the library and some government offices, that can help you ascertain the levels of demand for your product or service. Primary research ? talking to your target audience and gathering the data yourself ? may be needed. This is by far the better option of finding out the results know, rather than spending your savings and capital on a business that gives a low or negative return in the future.

Step 7 ? Set your marketing goals

Having completed the market research and defined why you want to do business in the first place, you will need to set some marketing goals. These are goals that relate to your product, your price, your distribution or provision of service, and your promotions. So many organizations want to start at this end of the planning process, but they miss the most important areas. Your marketing goals will need to be measurable and help you reach your primary objectives for your business. For example ? how many products will you sell? What product development strategy will you have? What are your price margins? How will you deliver your product or service to your customer? How will your customer know about you, and how will you promote your business? These are all sample questions designed to generate ideas and goals for the marketing of your business.

Step 8 ? Define your marketing strategy

Having defined your marketing goals, you will need to plan in detail how you will achieve these goals. How many items will you produce, and at what price margin (that will give you your desired revenue goal)? What delivery system and what geographical area will you cover? In what areas and how will you promote your business? Will you use TV, radio, or print advertising ? or all three? You can be very specific if you have to, as this is one of the major plans you will be referring to through the course of your business life, so be comfortable with it and know how to use it.

Step 9 ? Take Action!

This is the MOST important step of all. Take action! All of the preparation in the world will never earn you a single dollar if you don't actually open your doors and make the phone calls that will bring the customer to you. Even if your business planning process has highlighted that maybe this area of business isn't for you ? don't let that stop you from finding one that is. If your ultimate dream is to be happy, healthy and wealthy, then there is a business for you. If you are doing something everyday that gets you closer to your ultimate goal, then your business plan will provide the direction and focus for the journey. So, begin taking action today, and reap the rewards that will follow.

Mathew Tibble is the owner of Unlimited Ebusiness Pty Ltd, and operates its main site http://www.businessplanningmadeeasy.com A combination of sales and marketing experience over the past 9 years, and a strong passion to help small businesses and charities improve their success, has led to the development and delivery of business planning and marketing services. For more information visit http://www.businessplanningmadeeasy.com or email http://www.businessplanningmadeeasy.com

Cadillac Deville rentals Bingham .. Lockport Chicago limo O’Hare
In The News:

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Tech expert Kurt “CyberGuy" Knutsson says a new autonomous AI is a game changer that also raises privacy risks. Is your data safe?
Tech expert Kurt “CyberGuy" Knutsson says robots and drones are revolutionizing fruit farming with faster picking and smarter handling.
Landmark Admin revises May 2024 cyberattack scope to show twice as many people were affected. Kurt “CyberGuy" Knutsson gives tips to help stay safe from an insurance data breach.
Tech expert Kurt “CyberGuy" Knutsson talks about how Yamaha’s hydrogen outboard motor could revolutionize boating with zero emissions.
Tech expert Kurt “CyberGuy" Knutsson reveals how to memorialize or remove a deceased loved one’s Facebook account and protect their digital legacy from misuse or scams.
Tech expert Kurt “CyberGuy" Knutsson says an Apple Watch saved psychiatrist Amanda Faulkner by detecting deadly leukemia early.
Scammers and fraudsters are increasingly targeting the most vulnerable, especially nursing homes and the personal data of their residents. Kurt the CyberGuy has safety tips.
Infected USB flash drives can spread malware among multiple organizations in ways that can easily bypass traditional security systems.
With a fully automated warehouse system and AI-powered robots, Ocado's Hive picks, packs and delivers grocery store orders in just a few minutes.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Recycling robots are using artificial intelligence to learn how to sort recyclables by recognizing patterns in colors, textures, shapes and logos.
The Reachy 2 robot is designed to be friendly and approachable, inviting natural interaction and is perfect for research, education and experimenting with embodied AI.
Kurt "CyberGuy" Knutsson shares several easy ways to keep your credit cards safe from digital thieves while you're traveling this summer.
Arcturus sets up cameras around the edges of baseball stadiums to capture real-time action and generate a 3D digital clone of the game.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
The CyberGuy explains why healthcare organizations are vulnerable to hackers after there have been a half dozen data breaches this year.
Developed at two California universities, the innovative technology combines brain-computer interfaces with advanced AI to decode neural activity into audible speech.
Microsoft patches 12 critical flaws, but six have already been exploited by criminals. Kurt “CyberGuy" Knutsson says updating your system is only a short-term fix.
Tech expert Kurt “CyberGuy" Knutsson discusses how robots can milk, feed and clean cows on dairy farms, boosting efficiency and comfort.
Tech expert Kurt “CyberGuy" Knutsson says quantum internet ensures unhackable security and redefines online privacy and speed.
Kawasaki's CORLEO is a hydrogen-powered, AI-driven rideable robot. Tech expert Kurt “CyberGuy" Knutsson reports on this new way of thinking about off-road transportation.
The CyberGuy breaks down five mobile privacy terms that could make a difference when it comes to keeping your personal information safe.
A groundbreaking robot that's like a real-life Wall-E uses advanced artificial intelligence to replicate natural gestures and deliberate actions with striking accuracy.
If not properly managed, Windows Defender Application Control, a security feature with Windows, could be a potential security vulnerability.

Keeping your Business Alive

As long as you eat and breathe you will stay... Read More

The End -- Fireworks or Fizzle?

Seems as though there are a lot of business closings... Read More

Slip And Fall Professionals; Service Businesses

Since you own a business you probably have liability insurance... Read More

Mobile Detailing Expansion Considerations

Expanding your business requires you to take a good hard... Read More

Boston Suburban areas a good choice to run a business

BioTechs even with the latest news had shed over 1000... Read More

Where to Find a Cash Windfall of $10,000 to $1,000,000 -- You Never Knew You Had

There is a rather famous true story called "Acres of... Read More

Do You Want Your Own Fully Programmable ERP? - Part 3

Continuing from the second article:6. About the aground mathematical model,... Read More

Find Your Niche & Follow It - Part 1

In this series of articles I'm going to show you... Read More

Business Pain Defined

Every company has business pain, but the pain does not... Read More

Small Business Newsletter Dilemma: Which Day Do I Send?

If you're just ramping up your small business email newsletter,... Read More

Do You Make These 7 Deadly Cash Flow Mistakes?

Managing cash flow is every small business owner's most important... Read More

Franchise Companies Come and Go

Each day we hear of companies entering the franchising industry.... Read More

Explode Your Consulting Income

Here are just a few ways to increase and diversify... Read More

Setting Up a Pressure Washer Rig to Clean Concrete

Maximum efficiency in the cleaning industry is a key to... Read More

Small Business Success Tip: Learn Something New Everyday

Your grandfather probably told you to "learn something new everyday".... Read More

Small Business No How - Dont Give Away the Farm

You're pretty proud of yourself! After all, only four months... Read More

Do Your Best; Hire the Rest

One of the hidden perks of raising six children is... Read More

Small Businesses - Big Obstacles

Everyone is talking about small businesses. In 1993, when it... Read More

5 Good Reasons a Self-Employed Professional Should Take Vacation

So you think you're not justified in taking time away... Read More

Promote Yourself More Successfully

One of the great challenges for independent professionals and small... Read More

11 Benefits of Starting a House Cleaning Business

One of the biggest fears people have about starting a... Read More

Small Business Marketing - How Important Are Your First Words?

"What do you do?" It just might be one of... Read More

Age Old Marketing Technique Improves Business Plan Executive Summaries

Every business plan book tells you how the Executive Summary... Read More

Procrastinate Your Way To A Successful Small Business

What will your business look like a year from today?If... Read More

Keeping Business Alive

Who is responsible for maintaining the business relationship?Nurturing a business... Read More

limo rental Des Plaines ..