Creating a strong business plan is key for growing a business. Having a business plan will provide structure and a paradigm that business decisions can be made within. It helps serves as a frame to the business decisions, and ultimately will guide the business throughout the future. So, what are some steps or guidelines for creating such a plan? Below is a short guide to help a prospective entrepreneur do just that.
Know the Vision of the Business
To create an influential plan, you should start with the vision for the business and analyze the overall goal for the company. In Dhanush’s article on factors to consider when creating a business plan, he lists some great questions a business leader can ask that will help clarify the vision for a company. The questions Dhanush suggests include asking where the company would be in a range from 5 to 15 years and what type of profit and revenue it would receive. These are only some of the questions one should ask when starting a business. While these may be broad, large questions, they can help someone truly decide the direction that a business should take in the first place. Once the general direction is decided, then specifics can evolve for the business.
Gather Data and Create a Plan
To create a concrete plan, it involves two steps: gathering data and making decisions.In Dhanush’s article, he suggests researching several different areas to help ensure that your business succeeds. These include gathering data on the market/industry, as well as studying the competition in which your business will be up against. This is where you should research what has and hasn’t worked for those businesses. The more information gathered, the better and more accurate the business plan will be.
The second step is to actually make decisions based on the data received and the overarching vision of the business. Setting timed goals will be extremely helpful in this part of the process. You’ll want to focus on both short and long term goals here. Make sure your goals are attainable so you don’t set yourself up for failure. While its okay to set lofty goals, it’s pointless to strive for the impossible.
In the end, having a strong business plan is more than creating a path for the future. It establishes the purpose of the business and creates a guide achieve that purpose.
Originally published at davidpereira.biz on December 10, 2017.