How to write the perfect business plan
A business plan is a term that is commonly used, but not many people know exactly what to put in a business plan, how to use it effectively and what to do with it once you complete it.
Award winning business coach Sarah Eifermann knows what it takes to write a successful business plan. As a business strategist, Sarah has seen how one of the main keys to a successful business is to have a clear and strategic business plan.
A business plan is one of the foundational pillars of business – it’s the framework that tells the story of where you are going and how you are going to get there. It’s literally the document that is the road-map to your business success.
It is like American baseball superstar Yogi Berra once said “If you don't know where you are going, you'll end up someplace else.” ― Yogi Berra
A good business plan does not collect dust on the shelf, but is constantly revisited as your business evolves and the business environment changes. These changes could include increased competition, advances in technology or the expectations of your customers.
An effective Business Plan is an evolving document that should include both your strategic vision and direction of your business, tangible business activities and outcomes, and ways to track your business success.
4 Reasons why you need a business plan
Writing a business plan makes you:
1) Define your vision
2) Set your goals
3) Determine what business success looks like
4) Outline how you achieve business success
A successful business plan includes the following elements:
· Business Research Analysis
· Competitive Marketplace Positioning
· Financial Summary
· Business Goals
A good Business Plan enables you to gather data, create benchmarks and metrics to analyse your business. These might sound like big words – but creating a sound business plan makes sure you're on the right road, going in the right direction to the destination that you want to go!
Successful business owners use their business plans to create behaviour change and– to drive professional business decisions. Referring back to your busines plan enables you to stay on track and realise how you business decisions are impacting on your business progress. As an essential business document – a business plan also shows you how to build momentum to reach your business goals This strategic decision making works better than flying by the seat of your pants, and hoping that it works out.