What are the key principles in writing a business plan? A business plan is a written document that outlines the goals, directions, scope, and finances of your company. 60% of businesses fail because they don’t have a business plan. If you are seeking investment from venture capital, it can be targeted towards investors, or used to restructure and align internal teams. Read on to find out the key principles of a business plan.
Your business plan should have a purpose. Is it intended to attract investment or to help redefine how you currently do business? The goal of the business plan must be outlined in a brief summary that also outlines what your business is, what it has achieved and what its finances look like.
A business plan must consider competitors and the state of the wider industry. You must outline your business and what it offers to customers that the competition doesn’t. Highlight your differences and strengths in comparison to the wider market.
You’ve highlighted how your company sits in a wider market, how it could look, and what your aims are. Now, you need to state how you will achieve it. Detail your operations, your team structure, and current assets.
How are you going to market your business, attract customers and promote growth? Whether you’re a SaaS or a PaaS company, you’ll need to outline your specific marketing strategy and also show you are aware of current competitor marketing tactics.
Talk to Benjamin Naderi today for advice on entrepreneurship and how to create a business plan that helps facilitate your business growth.
If you do not have an idea yet, check out this article on how to develop and idea for your business.