A business plan is one of the most important working documents which aims to lay the foundations for your business creation project and must be designed by any business promoter when he/she wants to set up economic activity. The role of the business plan is to present an activity project or if to be more concise, a business project in order to ensure the best possible chances of success.
The objective of the business plan is to present your business and to convince of its viability. Specifically, various objectives can be assigned to a business plan.
Here are five (5) useful tips on how to write a good and implementable business plan:
Tip 1: A good business plan must be clear and well-structured.
It should be written in a simple and easily understandable style, avoiding any jargon. You should always put yourself in the shoes of the uninitiated reader. Be careful to order it logically with a break down into parts and subparts. The titles given to the chapters should help the reader to understand the whole subject. There is no hard and fast rule in the presentation of the content of the business plan.
What is important is to respect a certain logic. Whatever order you choose, you should read online reviews about US stores and must include the following elements:
- The executive summary
- A presentation of you and your team
- The general presentation of the business creation project
- The economic part of the project (presentation of the product(s) and services, the business model, the market study, the business strategy, the marketing mix, the commercial objectives and the estimate of the estimated turnover, the permanent charges, tangible and intangible investments, workforce, etc.)
- The financial section includes the following financial tables: (initial financing plan, income statement 3 years, monthly cash flow plan to 12 months, 3-year financing plan).
- The legal part: choice of the legal structure, choice of the manager’s social status, etc.)
Tip 2: Keep it Short and Simple (KISS)
A good business plan must be precise. To be credible, you should only say verifiable things. You must therefore be careful to cite your sources of information: references to books or studies, press clippings, the identity of the expert whose comments are being reported, etc. Also, remember to see business management courses online reviews and include in the appendices file, as many supporting documents as possible.
Tip 3: It must be nearly done.
To arouse favorable interest in the reader, this document must have an impeccable presentation. It is often said that the first impression is always the right one! Bet on good readability (judicious choice of print characters and symbols, layout, etc.) with correct pagination and summary. Air the text by spacing the paragraphs. Remember to proofread yourself and have them proofread to avoid spelling, agreement, or conjugation errors. The main objective of presenting a neat business plan is to reassure the reader that your project is serious.
Tip 4: The business plan should be concise but comprehensive
There are no real rules in this area. On average, a file comprises ten to thirty pages, excluding appendices. In order not to unnecessarily burden the file, it is more judicious to gather all the supporting documents in a second file. Be careful not to forget anything that allows you to judge the feasibility and viability of the project. All these aspects of the project must therefore be addressed, without exception.
Tip 5: A sales business plan
The features of a good business plan are SMART (Specific, Measurable, Accurate, Reliable/realistic, and Timely). After having read a business plan, one must be able to have a clear vision of what is offered to consumers, to identify the distinctive elements of the business plan, to assess its profitability and risks, and to ” identify the means and resources necessary for its implementation”. By following these tips, you put all the chances on your side to convince your interlocutors.