Most people think it must be hard to write a business plan. We’re here to tell you it doesn’t have to be like that.
In fact, your first business plan can be written in less than an hour. After all, you’re always thinking about your business and the ways you’re going to grow it, so writing down your ideas shouldn’t be hard and can even be fun.
A new type of business planning
No longer does a business plan have to be a long, complicated document that takes weeks to write and research. You can’t print it, have a professional bind it, and then put it on a shelf. You probably only need a formal, traditional business plan if you want to get a loan from a bank or investment from someone else. In those cases, you’ll be asked to provide one.
But for most businesses, business planning should be a simple, ongoing process that helps you find your best business strategy. It’s less about putting together a document and more about reviewing your strategy and finances often so you can act quickly on challenges and opportunities. Also, science has shown that just the act of making a business plan makes you more successful. This is just one of the many reasons why having a business plan is important.
I think you should use a method called “Lean Planning.” It has all the benefits of traditional business planning but doesn’t require you to make a long document.
You’ll start with a Lean Plan, which is a short summary of your business. It’s a short summary of your business strategy that includes only the most important parts of a business plan. This makes it easy to change as you learn more about your business, your customers, and yourself. It’s also a great place to start making sure that your great idea for a business is really a good one.
What You Should Include in Your Lean Plan
Try to make each business plan part as brief as possible while drafting your lean plan:
One statement that encapsulates the value you provide to your clients. What would you say if you were writing a tweet to promote your company? Describe your work and what makes you stand out in under 140 characters. Your objective is to make your customers comprehend the value you provide. (Article: How to Write It With Examples)
What issues does your company tackle for its clients? You will have a difficult time growing your company if you are not addressing an issue for your clients. If you’re not sure, ask your prospective customers what they enjoy about your goods or services. Why did they choose you above the other options?
What is your approach to resolving a customer’s issue? What services and products do you provide? Describe your product or service and how it differs from the competition. Basically, what would you say if someone asked you what you sell?
What goods and services do your consumers prefer to yours today? What differentiates you? What differentiates your company and its goods from the competition?
A Market segment should be targeted.
What kind of client do you want to attract? Describe the kind of client you’d want to work with. What are they? Who are their identities? Age, gender, buying habits, and other details should all be included. If you’re targeting various demographics, create market groups for each category.
Marketing and sales
How do you get your clients to buy your goods and services? What are your sales channels, or the venues where your items will be sold? Your online shop is a sales channel if you offer products online. Another sales method is if you have a physical shop. What marketing strategies will you use to promote your company?
If you’re going to purchase ads, make a list of the different sorts of ads you’re going to run. Keep in mind that various target audiences may need different marketing tactics to get your goods in front of them.
The budget and sales goals
How much do you think your product or service will sell for, and how much do you think it will cost you to make it or give it? When your business is up and running, what other important costs will you have? How many sales do you need to make your business successful?
Don’t worry about the details at first. Just think about the big picture to get an idea of how your business will work financially. Details can be worked out later.
What have you done so far, and what are the most important things you want to do in the next few months or years? This will keep you on track so you can reach your goals. Make sure to give people on your team milestones so that you can hold them responsible and accountable.
Why do you and your business partners have what it takes to make your business a success? Even if you’re starting the business by yourself, write a few quick bullet points about why you’re the best person to run it. If you need to hire key people in the future, you should also list those positions, even if you don’t know who will fill them right now.
Try BznsBuilder and share your online version with business partners if you’re ready to start working on your own Lean Plan.