Categories: Business & Finance

Five Keys to Developing a Successful Business Plan

November 11, 2015

Anyone can create a basic business plan with templates and some common sense. However, only certain techniques will create a well-written, well-designed plan that answers potential questions, sparks interest, and convinces investors to engage with them. Below introduces five helpful methods to develop and present a successful business plan and make sure yours makes the cut.

Read Successful Business Plans
While it isn’t your typical light reading, consider taking the time to review available business plans from others. If necessary, solicit business acquaintances for copies of their original business plan that helped them achieve success. Use a search engine to scour the internet for examples of model plans as well. Popular business magazines, such as Forbes and Entrepreneur, have numerous articles about how to write and present plans. In fact, Forbes states that successful business plans have 10 common parts and 23 subsections. For example, an industry analysis should include both market and relevant market size reviews.

SWOT Analysis

SWOT stands for strengths, weaknesses, opportunities, and threats. A SWOT analysis is a great tool that increases the transparency and efficiency of your plan. It will provide investors with a realistic understanding of their business plans’ advantages and disadvantages. Even better, it will identify gaps that need to be fixed or filled. Another advantage of a SWOT analysis is that it helps you better understand the overall plan and can be used as a guide to deter threats, address weaknesses, capitalize on opportunities, and develop business strategies.

Team Effort
Business professionals are sometimes in a hurry to get their young project moving forward. And as a result, fail to properly coordinate information and communicate with others. For example, your development manager may have an excellent proposal to create a new mobile app. However, if they fail to seriously discuss the project with the research and development team, the program may have serious technical glitches that will come into question during business meetings. Get in touch with third party firms like CogiTech app development in Utah, or software development companies to outsource the large parts of your plan you can’t do on your own and to get quality work.

Survival vs. Growth
Many business professionals have limited vision when it comes to their business plan’s proposals since their primary goal is to develop one that will be accepted. Business plans should provide metrics that prove the project will be successful. However, long term growth should be equally important. Include growth metrics and long-term expected ROIs and sales targets. Keep in mind that business plan presenters must not only convince investors to agree to the initial plan, but also convince them there will be long-term growth.

Progress Reports

A plan’s presentation isn’t a one-time experience that ends when the project starts. In reality, investors, shareholders, and even team members need consistent project updates. Make quarterly progress meetings that provide goal and metric highlights with key individuals to pave the way for future similar projects.

When writing your business plan, you have to collaborate with others to make sure you have the most relevant and accurate information on your industry. Use the resources you have available to present it in the best possible light to investors and new businesses.

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