7 Steps to a Successful Business Plan

Several factors go into writing a successful business plan the most important of which is to ensure your plan speak clearly and can convince your target audience

Put Your Audience First

Never forget your plan is a selling document that will be read by different categories of people. If you are engineering student seeking to start an engineering business, avoid using engineering jargons that will confuse the rest of us, or make sure there is an appendix to explain complicated technical jargons when you need to use them.

You must also know clearly who you are targeting with your plan and ensure your plan satisfy their demand. If you intend to apply for a GHS500,000.00 from any bank, you plan should clearly indicate how the additional capital will be put into good to achieve growth. Putting your audience first means penning your plan to sell your business in the most convincing way.

Capture Audience with Your First Page

No need to write long complicated intro lines. Your plan should explain clearly and convince anyone who read your first page what your business is about and what you want to achieve. Many entrepreneurs will make the mistake of putting their most important information in the middle of their plan. This is a grave error as potential investors may will to read to the middle page if your first two pages don’t convince them. So, avoid the mistake of burying vital information in chapter 13 and ensure your first two pages summarize your plan and clearly tells your reader what the company intend to achieve in the short, medium or long term.

Keep It Simple

Understand that a business plan cannot answer all questions an investor or lender will ask. Avoid congesting too much information into your business plan as a bulky plan may also scare investors from reading. Instead, maintain brief and clear section that gives valuable information about your business and causes potential investors to develop interest in your business. This will cause potential investor to invite you for further meeting where they will ask further questions after reading your plan. A good presentation or marketing pitch added to a business plan will convince potential investors to invest in your business.

Show Competitive Advantage

Your business plan should highlight what set your business apart from other businesses. It should demonstrate the competitive advantage that differentiates your business from other businesses offering the same or similar product. Most importantly, it should directly inform potential investor about what is unique about your company. When penning a business plan, young entrepreneurs should demonstrate competitive advantage in four main areas; products, service, pricing and technology. This convinces potential investors your business can create value and gain market share when they invest in the business.

Keep It Current

Assumptions and market demands underpinning business plans changes with time. It is therefore necessary to ensure business plans are revised when circumstances change or when the company assumes a new strategic direction.

Make It Relevant

Most entrepreneurs only pull out their business plans when there is the need to visit a potential investor or their bankers. A business plan should be a document that defines broadly where you want to take your business. It should set clear vision and mission that will guide future actions. Employees and partners must also understand what the company values and be abreast with whatever plans the company has for the present and future. Again, your plan should be reviewed at the start of every 

Research Is Key

A good business plan thrives on having access to vital information about your product, market and competitors. Young entrepreneurs should take time to research their industry and acquire knowledge about the kind of business they want to achieve.