How to create a Business Plan
Business owners tend to get very reflective at the end of a year and very motivated at the beginning of a year. In order to maintain an even keel throughout the year, try creating a business plan.
What is a business plan?
A business plan is a document detailing all aspects of your business. There are a variety of formats for a business plan, but the SBA describes the purpose of a business plan is to “help you run your business….[by guiding] you through each stage of starting and managing your business.”
Business plans are like a detailed map for how to run your business and to think through elements of your business. This process is helpful in trying to grow your business or to increase funding for your business.
What does a business plan include?
The content and structure of a business plan varies, and some components are specific to funding requests. However, most business plans will include these key areas:
- Business details (executive summary, company description, company values, vision and mission statements)–think: who we are
- Market analysis (client pain points and needs, SWOT analysis)–think: why we are
- Service/product (activities, product details and value)–think what we do
- Business structure (organization, management, SOPs)–think how we do
- Financial analysis (current and projected financial and resource breakdown)–think what’s our value
- Strategic plan (projections, goals, methods, and partnerships)–think what’s our growth mindset
How do I begin a business plan?
The first step in creating a business plan is to assess where you’re at. If your business is already up and running, you already have many of the pieces described above. If you’re starting out, it’s going to be more time consuming, but you have complete control to clearly articulate what you want. We highly suggest everyone in your business complete a SWOT analysis early and often to help guide you and your business plan.
Next, we suggest you identify your gaps and then research those gaps with others. It’s important to always have others to work with when creating a business plan. Pull in strategic partners who might be able to notice more gaps or to help you figure out how to close those gaps.
When you’re ready to start writing your business plan, write it in one section at a time. Once you’re finished with a section, leave it alone! Too often business owners go back and critique their work to the point that nothing gets finished. Instead, send that section to an editor or a business partner to review. While they’re reviewing, complete another section.
What do I do when it’s done?
When your business plan is complete, you should share that plan with even more strategic partners and use that plan to explore new revenue streams. Consider getting a grant, taking on a new partner, or creating a new service/product. Most grants use the components of a business plan, so you’ll have some areas already completed if you take the time necessary to create a solid business plan.
If you’re struggling to put your ideas together, consider a strategic partnership with the talent at Avrah Virtual. We understand your needs and are able to create a custom-tailored scope of services so that you get help in the areas you need.
