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Do you want to see a sustained growth of your business? Developing a business plan will help you to focus on the various aspects of your business for future growth. It will help you to think about the strategies, expenses, revenues, etc. of your business. The business plan will be vital for the growth of your business. It is often likened to be the water to a thirsty plant. However, it should be also noted that your business plan may change as time goes by and your business changes. It is not permanent and will undergo changes relative to the business.
Below are a few steps to help you develop a business plan.
*Develop an executive summary.*
This is the overview of your entire business plan. It also includes the history of your business.
*Develop your market analysis.*
What is the current market of your business’ industry? Provide some basic highlights/data that you’ve collected from doing market research of the industry.
*Describe your business/company.*
Some questions to consider are: What factors create your business? What main service/product does your business provide? What will make your business a success?
*Describe your business’ organizational structure.*
Here, you should include a profile of the owner(s) of your business, the managers, your employees, etc. It should provide an overview of the structure of your business.
*Describe your business’ marketing strategies.*
Describe what strategies you use to attract customers to your business; and what steps you take to keep your customers to come back.
*Describe your business’ products/services.*
Describe the benefits of your products/services; and how they are unique and/or better than the products of your competitors.
*Determine the amount of funding your business would need for growth.*
Consider this step carefully as your potential investors will be reading your business plan. Think about how much funding you will need to expand/grow your business. Specific numbers would be helpful to the investors. For example, if you want to expand your business by opening up a store at Mall #2, research how much it would cost to rent a store at the location, etc. Listing these details along with how much funding you wish to obtain, may help secure you a loan.
*Develop your business’ financials.*
This step is taken after you’ve been in business for at least 5 years. If you’ve been in the business for at least 5 years, develop the financials of your business in relation to the market and your objectives.
Overall, the above steps will help you develop a business plan that may contribute to the growth of your business. It can also serve to help you secure loans for your business. Having a business plan will help you to keep focused on your business goals; and to ultimately achieve success!
So, what are you waiting for? Let’s get started with Step 1 today!