Every activity, either it is personal, professional or social, requires some sort of planning because without it no action can be done effectively. Preplanning guarantees your success and ensures every move goes into the exact direction. This simple secret of success works even better when it comes to business where you must take every step sensibly and if you don’t, you should be ready to bear the losses. Experts strongly advise to write a Business Plan which helps not just in running business operations efficiently but also inspiring investors and lenders. However, a plan can serve best only when it covers at least these five keys factors for success.
Success Key # 1: Simple & Brief
When you sit to write your plan, make it as brief as possible and it should include only the most important steps and elements of your business. Instead of putting unnecessary information, try to make it as simple as possible. The combination of simplicity and conciseness would help you create an effective plan. Always remember that the major goal of writing such a plan is to grab investors and lenders and they can only be impressed when they find relevant information. For example, if your product is “Buy Dissertation UK”, there is no sense in explaining essays or assignments in your paper as this will be completely useless and will do nothing but making your audience confused.
Success Key # 2: Audience Always First
If you have just begun a business, you need lenders or investors and as already mentioned that the basic purpose of writing a business plan is to grab these audiences, you must always put them at first place. Basically you have three groups of audiences which are as follow:
If you are writing for investors, you should know why someone would like to invest in your business and if your plan has everything to convince relevant audience, you are good to go. For example, if your business is to offer your services in response of request like “do my dissertation UK, you must have a team of qualified writers who have proven their capabilities by satisfying customers. This is what might convince investors to invest in your business.
Success Key # 3: Never Say “No” to Competition
Startups usually have misunderstanding that there would be no competition for them but they are absolutely wrong because every business has some sort of competition which might be lower or higher so what you actually need to do is to have strategy to deal with that competition instead of ignoring it. Just in case there is no competition, it might leave an impression over investors and lenders that there is no demand for the services or projects you are offering to the customers and it simply means there is no worth of your business. Hence, you must always welcome competition and your business plan must include major competitors name, their strategies and your strategies to tackle with them. In short you need to answer these questions:
- What your competitors are?
- What strategies they are using?
- How you are handling them?
- How you are better than your competitors?
- How you are more capable of inspiring customers?
Success Key # 4: Don’t Make Baseless Claims
The basic purpose of your business plan is to engage investors who are looking for better sales and if you try to pretend like there is too much of sales in your market, this might turn into negative response from audience who should actually be happy to see the sale but excessiveness might bring doubt in their mind about your credibility. For example, if you offer academic writing services and claim that everyone in the region get writing services from your company that would put doubt on your credibility. What you actually need to do?
- Instead of making big claims like world-class team of writers or unlimited resources, you better provide evidences that support your claim.
- Give a clear picture of your current marketing position and how your team can perform better if provided necessary resources.
- Claim for achievable target that you can actually avail as targeting something out of your range would make your business plan doubtful for investors.
Success Key # 5: Big Vision and Small Targets
The vision of your company really matters and it should be expanded for about 5 years but of course, it is not easy to achieve such a long term goal as there could be so many unexpected ups and downs in market. So what should you actually do? Well, there are few important steps to take, for example:
- You should determine especially the targets of next one year and describe that targets you have successfully achieved in the past few months or years.
- You must have a big business goal but it cannot be achieved unless it is divided into smaller and achievable goals.
- If you have a yearlong goal, divide it into four quarters and set specific goals for every quarter.
When you are writing a business plan, you must keep in mind that it means to raise funds for your business which is possible only when you sketch an optimistic picture of your business. Talks about positivity and avoid negativity. Tell only the truth and avoid making baseless claims. If your business plan covers above discussed five keys of success, it can easily achieve actual purpose.