Business plan

How to write a Business Plan? Experts explain

Creating a solid business strategy requires skill. But how do you write a business plan? We brought together several seasoned business people to get their advice on how to write a solid business plan.

Have a strong executive summary

Jeff RomeroFounder of Octiv Digital, says:

“Everyone is busy. Few people read 50-page business proposals. 100-page business proposals are still not read by many. The majority of people reading your business plan will simply read the executive summary and skim through the remaining sections.

This presents a challenge as well as an opportunity. Your chances of extending the conversation and pitching your pitch to a potential investor or partner in person are improved if your summary is successful.

Many novice business owners decide to take the easy route under these circumstances. Homework can be completed by simply copying and pasting a few sentences from each section of the business plan.

But creating a compelling summary requires more than just copying and pasting. Give yourself time to develop a compelling story for your summary.

This story should inspire the reader to spend more time reading the in-depth parts of your business strategy. »

Take the time to research

Wigglesworthowner of RidgeLine Overhead Garage Door, tells us:

How to write a Business Plan?“Lenders, investors and other players are aware that an uncontested market is often tiny and unattractive. Moreover, a strong and expanding market will eventually attract rivalry.

Therefore, unless you are opening a new business or a new market, you will have competition. You will also need to develop the skills to match or even surpass them.

To understand your competition and the market, you need to undertake market research. Do your homework, take your time and put in the effort. A business will fail if its owners ignore its industry, target market, or rivals.

Dean LeeHead of eCommerce at 88Vape, explains:

How to write a Business Plan?“Find evidence to back up every claim. No matter how inventive or original your idea may be, you’ll need numbers and analytical data to determine whether or not your business has a real chance.

Make sure you have concrete evidence to support any promises or claims you make; otherwise, they will only be opinions and not statements of truth.

This information will not only help you establish evidence, but it will also serve as a roadmap and show you where in your strategy there are gaps that need to be addressed.

Get your finances in order

Daniel FoleyFounder of Daniel Foley SEO Consultancy, says:

How to write a Business Plan?“Costs and investments, in my opinion, are crucial elements of your financial projection in a business strategy.

Make a complete list of all expenses associated with starting and maintaining your business, including but not limited to rent, utilities, materials, furniture, stationery, cleaning and maintenance, insurance, payroll, accounting and legal fees, training costs, marketing and advertising. , communication and travel expenses.

You can avoid any unpleasant shocks in the future by doing this. Once all the costs have been taken into account, you can determine the final price.

Some expenses can be calculated quickly by comparing prices online or at your favorite retailer, while others require you to obtain quotes from potential vendors as they are more difficult to determine.

The terms of your business agreement may also be taken into account in determining supply frequency and payment terms.

Make your business plan entertaining

James RehmChief Operating Officer at Skuuudle, tells us:

How to write a Business Plan?“A compelling, informative, engaging and entertaining business strategy is needed. Be sure to include enough information without boring readers.

Any material, such as resumes or details, that might make the main body of the plan too long should be included in appendices.

Vocabulary, grammar, punctuation and spelling should all be carefully edited. Having a second (and third) pair of eyes can help you get constructive feedback.

Use as many tables, graphs, illustrations and other visual aids as possible. These are great ways to convey detailed information in an easy to read way.

Almost any template can be used to learn how to properly incorporate these resources into your business plan. »

Explain your strategy from the start

Megan YoungMarketing Manager at MCS Rental Software, explains:

How to write a Business Plan?

“The executive summary and your financial statements are the two parts of your business plan that lenders or investors will look at. To provide your company with a lasting competitive advantage, you must first explain your strategy in your executive summary.

You need to provide compelling evidence that you can differentiate yourself from your competitors to achieve your growth goals.

Your ability to test the market for your product and demonstrate that the market would accept it should also be clearly stated in the executive summary.

Second, your finances must demonstrate strong growth or the ability to pay down debt, but again, your numbers must be convincingly backed by solid data.

Investors or lenders will likely stop reading if your stats aren’t plausible. »

Last words

I hope our expert advice has helped give you some great advice on building a solid business plan. Following the advice given here can be one of the first steps on your journey to building a business.

Jenna Gleepen

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Jenna Gleespen is a published author and writer specializing in personal finance and investing. His expertise is in financial product reviews and stock market education.