Originally published at: https://blog.12min.com/how-to-write-a-business-plan-summary/
A great business plan is not a time frame; it’s a comprehensive guide which drives your vision forward.
We summarize the key concepts and aspects that your plan should cover.
Who Should Read "How to Write a Business Plan"? And Why?The same goes for your potential start-up. It all ends with the idea of what exactly your customers expect from you. On the other hand, readers will gain insights into what makes businesses grow and what are the consequences of a poorly designed business plan.
Outline any possible risks with their likelihood of occurring, and the impact they may have on your goals. This book stretches beyond the fundamental entrepreneur aspect and covers many other concepts that vary from marketing to self-help.
“How to Write a Business Plan” is highly recommended for all people who are striving to learn the secrets of “conducting an efficient business plan” that will generate income and profits.
About Brian FinchBrian Finch is a Kenyan-born an independent consultant and an author who currently lives in Nairobi. He has written many business books like Effective Financial Management, Critical Financial Issues, 30 Minutes to Strike a Deal, etc.
Brian worked as a development and finance director at several large companies.
"How to Write a Business Plan Summary"Everyone looking to establish a profitable organization will face a crossroad. All of us wonder, how to overcome the severe challenges occurring in the beginning, but let’s not skip steps and move amicably towards the final goal. In reality, people are resentful when the society doesn’t produce the valuable information they need.
To start a business is like learning to drive a car. You cannot go 80mph on the highway without a proper schooling from a qualified instructor. Do you have tons of ideas? – Narrow down your choices and write them down on a piece of paper.
Although this may seem like a step that we can skip, it’s actually the most important one. Neglecting this process can cause collapse even before the implementation phase starts. The first couple of pages should emphasize the broad perspective of your “potential million-dollar” business and the definition of an IBP or target group.
As the creator moves forward, more detailed analyses and approach are crucial because no strategy can make a huge impact on the market, if the business plan lacks precision. After you identify your target audience, you can begin analyzing their moves, needs, wants, and demands.
How they react to price change, are they loyal, to what/whom are they inclined?
The answer to these questions will surely help you out a lot in developing an accurate business plan. Later on, the project will probably move more smoothly and with greater ease due to your engagement in the early stages.
For instance, if you plan on raising capital from investors, the plan should explore all ways in which the company can maintain low-risk returns. It’s merely logical theory. However, avoid making to complex analyzes and strive to make it clean and simple.
Nevertheless, during the procedure, they realize that the aim of any business is reaching potential customers, so re-creation of every process occurs. In such a case, a well-educated person will spot the opportunity and conduct a new business plan.
Ideas and IBP should blend into a whole system that reflects your vision. However, this kind of originality rarely occurs due to numerous factors. Share your compelling story, enter the world of possibility without hesitation.
The 21st century offers plenty of solutions; a talented individual would go full steam ahead into a bubble of ideas.
Your business plan should speak louder than facts or theories; it must manifest a long-term perspective – clearly defined. “Business planners” defend the conventional methodology that no one can have a full understanding of the business in the early stage.
Many external and internal influences can cause failure, you should play your game and use these indicators only as evaluators of success/failure. Don’t be afraid to swim in dangerous waters, risk and gain are intertwined concepts which cannot be separated.
Discuss the market opportunities with someone more experienced than you, exploit the gaps and take full credit for your success.
Brian Finch, the author of this fact-filled book, assembles a whole division of theories and selects only the most rational ones. We realized that the secret to achieving a maximum impact on the market is composed of technical know-how and inner skills.
Key Lessons from “How to Write a Business Plan”1. Passion as an ingredient for success 2. Managerial abilities – to the rescue 3. Design a comprehensive proposal
Passion as an ingredient for successSome experts lay out that the influence and efficiency of a particular business plan don't rely on preparations as many people think.
It’s more about passion and desire to last in these problematic times supported by a phenomenon called globalization.
Managerial abilities – to the rescueManagement is a concept that cannot be taught nor learned. Many people are born to be big-time players, and their experience and expertise are precious to all stakeholders associated with some company.
Try to spark those skills among your employees and see what happens.
Design a comprehensive proposalThe proposal should cover answers to all questions like where, what, why, whom. Detail analyses are crucial for successful business launch.
Let your plan stands as an example of a “well-defined, achievable, measurable, realistic” and timely goals.
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“How to Write a Business Plan” Quotes[bctt tweet="Think of a business plan as a route map of a journey." username="get12min"]
[bctt tweet=“Many, if not most, businesses actually succeed with a rather different plan from the one they opened with.” username=“get12min”]
[bctt tweet=“The proposal is your selling pitch to the reader.” username=“get12min”]
[bctt tweet=“Look at the business plan from the point of view of the financier, the bank or the investor; if you cannot convince them that what you are saying is right then they are not going to invest.” username=“get12min”]
[bctt tweet=“Organize what ought to be in the plan before you start writing it.” username=“get12min”]