Business Plan Basics

I have had a number of inquiries about overall strategies in writing a business plan. Below is a concise, high-level view of how to go about it.

A business plan must be constructed as an action plan. It must not be a general discussion of your business, your products, or various potential marketing efforts. It also must not contain dismissive comments regarding the competition.

A business plan must be based on detailed research, especially research gathered by talking to numerous people in the industry. Research via Internet or government statistics is insufficient. Market potential must be clearly documented. Refrain from vague language such as “work with,” “align with,” etc.

The most important concepts regarding a business plan are: “How?” and How much?” How will you accomplish your goals; how much will that cost; how much profit will that provide?

Throughout the business plan you must define achievable goals, lay out sound strategies based on a real working knowledge of the business and market, and then show the path to success via conduct of fine-tuned, well-orchestrated operational and marketing campaigns.