Writing a Business Plans is somewhat similar to preparing for a trip you always wanted to go. For this, you make plans about places where you wish to go, ways you want to take, wishes, etc. Also, paths you choose have places that want to wait for some time. You also explore and take a rest from the journey.
Writing a Business Plan is somewhat similar to this task. It should contain all the elements that add value to the overall brand – building. Also, a business plan allows you to have a clear view of what the business journey would be like. A few Do’s and Don’ts are listed below:
Do share the Plan- Don’t Keep it To Yourself
The business plan is not a document that is to be kept in a lock. Rather it should be shared among the employees. Sharing the business plan with the active team makes them more focused towards the business goals. Also, the business is meant to be discussed publicly, amended and put into an open loop of feedbacks and insights.
It is believed that, the more people you involve for the discussions, more ideas you get it modified to the best. It is also important to consider every participant of the input to the plans so that the outcome is something that becomes pleasant to all.
Do follow an outline- Don’t go overboard
The business plan is not meant to be an over the top- or elaborative document. It is also not meant to be an fancy document having all the formatting details. Instead, the document should project a clear picture of the overall business plans. It should be a clear road map for the employees about the business plans that determine the future of the company and the overall benefit of the employees.
The business plans starts with a SWOT analysis. SWOT is all about Strengths, Weaknesses, Opportunities and Threats. The team should construct an exclusive summary first that describes in what field you wish your business to success and the reason behind doing this. Before a final actionable plan is constructed, it is best to discuss the company’s strengths and weaknesses.
Do conduct a Research- Don’t “wing it”
A business flourishes well if the team conducts an in-depth research about the business plans. A business team should conduct a research about the market trends, how their product or service will earn revenue from this market and prosper in the near future.
Research makes you analyze how viable your business idea is for the current market, this makes you build your current marketing plan, how much is the required funding and also that determines your near future goals.
Do use it- Do not File Away
A documented business plan is of no use if it is stored in a cupboard and never used. It can be a perfect road map in the times you often lose track of your business activities. A business plan is not something that should be kept in a drawer or to be hidden somewhere in the cupboard, instead a business plan should be reviewed and amended on a regular basis as and when required.