Most
businesses fail today because they failed to plan before venturing into
business. Just like any other task that you are expected to achieve success
requires planning, business does too. With a good business plan, you will stay
on track and have a focus.
Writing a
business plan can be hectic and sometimes confusing but there is hardly
anything that cannot be simplified. Numerous articles have been written on how
to write an effective business plan so I will not be going into that. All I
intend to do in this article is to help you improve the effective of the one
you want to write or the one you have already written.
1. Use strategic planning
A strategic
plan is visionary and directional and is aimed at providing a frame work for
your business plan. Write a short as well as realistic and attainable strategic
business plan that will answer all the fundamental questions of your business
plan.
2. Decide the type of business plan to write
Before you
start writing anything, it is necessary that you conclude on the type of
business plan that you want to write. Ask yourself if it is a basic business
plan that just requires few pages and lesser time or a comprehensive plan that
requires more pages and more time to prepare. Evaluate the type of business you
are going into and answer the questions before writing you are business plan.
3. Include all the required items in a good business plan
Such as;
·
Mission
statement
·
Executive summary
·
Product/service description
·
Target
market analysis
·
Marketing
plan
·
Industry
analysis and
·
Financial
overview
Your
business plan should be full detailed and creatively crafted. It is advisable
to write it personally or use the service of a professional.
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