Why do I need a Business Plan?
Well, the short answer is, “because you want to be successful.” Every company, regardless of its size or structure, needs a strategy or vision. And the best way to organize such a plan is to put it in writing. Ok so how do you get started? What should you include?
Here are some things to consider when drafting your business plan:
1. A description of your company, and its mission and goals.
2. Who is your target market? Do you have multiple segments in your target audience?
– How will you advertise to these individuals?
– What will your cost of advertisement be?
– What do you predict will be your cost of customer acquisition?
3. What are your 1, 5, and 10 year objectives?
– What is your strategy for attaining these goals?
4. Financial Models: Analyze costs of doing business, expected revenue streams, possible challenges, market assumptions, etc.
As you can see from this very short list alone, there is a lot to consider when planning out your company’s strategy. At ONE Strategy, we specialize in generating plans that make sense to our clients: business plans are not a one-size-fits all approach. You can’t simply take a generic template, for example, and plug in snippets from your industry and hope it works for your specific organization. We don’t operate that way, and don’t encourage our clients to operate that way either.
At ONE Strategy, we meet with our client and have a lengthy, productive discussion about what their business is all about, what their goals are, what challenges exist within their specific industry, etc. Once we have a good understanding of the client’s vision and their respective market landscape, we get to work. This includes conducting thorough research of the market, financial analysis of the client’s business operations, profit-loss analysis of specific services/products, advertisement strategies, etc.
We can’t stress how important this initial strategizing process is: not only will you, as an owner, get mentally organized with your business goals, but you will also set your employees off on the right track. Your team will be united in a single, strong vision.
Also, keep in mind that if you intend to apply for business funding, a business plan is required. The more thorough and comprehensive your plan is, the better your chances are for securing the funds that you’re seeking.Text on the button