Before you can get around to investing your money, hiring a staff or making a product, you need a business plan. Without a business plan it is difficult to achieve consistent, long-term success. The business plan is an outline of how the product will be created and marketed, how funds will be raised and who will buy the product.
Writing a winning business plan is one thing. Executing it is another. But one makes the other so much easier. You will agree with me that every great business plan starts with an end in mind, that is, a purpose. Some business plans are written to solicit for funds, others to run a business, while some others are for internal use only which the management team understands. With that in mind, these qualities stand out in a winning business plan:
It fits the business need:Form follows function. As mentioned earlier, each business plan created has a role to play in the life of a business. There may be some similarities among these kinds of business plans, but each is distinct in fulfilling the business need.
It is realistic:Another striking quality of a winning business plan is its realism. Faith is not considered here. Each item, number, and word are all carefully thought through, to know how possible they are to execute. Everything matches up in a winning business plan.
It is specific:There is no room for ambiguity. Every business plan ought to have tasks, deadlines, metrics, dates, budgets and forecasts. We need to be able to look at the business plan while executing and tell if we’re on track or not.
Tasks and duties are assigned: When a business plan only tells what to do and when it will get done, without identifying the individuals responsible for each task, it will fail. Everything should be clearly stated from the onset, including responsibilities.
It leaves room for follow-up:No winning business plan is set in stone. It is not a static document but one that requires ongoing review and course correction. Things will come up that will affect the plan, therefore, adjustments need to be made to keep up with the changes.