{"id":1868,"date":"2019-05-28T17:37:18","date_gmt":"2019-05-28T15:37:18","guid":{"rendered":"https:\/\/www.dazzlepop.net\/site\/?p=1868"},"modified":"2019-05-28T17:37:20","modified_gmt":"2019-05-28T15:37:20","slug":"7-steps-to-a-perfectly-written-business-plan","status":"publish","type":"post","link":"https:\/\/www.dazzlepop.net\/site\/7-steps-to-a-perfectly-written-business-plan\/","title":{"rendered":"7 Steps to a Perfectly Written Business Plan"},"content":{"rendered":"<div style=\"text-align:center\"><\/div>\n<p>\n\nOpinions expressed by&nbsp;<em>Entrepreneur<\/em>&nbsp;contributors are their own.<\/p>\n\n\n\n<p>Every business needs to have a written business plan. Whether it\u2019s to provide direction or attract investors, a business plan is vital for the success for your organization. But, how do you write a business plan?<\/p>\n\n\n\n<p><a href=\"https:\/\/www.sba.gov\/starting-business\/write-your-business-plan\" rel=\"noreferrer noopener\" target=\"_blank\">SBA.gov<\/a>&nbsp;recommends that a business plan include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Executive summary &#8212; a snapshot of your business<\/li><li>Company description &#8212; describes what you do<\/li><li>Market analysis &#8211; research on your industry, market&nbsp;and competitors<\/li><li>Organization and management &#8212; your business and management structure<\/li><li>Service or product &#8212; the products or services you\u2019re offering<\/li><li>Marketing and sales &#8212; how you\u2019ll market your business and your sales strategy<\/li><li>Funding request &#8212; how much money you\u2019ll need for next 3 to 5 years<\/li><li>Financial projections &#8212; supply information like balance sheets<\/li><li>Appendix &#8212; an optional section that includes r\u00e9sum\u00e9s and permits<\/li><\/ul>\n\n\n\n<p>However, getting started may be difficult to do. So, here are&nbsp;seven&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/article\/247574\">steps for writing a perfect business plan<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Research, research, research.<\/h2>\n\n\n\n<p>\u201cResearch and analyze your product, your market and your objective expertise,\u201d William Pirraglia, a now-retired&nbsp;senior financial and management executive, has&nbsp;<a href=\"http:\/\/smallbusiness.chron.com\/write-perfect-business-plan-2751.html\" rel=\"noreferrer noopener\" target=\"_blank\">written.<\/a>&nbsp;\u201cConsider spending twice as much time researching, evaluating and thinking as you spend actually writing the business plan.<\/p>\n\n\n\n<p>\u201cTo write the perfect plan, you must know your company, your product, your competition and the market intimately.\u201d<\/p>\n\n\n\n<p>In other words, it\u2019s your responsibility to know everything you can about your business and the industry that you\u2019re entering. Read everything you can about your industry and talk to your audience.<\/p>\n\n\n\n<p><strong>Related:&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/article\/198618\">Do You Really Need a Business Plan?<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Determine the purpose of your plan.<\/h2>\n\n\n\n<p>A business plan, as defined by&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/encyclopedia\/business-plan\"><em>Entrepreneur<\/em><\/a><em>,&nbsp;<\/em>is a \u201cwritten document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.\u201d However, your business plan can serve several different purposes.<\/p>\n\n\n\n<p>As&nbsp;<em>Entrepreneur&nbsp;<\/em>notes, it\u2019s \u201calso a road map that provides directions so a business can plan its future and helps it avoid bumps in the road.\u201d That\u2019s important to keep in mind if you\u2019re self-funding or bootstrapping your business. But, if you want to attract investors, your plan will have a different purpose and you\u2019ll have to write a plan that targets them so it will have to be as clear and concise as possible. When you define your plan, make sure you have&nbsp;<a href=\"https:\/\/www.insightly.com\/blog\/12-ways-to-enable-personal-change-in-your-life\/\" rel=\"noreferrer noopener\" target=\"_blank\">defined these goals personally<\/a>&nbsp;as well.<\/p>\n\n\n\n<p><strong>Related:&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/article\/225616\">3 Apps to Help You Write a Business Plan<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Create a company profile.<\/h2>\n\n\n\n<p>Your company profile includes the history of your organization, what products or services you offer, your target market and audience, your resources, how you\u2019re going to solve a problem&nbsp;and what makes your business unique. When I crafted my company profile, I put this on our&nbsp;<a href=\"https:\/\/due.com\/about\" rel=\"noreferrer noopener\" target=\"_blank\">About page<\/a>.<\/p>\n\n\n\n<p>Company profiles are often found on the company\u2019s official website and are used to attract possible customers and talent. However, your profile can be used to describe your company in your business plan. It\u2019s not only an essential component of your business plan;&nbsp;it\u2019s also one of the first written parts of the plan.<\/p>\n\n\n\n<p>Having your profile in place makes this step a whole lot easier to compose.<\/p>\n\n\n\n<p><strong>Related:&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/article\/78002\">Conducting a Market Analysis for Your Business Plan<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Document all aspects of your business.<\/h2>\n\n\n\n<p>Investors want to make sure that your business is going to make them money. Because of this expectation, investors want to know everything about your business. To help with this process, document everything from your expenses, cash flow&nbsp;and industry projections. Also, don\u2019t forget seemingly minor details like your location strategy and licensing agreements.<\/p>\n\n\n\n<p><strong>Related:&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/article\/231525\">How Do I Build a Business Plan? (Infographic)<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. Have a strategic marketing plan in place.<\/h2>\n\n\n\n<p>A great business plan will always include a strategic and aggressive marketing plan. This typically includes achieving marketing objectives such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Introducing new products<\/li><li>Extending&nbsp;or regaining market for existing products<\/li><li>Entering new territories for the company<\/li><li>Boosting sales in a particular product, market or price range. Where will this business come from? Be specific.<\/li><li>Cross-selling (or bundling) one product with another<\/li><li>Entering into long-term contracts with desirable clients<\/li><li>Raising prices without cutting into sales figures<\/li><li>Refining a product<\/li><li>Having a&nbsp;<a href=\"http:\/\/www.johnrampton.com\/content-marketing-guide\/\" rel=\"noreferrer noopener\" target=\"_blank\">content&nbsp;marketing strategy<\/a><\/li><li>Enhancing manufacturing\/product delivery<\/li><\/ul>\n\n\n\n<p>\u201cEach marketing objective should have several goals (subsets of objectives) and tactics for achieving those goals,\u201d states&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/article\/43026\"><em>Entrepreneur<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<p><em>\u201c<\/em>In the objectives section of your marketing plan, you focus on the \u2018what\u2019 and the \u2018why\u2019 of the marketing tasks for the year ahead. In the implementation section, you focus on the practical, sweat-and-calluses areas of who, where, when and how. This is life in the marketing trenches.\u201d<\/p>\n\n\n\n<p>Of course, achieving marketing objectives will have costs. \u201cYour marketing plan needs to have a section in which you allocate budgets for each activity planned,&#8221;&nbsp;<em>Entrepreneur<\/em>&nbsp;says. It would be beneficial for you to create separate budgets for for internal hours (staff time) and external costs (out-of-pocket expenses).<\/p>\n\n\n\n<p><strong>Related:&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/article\/74194\">Why You Must Have a Business Plan<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. Make it adaptable based on your audience.<\/h2>\n\n\n\n<p>\u201cThe potential readers of a business plan are a varied bunch, ranging from bankers and venture capitalists to employees,\u201d states&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/article\/239412\"><em>Entrepreneur<\/em><\/a>. \u201cAlthough this is a diverse group, it is a finite one. And each type of reader does have certain typical interests. If you know these interests up-front, you can be sure to take them into account when preparing a plan for that particular audience.\u201d<\/p>\n\n\n\n<p>For example, bankers will be more interested in balance sheets and cash-flow statements, while venture capitalists will be looking at the basic business concept and your management team. The manager on your team, however, will be using the plan to \u201cremind themselves of objectives.\u201d<\/p>\n\n\n\n<p>Because of this, make sure that your plan can be modified depending on the audience reading your plan. However, keep these alterations limited from one plan to another. This means that when sharing financial projections, you should keep that data the same across the board.<\/p>\n\n\n\n<p><strong>Related:&nbsp;<a href=\"https:\/\/www.entrepreneur.com\/article\/21834\">7 Steps To A Winning Business Proposal<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. Explain why you care.<\/h2>\n\n\n\n<p>Whether you\u2019re sharing your plan with an investor, customer&nbsp;or team member, your plan needs to show that you\u2019re passionate and&nbsp;dedicated, and you actually care about your business and the plan. You could discuss the mistakes that you&#8217;ve learned, list the problems that you\u2019re hoping to solve, describe your values, and establish what makes you stand out from the competition.<\/p>\n\n\n\n<p>When I started my&nbsp;<a href=\"https:\/\/due.com\/payments\" rel=\"noreferrer noopener\" target=\"_blank\">payments<\/a>&nbsp;company, I set out to conquer the world. I wanted to change the way payments were made and make it easier for anyone, anywhere in the world to pay anyone with few to no fees. I explained why I wanted to build this. My passion shows through everything I do.<\/p>\n\n\n\n<p>By explaining why you care about your business you create an emotional connection with others so that they\u2019ll support your organization going forward.<\/p>\n\n\n\n<p>Source:  <a href=\"https:\/\/www.entrepreneur.com\/article\/281416\">https:\/\/www.entrepreneur.com\/article\/281416<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Opinions expressed by&nbsp;Entrepreneur&nbsp;contributors are their own. Every business needs to have a written business plan. Whether it\u2019s to provide direction or attract investors, a business plan is vital for the success for your organization. But, how do you write a business plan? SBA.gov&nbsp;recommends that a business plan include: Executive summary &#8212; a snapshot of your [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":-1,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[45],"tags":[31,108,46,11],"class_list":["post-1868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business","tag-business-plan","tag-management","tag-startup"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dazzlepop | 7 Steps to a Perfectly Written Business Plan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dazzlepop.net\/site\/7-steps-to-a-perfectly-written-business-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dazzlepop | 7 Steps to a Perfectly Written Business Plan\" \/>\n<meta property=\"og:description\" content=\"Opinions expressed by&nbsp;Entrepreneur&nbsp;contributors are their own. 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SBA.gov&nbsp;recommends that a business plan include: Executive summary &#8212; a snapshot of your [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dazzlepop.net\/site\/7-steps-to-a-perfectly-written-business-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Dazzlepop\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/dp.Dazzlepop\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-28T15:37:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-28T15:37:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.entrepreneur.com\/content\/3x2\/2000\/20160602195129-businessman-writing-planning-working-strategy-office-focus-formal-workplace-message.jpeg?width=700&crop=2:1\" \/>\n<meta name=\"author\" content=\"Mohamed Adel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" 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