Welcome to FinanceCompanies, This blog is a quick introduction to Business Plan Writer’s main features – finishing off with exporting a completed business plan.
What is a Business Plan?
In order to know what a business plan is You have to know what a business plan isn’t. A business plan isn’t a document that you write once and never look at again. In fact it doesn’t have to be a document at all. But it’s also not a bunch of scribbles and buzzwords you wrote on the back of a napkin at happy hour with your friends.
Business plans aren’t just for loan applications They’re not just for first-time startups and they’re not just for business school students and most importantly a business plan doesn’t have to follow a one-size-fits-all formula. So let’s talk about what a business plan is.
A business plan is living and breathing, and able to change and be flexible. Any startups or existing businesses can and should make use of a business plan. In its simplest form, a business plan is a guide that outlines goals for your business and how you plan to reach them.
It contains an overview of your business strategy, milestones to track tasks and responsibilities, and the basic financial projections you need to forecast your sales expenses, and cash flow. A standard or traditional business plan typically includes: an executive summary, products and services, a market analysis summary, a strategy and implementation summary, a company and management summary, a financial plan, and maybe an appendix to see a detailed business plan outline click the link in the description below.
Here are some common questions to consider before you start writing your business plan: First, how long should you plan be? Your business plan can be as long or as short as you need it to be.
It just has to outline your goals and be able to change when new data comes in It can be a dozen pages long or you can boil it down to just one page.
But shorter more concise business plans are usually the best way to communicate your vision and goals. If you’re hoping to secure a bank loan or other type of funding, you may be asked for a more detailed document. But that will be easier to do once you have the essential elements in place.
who is a business plan for? A business plan is for whoever you need to see it. It can be an internal document that you show to employees co-founders or others inside the company to help them catch the vision and understand your strategy.
It can also be used externally to show potential investors, future employees, or possible partners what you’re planning to do, why you’re doing it, and how you’re going to succeed. Can you write a business plan on your own? Absolutely, although advisors and templates can help you avoid writer’s block and keep your momentum going.
What do you do with a business plan when you’re done? Should you review it regularly? Your business plan should be dynamic. You should revise it when new data comes in. In fact, when businesses plan and then track their performance against the plan, they can grow up to 30% faster than their competitors. Seriously. So that’s what a business plan is—but we didn’t even get to all the reasons why you’d write a plan.
Don’t worry. We’ll have a video on that soon. If you want to learn more about business planning, visit Bplans.com and download our free business plan template or our one-page business pitch. Remember, writing a business plan won’t automatically catapult you into fame and fortune, but it can set the foundation for your company’s future.
What’s wrong with most business plans?
The answer is relatively straightforward. Most waste too much ink on numbers and devote too little to the information that really matters to intelligent investors.
If you want to speak the language of investors — and also make sure you have asked yourself the right questions before setting out on the most daunting journey of a businessperson’s career — assess the four interdependent factors critical to every new venture: the people; the opportunity; the context; and the risk and reward.
Writing Great Business Plans
You might think that the only thing standing between a would-be entrepreneur and spectacular success is a glossy business plan with five-color charts, detailed spreadsheets, and a decade of month-by-month financial projections. But experienced investors know that these are mostly based on wishful thinking, not reality.
What do they really want to see? Harvard Business School professor William Sahlman argues there are four factors critical to the success of every new venture and every great business plan.
- Introduce the people starting and running the venture as well as outside parties, such as its lawyers, accountants, and suppliers. Most savvy investors will focus their attention on people because they believe that execution skills are what matters most.
You need to prove you have the skills, experience, and network necessary for success.
2. The opportunity is a profile of the business itself, what you’re going to sell, to whom, for how much, and so on. Be sure to talk about the competition.
If your business plan describes an unbeatable market position, you’ll sound naive. A good business plan openly discuss its strengths and vulnerabilities.
3. Context. Here you need to show not only your understanding of the big picture– the regulatory environment, interest rates, and so on– but how you will respond when these external factors inevitably change.
Finally, talk about risk and reward. What happens if one of the founders leaves? What happens if demand skyrockets? Assess everything that can go wrong and right and explain how your team will actually respond.
But wait, you might be wondering, what about the numbers? Yes, business plans should include some numbers, but those numbers should appear mainly in the form of a business model that shows your team has thought through key components of the venture’s success or failure.
When will the business begin to make a profit? How will investors eventually get money when the business succeeds? A business plan that asks and answers the right questions is a powerful tool. A better deal, and a better shot at success awaits entrepreneurs who use it.
How do I find a business plan writer?
So how can I help you find that business plan writer to write your business plan? I can’t. I’m going to be honest. The most you want is a coach who’s been through it, who knows how to help you and maybe you want somebody to become part of the team whose done the process of raising money if that’s what you’re after.
Experience helps. Knowledge helps, but the plan that somebody does for you rarely works. Your plan will change. Frequently. You have to own it. You have to know what’s in it. You have to be able to get there, communicate it, and yes, plans are never accurate for the future.
They help you change things but if you don’t manage it yourself, you’re not going to be able to manage the changing and it won’t help you steer your business, so yes, I’m biased in this.
I happen to believe in Business Plan Pro which I wrote, its conceptual author, there’s a whole team of programmers now but yes, I believe in Business Plan Pro.
It helps to do the mechanics, it helps to do the financials, it gives you the certainty that… well that the math and the finance will be right if your assumptions are right, and it helps you focus on managing the business by a good planning process rather than just getting some document that somehow it’s going to be done. If your company stays alive, your business plan will never be done.
It will help you manage that company and know that company but it will be a process that you use to steer the company towards the future that you want. Want to know why you want to do it? To control your destiny. That’s why you do it.
Writing a Powerful Business Report
When a company needs to make an informed decision, a business report can guide the way. These documents use facts and research to study data, analyze performance, and provide recommendations for the future. Business reports are always formal and objective, and every fact must be clear and backed up by a legitimate source, no matter if the report focuses on a single issue or an entire company.
Let’s look at the structure of a typical business report. First, list your name, contact information, and the date of submission. We also recommend giving the report a title. Next, provide some background on the topic you’ll be discussing, along with the purpose of the report itself.
In the key findings, provide relevant facts and data using bulleted lists, charts, or any other medium that can help make your point. Be clear and specific, because the entire report revolves around this information.
When you reach the conclusion, summarize and interpret the key findings, identify issues found within the data, and answer any relevant questions. Then, recommend solutions based on what you’ve presented. Remember to stay objective, impersonal, and focused on the company’s perspective. For the references, list the sources for all the data you’ve cited.
This allows your reader to learn where you got your information. Some companies may require an executive summary at the beginning of the report. An executive summary includes the background, key findings, and recommendations within a single section. This lets a reader learn the highlights without having to read the entire report.
While business reports may seem intimidating, you have the ability to create one of your own. Collect and present the facts in an organized manner, and you’ll help your company make informed decisions.