By: Christina Nguyen
Both December and the unforgettable year of 2020 finally come to a close, much to the relief of many. December had many of us reconfiguring our annual plans in order to better protect our loved ones and reminiscing on what we’ve learned from the year’s events.
To us as business advisors, December holds more meaning than being a sentimental month of gatherings. It’s also National Write a Business Plan Month! As we kick off the new year, now is a great time to get organized!
Writing a business plan is a critical foundation to launching a brand new business. A well-written, well-researched, comprehensive plan can seriously help guide you and everyone else involved with your business, serving as a roadmap. It’ll help you set goals, stay accountable, and keep track of your progress.
A business plan typically includes a summary of what you’re all about, including your organizational structure, mission and values, target audience, milestones, projections, and sources of funding.
Here’s some key considerations when writing an in-depth business plan that will help you shift from an idea to a reality:
Back up your claims.
Do you think you’ll be the Tesla of your industry? Do you think you’ll be the only one? One way to show that this is the case would be to have an explanation ready when someone brings up an argument against your claim. Having solid market research will help you understand your market and competition. If one of your selling points is a unique skill few others can do, resumes should reflect this as well.
Be realistic.
Even if you’ve experienced tremendous financial success in the past, do you really think you’ll have a $15 million company by the next year? Take into account future events, such as possible employee turnover or supply chain disruptions. If any of the staff you’ll need are difficult to find, do you think you’ll be able to get three of them as listed on your plan? If so, what are your strategies to overcome that challenge?
Be specific with your target market.
Your target market is an inevitable part of your business plan. While it’s unlikely that most business owners are missing this part, it’s not uncommon to set a vague, broad target audience. While it makes sense for some businesses to have broad audiences, most could definitely benefit from narrowing it down or at least describing it in greater depth. This can lay out a clearer path for sales and marketing campaigns.
Get an expert to take a look.
No matter how polished and perfect you think your plan looks, there’s always the possibility there’s something you might not have caught that could affect you down the road. Getting an experienced pair of eyes to take a look might give you pointers and offer expertise you may not have considered.
For example, perhaps a mentor or industry veteran’s past experiences have proved that you’re unlikely to hire five project managers in two years, as project managers in your industry are incredibly difficult to find.
What are your tips for writing a fantastic business plan that’ll cohesively guide your whole organization? Let us know in the comments below!
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About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids, Michigan and is a proud member of Local First and the West Michigan Hispanic Chamber of Commerce. We help small businesses grow by providing guidance in financial planning, website development, marketing, and more.
Email us at info@stingrayadvisorygroup.com to schedule a consultation. Follow us today on Facebook, Twitter, and Instagram for more helpful tips!
