Is There Such Thing as a Perfect Business Plan?
There is no such thing as a perfect business plan, as even the best business plans can use some improvement. However, by thinking carefully about the steps you take to create your business plan you can improve your business plan writing process. With the right process, you are much more likely to create a winning business plan, no matter what type of business it is.
Each of the following steps are stages of the business plan development process which should be tackled in order.
Idea Development
Your idea for the business may already be in place. However, there are a number of creative and brainstorming techniques which can strengthen the idea and discover variations on it.
Feasibility Study
Next, the feasibility of the business should be studied in a limited way to prevent money and time from being poured into an unfeasible idea. The study should look at market feasibility, financial feasibility, and personal feasibility. The latter is the feasibility of the business idea to meet your personal goals for entrepreneurship.
Research
The research phase begins the preparation for the business plan in earnest. Research must cover the industry, customers, competitors, and the costs of starting up the business. The findings should be carefully documented and analyzed to determine what presents opportunities and threats to the business.
Strategy
Next, the strategy phase involves returning to the basic business idea, now with the research findings in mind. Tailor your business strategy to your intended customers and primary competitors.
Drafting
Drafting the actual plan (hopefully with the help of a consultant or at least a business plan template) should be a relatively simple step after the preceding phases are finished. Multiple drafts should be prepared, first focusing on getting the ideas onto paper and improving them, and then on cleaning up the writing.
Finalizing
Finally, the plan should be improved with appropriate graphics (charts, graphs, and images), revised, and proofread. Other eyes should be enlisted to offer feedback on the plan.
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About the Author:
Eric Powers is associated with Growthink, a business plan consulting firm. Since 1999, Growthink has developed business plans for more than 2,000 entrepreneurs and business owners who have raised more than $1 billion in growth capital. Call 800-506-5728 today for a free consultation with a Growthink business plan consultant.