Many technology entrepreneurs take the significance of having a business plan for granted. The right plan can push your company ahead of the competition in an industry that experiences regular disruption. You cannot just start a tech enterprise without following a blueprint to achieve success.
According to a Harvard Business Review report, it was discovered that companies with business plans have a higher chance of attaining success than those without any. Companies in the former category also experience higher growth rates.
Apart from the above merits, investors are more likely to get interested in startups that have business plans. This is because the plan enables investors to know what the possible return on investment (ROI) will be. For entrepreneurs, a plan will help them to focus on specific goals, and provide guidance on ways to achieve each objective.
You need to know how a business plan is prepared, especially a custom draft that suits your business model. The necessary sections will be discussed briefly in this article.
1. Write a Captivating Executive Summary
This is the most important part of your plan. It has to pique the interest of investors enough to make them proceed to read other sections. It is an abridged version of the entire plan that should contain information about the products and/or services, target market, market strategy, goals, etc.
2. Describe Your Company
You need to give relevant information about your company’s offerings, and what sets it apart from other competitors. Of course, the information will be based on the findings of your market research.
3. Market Research and Analysis
In order to make your idea seem solid, there is a need to conduct market research and analysis. This is necessary to understand your competitors, and foster a disruption in the industry that will favor your brand.
4. Describe Your Products and/or Services
This step involves showing how your brand will satisfy specific consumer needs. Explain why the value you are creating will be preferable to that of other competitors in the industry.
5. Management & Operational Structure
Here, you have to give details about your company’s workforce. You need to describe your team―their skills and experience. The organizational chart should be presented with enough clarity.
6. Marketing and Sales Strategies
Your draft would be incomplete without having a marketing and sales plan. Marketing will build awareness about your brand, while sales strategies will create avenues for consumers to have access to the company’s offerings.
7. Financial Plan
Realistic information about the budget, financial projections, revenue streams, and so on will be stated here. It is the last section, but it is also very important to investors.
The above steps are easy to learn, but can be well-executed by professional business plan writers. Check Medium for a list of the top companies for the job in 2019.
Having a business plan will help you measure your company’s growth rate. As time passes, you will understand just how vital it is to decision-making processes, financial stability, and expansion.