5 Keys to Writing a Relevant Business Plan
A business plan is essential to your organization. It’s the road map that takes you from a dream into reality and from getting started to success. Whether or not you’re looking for investors, you need to put time into creating a business plan. Here are five tips to get you started.
Create a Mission Statement
A mission statement is one sentence that tells what your business is about. TED’s mission statement is simple, “Spread ideas.” Your mission statement isn’t about the features of your business or its structure. It’s about what you want to be. Having a mission statement can fuel your business and keep you focused on your goals.
Don’t Get Caught Up in Format
The first draft of your business plan doesn’t have to be formal and long. Just answer a few questions:
- What is your company purpose (your mission statement)?
- What problem are you trying to solve?
- What’s the solution?
- What is your market potential? Who are your customers?
- Who are your competitors?
- What’s your business model?
- Who’s on your team?
- What’s your vision for five years from now?
- What’s your financial plan and status?
A sound business plan isn’t about trendy or highbrow words. Just write like you’re telling someone about your ideas. You can always edit your ideas as you get better at communicating your goals.
Think of Your Business Plan as a Living Document
Your business plan isn’t a document that you work on once and file away. It’s a dynamic document that you should revisit two to three times a year to see how you’re doing.
Know Your Audience
Your business plan can be adapted for the person who will be reading it. If you’re getting started, the business plan is for you and the founders. Keep it simple. When you’re approaching funders, focus on how your business is a good fit for them.
Contact Artemis Commercial Capital for financing options to help get your business to the next level.