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Brilliant strategies and beautifully formatted planning documents are just theory unless you assign responsibilities to managers, with clear objectives, dates and budgets that enable you to measure results. A 10-page business plan with dense text and no graphics is harder to read and digest than a 20-page plan broken up with bullet points, user-friendly illustrations and charts.A well laid-out plan will offer readers a sufficient overview of its main points after a quick skim.A business plan is essential to your company’s success.
Whether it is insufficient market research, financial planning, management, lack of social media presence, website or something else, these mistakes all boil down to a lack of planning that can be traced back to the roots of your company: the business plan.
Before we detail how to write a business plan, we should figure out what a business plan is.
Also make sure the document looks good and reads well. A business plan will be easier to implement if it's simple, specific, realistic and comprehensive.
But even then, someone needs to take ownership for implementation and monitoring of progress.
Specifically, I'm talking about cash flow predictions, sales forecasts and profit and loss projections.
Cash is usually misunderstood to mean profits, but making profits doesn't mean you'll have enough cash to pay your bills.It covers the following information: what you are going to sell or produce, the structure of your business, your vision on how to sell the product, how much funding you need, information on financial projections, among other details.Before you begin to implement your company’s business plan, it’s necessary to brainstorm to make sure your team is prepared to answer some questions: However, there are dozens of other questions, industry-specific or otherwise, you should be asking.We know you’re starting a new business or moving to expand and want to stay focused on the positive and the last thing you want to talk about is failure.But for 70% of business companies, failure is the reality, and the primary cause is a lack of planning.Too many people think they only need a business plan when they're starting up or when they need to borrow money or attract funding.A business plan is just as important when running a business.In most scenarios, it is up to the founders of the company.It’s important to remember that this is not a document for internal use only.In a small business, of course, this is usually the owner-manager.They need the energy and drive to make the plan a success – otherwise it's unlikely to happen.