Top 5 Tips For Writing A Killer Business Plan

Starting  a business plan is a detailed process that is both educational and revealing.  For existing businesses it is  an opportunity  to re-evaluate profit margins and focus on  the prominent  areas of the business  while cutting  out the areas that are  not profitable.   For business plans involving new  companies it is  a chance  to really  focus on,  and understand the industry and evaluate whether your  next big idea  will be successful before you make  an investment of time and money.

Although  up to 44% of new  companies   will last  4 years or more the success of any new  start-up  is  good planning,   access to capital and good business management.

Here are  the 5 best tips  for creating a killer business plan that is sure to impress:

1)   Do Your Own Research

Creating a solid business plan is the  singular   primary  step in knowing your industry and understanding  how  to be successful in your chosen field.  Part of creating a business plan should be to evaluate  competitors  , refine your business strategy and  start to understand if your value proposition meets a  realistic  need in the marketplace.  Walking  through the steps of  development for a  business plan is an invaluable process that will help to ensure that your business will be able to survive the market trends.  Don’t pay someone else to do  your research  for you or it may end up  being more costly than you think.

2) Business Plan Example

Now that you have  various  articles and notes,  industry insight and information and  loads of statistics  it is time to put it all together in a  layout that will  showcase  the  information  you have compiled.  Finding  a good business plan layout can be  difficult  as every business plan is different (see point #2 above), however you can  develop  your own based on a  compilation  of the different areas or topics you  desire  to cover.  If you  do need  a business plan layout that  comes  formatted with sample headings and the different categories already  built for you,   try  using the plan layout  from a site like Business Plan Examples.  This  website   has   an actual  business plan in Word format for  quickly   substituting  headings and information.  In addition the plan comes with a break-even analysis template in Excel as well as a 1 year Pro-Forma template in Excel with the formulas already built  for easily updating and projecting costs for the year.   This is a  large  time saver and an easy  solution  to quickly get the business plan document underway without  having to start  from scratch.

3)  Use Quality Reference Material

It is important to use a  diverse  mix of reference material in your business plan.  The internet is great for  the latest news  but is not nearly as  highly regarded  as printed publications.   Always  use a good mix of reputable website research along with  well known  facts and industry statistics  most often  found in printed  literature.   Industry  specific publications  and magazines are a great way to get the most current  news and trends in a  reliable  place.  Include research from industry publications as well to  raise the standard  your plan and build credibility in your due diligence.  Always be sure to cite your  references  or any quotes you may use.  This will also develop  credibility while ensuring you are not infringing on any protected or copyrighted  content you use.  To  easily  cite your sources there is an online tool that you can use to enter in your info and get back the properly formatted entry for  the  works cited  section.   It makes the process a breeze:  http://www.easybib.com/.

4) Consider Your Audience

Business plans are  developed  for  numerous  reasons.  Will it be for presenting to a panel  for project approval?   Is it  to submit for funding?  Is it simply to  restructure the business for profitability?  Each of these areas will  necessitate   changes  to the  business plan  format and style you choose to  incorporate  throughout the document.  If you are trying to  obtain  funding then you will  have to  have very specific  cost and ROI projections that are  measurable and realistic.   If you are making a presentation  to a board or non-profit it is  assured that you will need to include a focus on  involvement in the community  and impact (either positive or negative) to the existing  company.    Remember your audience  as you  develop  your document to ensure youhit the  important topics  and leave no questions unanswered.

5)   Find Industry Experts

Finally,  after  you have compiled your  information  reach out to some industry experts like local college professors, trade show organizers, or even the local Chamber of Commerce for some  insight  on your  business plan.   It  is always beneficial  to get a  second opinion  on the plan before making the final presentation.  Having one or more people  look over  the  the document  will shed light on areas that may be lacking or confirm that the business plan is ready to  pitch.

Do not  get  distracted  spending  valuable time  figuring out the  Works Cited, Table of Contents  or overall plan  layout.   Use the templates or resources that are  easily  available to you and spend the time focusing where you  need to,  on the  reporting  and presentation of your business idea.

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