Patrycja Binieda
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Putting a business planner together can sound like a tedious task for even the most eager entrepreneurs, it may feel like just another pointless job but, truth be told, a business plan is one of the most valuable assets you could ever create. It can propel your business in the right direction, keep you organised, integrate a solid marketing strategy, and help you to assess whether your business idea has the power to thrive.
Your business plan needs to be concise but still informative. You need to be able to show that your business idea has real potential to not only those around you, but yourself.
When laying out your business plan, if you are not convinced by your own idea, how can anyone else be?
By creating a business plan, using our business plan template, you also have a great resource to provide potential investors, partners and employees with the insight they need to fully understand and get behind your idea.
Your business planner should have the following sections for it to be the best it can be. This layout provides a comprehensive overview of your business, its market, strategies, and financial projections, helping stakeholders understand the company's potential and how it plans to achieve its goals.
The executive summary in a business planner serves as a concise overview of the entire document. Here, highlight the key points, objectives, and strategies of your business. This allows busy readers to quickly grasp the essence of the plan without having to read through every detail. Essentially, it provides a snapshot of what your business is about, its goals, target market, competitive advantage, and financial projections. The executive summary is often the first section of the business plan that potential investors, partners, or stakeholders will read, so it's crucial for making a strong initial impression and enticing them to delve deeper into the plan.
The business description section of a business planner should provide a comprehensive overview of your company, its purpose, and its objectives. Outline what your business does, its products or services, and its mission and vision. Essentially, the business description sets the stage for the rest of the business plan, helping readers understand the context and background of your company.
This section often includes details about the industry in which your business operates, its target market, and any unique features or competitive advantages it possesses. This section typically includes information on the size and growth rate of the market, key demographics of the target audience, factors influencing consumer behaviour, and any regulatory or economic factors that could impact the business.
Moreover, the market analysis assesses the competitive landscape by identifying direct and indirect competitors, analysing their strengths and weaknesses, and evaluating market gaps or opportunities. This analysis helps to highlight the business's competitive advantage and positioning within the market.
Ultimately, the market analysis section provides valuable insights that inform the overall business strategy, marketing efforts, and potential growth opportunities.
The organisation and management section of your business planner provides detailed information about the structure of your company and its key personnel. It outlines the legal structure of your business (e.g., sole proprietorship, partnership, corporation), as well as the roles and responsibilities of the management team.
In this section, you'll provide profiles of the founders and management team members, highlighting their relevant experience, qualifications, and contributions to your business. It may also include an organisational chart illustrating the hierarchy and reporting relationships within your company. The organisation and management section may address any plans you may have for hiring additional staff, outsourcing certain functions, or forming advisory boards or committees to support your business's growth and operations.
Overall, this section provides stakeholders with a clear understanding of who is leading your business and how it is structured to achieve your goals.
The product or service line section of a business planner outlines the specific offerings that you provide to your customers. It provides detailed information about the products or services, including their features, benefits, and unique selling points. In this section, you'll need to give descriptions of each product or service, along with any variations or options available. This might include details such as pricing, packaging, and delivery methods.
Moreover, you can highlight any research and development efforts, innovation, or intellectual property associated with the offerings. It may also discuss your plans for expanding or evolving your product or service offerings in the future.
Overall, this section helps stakeholders understand what your business offers, how it meets the needs of the target market, and what sets your offerings apart from competitors.
The marketing and sales strategy section of your business planner is to outline how your company plans to promote and sell its products or services. Include details about the target market, pricing strategies, distribution channels, advertising and promotional efforts, and sales tactics. This section also typically addresses how your business will differentiate itself from competitors and attract customers, as well as any plans for measuring the effectiveness of marketing and sales activities.
The funding request section of your business plan is there to outline the financial requirements of your company and details any funding needed to support its operations, growth, or specific initiatives. Include information about the amount of funding requested, the purpose of the funds, and how they will be used. This section may also be used to specify the type of funding sought (e.g., equity investment, debt financing) and provide details about your current financial status and projections. Additionally, you can include information about the potential returns for investors and any collateral offered as security for loans or investments.
The financial projections section of a business plan forecasts your company's future financial performance. It includes estimates of revenue, expenses, and cash flow over a specific period, typically spanning several years. This section should also include projected profit and loss statements, balance sheets, and cash flow statements, allowing stakeholders to assess your company's financial health and viability. Additionally, you can include assumptions underlying the projections, such as sales growth rates, pricing strategies, and cost structures, as well as sensitivity analyses to account for potential changes in market conditions or other variables.
The appendix section of your business planner should be used to include additional supporting materials that provide further detail or evidence to reinforce the information presented in the main sections of the plan. This can include items such as market research data, detailed financial statements, legal documents, resumes of key team members, relevant permits or licences, and any other supplementary information that strengthens the credibility and completeness of your plan. The appendix allows readers to access more in-depth information if they need it, without cluttering the main body of the plan with excessive details.
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When creating a business plan, it is essential to keep up with the analytics of your business. Keeping up with data, forecasting and business planning can be difficult without the right tools. With Pulse, you can receive business and financial forecast information as well as advice on how to get your business into the best shape it can be. We can work alongside you to not only create a business plan, but to achieve the goals within it.
We can help you with tax relief, management accounts and managing finances, to not only get your business in shape but to propel it in the right direction, whether that is by optimising business strategy, maximising ROI, seeking finance or claiming reimbursement.
Ultimately, Pulse wants to help your business thrive. With our team members being invested in the success of your business, you will not only receive a service, but a long-term business partner.
Download our Business Plan Template here
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