How to write a business plan

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Your written business plan should be a carefully thought-out document.

Your written business plan should be a carefully thought-out document.

It should outline exactly what your business is, how and where you will run it, how you are going to finance it, how much it has or will earn or lose. It shows the risks and strengths of your business, describes the market, outlines your long-term goals, and sets out the milestones you must reach.

In short, it is an accurate and realistic description, usually designed for investors or as a checklist and set of benchmarks to measure and develop your business performance.

Writing your business plan can help you deal with problems before they get out of hand.

It can simplify decision-making, and it can help you identify, set and achieve goals. Writing it will help organize and consolidate ideas so you can better promote your business. A written plan will save you time and work. The plan will help you get better contributions from others, including your bank, business consultants and prospective suppliers or investors, because you can give them more complete information.

Your business plan lets you write your vision and outline a strategy to make it happen.

The business plan is your road map, showing you the route to take, and letting you fine-tune your tactics to achieve your goals. Make your business plan a well-thought-out document to guide you in your day-to-day running of your business. Let it guide you in how to finance your business and project how much you will earn.

With your main goals and other goals defined, it’s much easier to set targets, timetables and budgets. Decisions about whether to buy or lease manufacturing equipment, employ more staff or invest in new advertising become much easier.

Each business decision taken must help you reach your defined goals. When there are competing strategies, the ones that help you hit your targets and goals are the ones to follow.
The business plan should be an interesting and thought-provoking document, reflecting your enthusiasm, but it should set out realistic goals.

When you write your business plan it should not be boring or complicated.

For a simple business idea, it could be between three and five pages. A more complicated plan might need 20 pages, with charts, graphs and detailed financial projections.

Most of the advice you need to write a good business plan is about gathering and organizing the relevant information. But even if you have this part right, almost all business plans fail to impress because of the language and style used. Your business plan needs to be a model of clarity and easy reading so your audience can concentrate on the message.

That’s why I strongly recommend you use the StyleWriter software for writers which I developed to help businesses and professionals in written communication. It helps with any document, from your business plan to your all-important marketing letters in a clear and concise style. It is a great investment to make in your new business.

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