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How to develop your business plan and business strategy

How To Develop Your Business Plan And Business Strategy

Quick summary

A business strategy focuses on major resource issues. It is the master plan that the management uses to secure a competitive market position, carry on its operations, satisfy customers and achieve the primary goals of the business

STRATEGY AND PLANNING

In easy to understand terms, business strategy is a strategy that sets out a businesses desired goals and objectives. This plan typically covers a period of between 3-5 years and is unique to every business owner. In more technical terms, a business strategy focuses on major resource issues. It is the master plan that the management uses to secure a competitive market position, carry on its operations, satisfy customers and achieve the primary goals of the business.

If you want to start, grow or manage your business effectively, you need a business plan that you truly believe and understand. It doesn’t have to be a hundred page book, it just needs to align with your expectations and ambitions.

 

How To Develop your Business Plan and Business Strategy

Everyone needs a plan. Whether you’ve just started your business journey or have been knee deep in driving your business forward for years, a solid business plan can be the key to your future ongoing success. You you’ve got a business plan you:

Helps identify what is a priority – a plan gives your business direction, defines your objectives and lays out how you will achieve your goals.
A great business plan assists you to manage the tough times.

Establishes Control – the strategic planning process helps you learn about the different things that could impact or determine your level of success. If you’re already in business it’ll help you take a birds eye view of your business and look at what areas need to be addressed and what needs to be improved.

A Plan Will Assist Seeking Finance – if you’re seeking finance for your business, you’ll need to show banks and investors why they should invest in your business.

 

Develop your business plan

There is a process that can be used to develop a business plan, though what we know to be true is that every business owner is different and will be receptive to different approaches to the planning phases.

If you’re developing a detailed business plan, you may want to check the Top 5 Tips below before you start.

 

1. Determine what your plan is for

Does your business plan have more than one purpose?
Will you use it internally, or will you share it externally, for example with financial investors or business partners?

Usually, what makes the most sense is to first build a spine document that is really your own thoughts on paper that you can refine until you’re confident, these are directions that aren’t likely to be shared with anyone. From there you make a copy and update it accordingly to have it tailored for the particular recipient. Here you can be flexible and style shift your plan to gain traction and buy-in from the audience.

2. Prepare your finances

A similar approach to the Raising Capital section above, if you’re seeking finance, any investor will want to know if your finances are in shape and your business is in a strong fiscal position. Any banks, lenders and investors will most surely want to know how much money you currently have, how much cash you need and how much you forecast to turn over in the future. While a little cash injection will assist you to be sure that you can cover incidentals and unforeseen costs, you still need to be realistic and try not to dip in and borrow more than is needed.

3. Write your summary last

Summarise the main points of your business plan and keep it very very lean. Bullet points that are 5 to 8 words in length. By using as few words as possible you cut to the chase and avoid the filler. Remember you don’t need to sell it to yourself. And if you are there might be some underlying confidence issues that need to be brought to the service.

You need to be able to get to the point but not bypass the all important facts. Here is the best opportunity to sell yourself. This high level summary should include details about your business, the market you intend on operating in, your goals for the business and what is unique about your offer compared to other businesses.

4. Get Assistance Early

It’s important to bring this task to the top of the list. When there is a plan from the get go it tends to ensure each step is aligned to a common goal and doesn’t get made obsolete as the other mechanism of the business moves forward. So don’t leave your business planning and strategy to the last second. It will likely take time, so don’t rush the research and be careful with your preparation to ensure you create an effective business plan.

If you aren’t confident in completing the plan yourself, consider getting a professional to look over it and provide advice.

5. Review your plan regularly

Business will always change and evolve, so does your business white paper. With these business changes your plan will need to evolve to ensure your business is still heading in the right direction. Having your business and marketing plans always current and updated can keep you focused on the direction of the business.

Also, here you will begin the filing process of your business documentation. As the evolutions of one’s thinking and objectives take place, the versions of documents will increase. It’s a good idea to keep a record of each version of your business plan and start with a simple file structure and file storage system as time whizz’s by, and within a year or two you’ll have hundreds of documents. If you pay attention early and keep on top you filing and file structures will save you time and increase accuracy of the administrative desktop tasks.

  • Computer Drive File Storage Folder Structure – Business Documents
    • Business Planning > Business Plan > 2022
    • Business Finance > Accounting > 2022
    • Business Planning > Marketing Plan > 2022
  • File Naming Example – Business Plan
    • ACME_2022_001_BusinessPlan_V1.0
    • ACME_2022_002_BusinessPlan_V1.1
    • ACME_2022_003_BusinessPlan_V2.3

6. Protecting Your Plan

if you have innovative products or services you may want people to sign a confidentiality agreement or NDA (Non Disclosure Agreement) to protect your innovations and business practises. Simply, a brief summary introducing your recipient to the fact that the documents they are viewing are confidential by nature, are not to disclose the details of your plan and user discretion is advised.

So, are you ready to start on your business plan, and a small business brand strategy? COG Branding develops your Business plan and Business strategy.

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