How to Optimize Your Business Plan

If you’re starting a business, you’d better plan ahead. Depending on what kind of business you’re starting, you may need an actual written business plan.

As a freelance writer who works solo, I never used a business plan. It may have benefited me, but it wasn’t necessary. But if you’re opening up a small venture, it always pays to have a plan. Some enterprises must have something in writing to obtain funding. No matter what your need--here are some tips on things to include that will optimize your business plan and position you for success.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Computer
• Data
• Financial Statements

1. Get financial. Make sure to project your profit and loss. Include all financial information, including the cost of your business’s set up, as well as what you project to earn. It’s even good here to specify what kind of financial platform you’ll be using to manage day-to-day accounting.
2. Include the Web. Most businesses today have websites, and your enterprise shouldn’t differ. Discuss the goal of your website and also how you will build it. Will you pay a designer or a copywriter? Will it need to be updated? If you plan to sell products online, a strong e-commerce platform is necessary. This section is vital to detail exactly how your web marketing initiatives will work.
3. Strategize your team. Be as specific as possible to define the management and employee responsibilities. A good idea is to include target dates and budgets for any smaller sections or departments of your business. This is when you go down to the details, defining the role of even administrative personnel. You want to make sure every employee is needed, and you should also include plans for growth.
4. Promote your product. It’s very useful to discuss your service or product here. How will you market what your company has to offer? What are the benefits to the customer? It’s smart to have the benefits clearly written out (perhaps in marketing collateral!) so your customers know exactly why they need your product.
5. Assess the market. Do some research on the local, state and national markets. Are there competitors in your direct region? Define what the obstacles will be to marketing your service and who your audience is. That way you can define the strategy to effectively reach your market.

Tips & Warnings

• Determine if you definitely need a business plan.
• Have all of your financial information handy to manipulate it so you can show projections and trends.
• Do some research and look at other sample plans so that you have an idea of what you need to include, the standard length and how to format the document.