One of the key principles of a successful business is a successful business plan. Writing the business plan is a crucial stage of starting any business, whether it be marketing, commerce or design. A business plan also attracts potential investors. The more convincing and better the plan is the more chances are the business will be successful. A 120-day business plan is a short-term business plan focused on long-term goals. The plan obviously extends beyond 120 days, but the main focus is on the most important objectives to be addressed immediately.
Things You'll Need
- Business consultant
- Business planning course
Revise the company's main business plan. This will give you can idea of how to write the 120-day business plan. The original plan will have all of the company's long-term goals, from which you can narrow down and concentrate on the most important parts.
Write all the actions that the business needs to take in a step by step format. This will help you to prioritize your goals. Begin by listing the most important ones first, such as the return on investment and the financial costs. This will help you to successfully start writing your business plan.
Set a date for when you need your business plan to be executed and by which date it needs to be accomplished. Your most important business strategy should be accomplished at least by the end of the 120-day plan if not sooner. Other objectives can come after that.
Write the executive summary. This is the first part of the business plan. The executive summary is a synopsis of your business plan. This should be short and cover all the major points in a concise manner.
Write the operations section. This section will mention how you will operate the business and sell your goods and services. Revise the points that you initially jotted down to see what are your immediate priorities regarding this section.
Write the management section. The next part of the business plan will involve writing all things related to management. You will be describing all the management jobs, how they will be executed and how much you will be paying the managers.
Write the marketing section. Describe in detail how you will be marketing your goods and service. Again, revise the list of points you made in the beginning to prioritize what you want to concentrate on most in your 120-day business plan.
Write the finance section. The finance section will include your spending fees and also your profits. Keep this section short, as you will be listing all the details related to finance in the appendix.
Make an appendix. This will have three sections related to the finance pages. It should have your statement of cash flow, a profit and loss statement and the balance sheet.
Take your finished plan to a business consultant. This is only necessary if you feel that you need more help in finishing your plan or if you feel that the consultant will be better able to analyze your plan, take out mistakes and give important advice and feedback.
Incorporate your 120-day business plan into your long-term business plan. This will ensure that your plan matches and is in agreement with your long-term plan.