Business Plans – An Outline

Writing a business plan is a fundamental step to ensuring your business has every chance of succeeding. Common statistics state that 9 out of 10 businesses fail on the first 5 years of operation, and of the remaining 10%, 90% fail in the following 5 years. Why? There may be a number of reasons – from poor customer service, inadequate product, poor logistics management and cost control. However, the number of businesses that do not a https://npfinancials.com.au/ define their goals and map out their path to success is phenomenal. Taking the step to define your business goals, plan where you want to go and what you want to achieve will place you in an increased position of future success and realisation of your dreams.

Below is a list of the areas you need to consider when writing your business plan. These steps will help define the business goals, the reason for existence (of the business), and define the direction you will take.

Step 1 – Define your vision
You may know inside your head why you want to start a business, and what business it will be. However, your staff will not know this information, and after a time, you too will also forget some of the details. Write down what your mission is – your purpose and vision for the company. This sets the tone for all business and actions taken on a daily basis, working toward achieving your mission and purpose.

Step 2 – Set your goals and objectives for the business
Think big. Do not let your own limitations impact on what you think your business is capable of achieving. Define what you short (less than 12 months), medium (1-3 years time frame) and long term goals (usually 3-5 years timeframe) will be. Think of topics such as how much revenue do you want to generate? How many outlets will you have? How much passive income will it produce for you in the future? How many customers on your database will you have? What will be your geographic area of influence? These goals will be a combination of your personal goals for your own life blended with that of the life of the business.

Step 3 – Define your USP
In order to stand out form the crowd, it is imperative that you know and define your USP – Unique Selling Proposition. What it is that you offer and provide that is different to other people in the market? It may be that you offer additional services to your core product; it may be that you have a more personalised customer service approach; it may be your after sales service and warrantee on the product. What is it that your customer will be attracted to above other businesses offering the same service or product? Once you know this, then you can use it as a focus for your customers to recognise you and remember you.

Step 4 – Know your market
Have you ever thought up a brilliant idea and began to investigate it, only to find out that another business has already started with that ex