A business plan is the “glue” that keeps your operations on track and in synchrony, but before you start writing yours – make sure to have these five areas in check to save yourself time.
1. Where do you want to be in 5 years?
You may have a very clear idea of your business strategy, but you need to make sure that your team understands it as well on a five-year horizon. A well defined five-year vision will help both you and the team to make decisions to take you there.
2. Your Unique Selling point
Don’t let your customers be confused about what and why they should buy from you (and not someone else). Your business plan should include your unique selling points. This means that you and your colleagues will have a clear pitch when talking with clients. It also means that everyone on the team will be able to present your customers with the USP in an ‘on-brand’, common language. Your team can give your customers a clear answer as to why they should buy from you, and not from your competitors.
3. Decision Making
Decision-making is easier when you have a clear business plan to refer back to. Your plan will outline the vision for your business, and how you want your business to grow in five years. This makes it easier to identify any opportunities and say no to any that would detract from that growth. You won’t get as fatigued by decision making, because you can base them on your business plan.
4. Communicating with Investors
Investors and banks are more likely to give backing to a business who has a well presented, clear and easily understood business plan. It shows them that you are serious about your business, and have researched your industry.
5. Product Specification
Only a part of your business success will rely on talented salespeople. Another crucial part lies in making sure your salespeople know the value of your product. Your business plan will help your team know what to sell, and how to meet the client’s expectations.
Do you need to write or re-write your business plan? You can try our Business Plan block to keep updated on how a business plan for 2018 should be written! Do you need to update/rethink your business plan? Assess your situation by doing the quiz related to the Block Business plan today!