Business PlanThe Plan is a List of Tasks to Complete
This article is for people who want to execute a plan to apply a well-conceived business strategy. It will not help you get an "A" on an business plan written as an assignment for a class. The way to get an "A" is to get familiar with and accommodate your professor's biases and prejudices about what a business plan should include This article will not help you create a presentation to impress investors, either. A real business plan is simple; it is a list of tasks to complete, and the tasks are determined by your brilliant, innovative strategy.
There is no "right" way to write a business plan, but there are plenty of wrong ways. Do not make the mistake of writing a "plan" that is actually something other than a plan. In your graduate course, you might learn that an important part of creating a business plan is to estimate the size of your potential market and the effectiveness of competing businesses. But estimations like this, though important, should not be part of the actual plan; they should be part of the process of deciding your strategy. The actual business plan is entirely goal-oriented (i.e. maybe even a step-by-step plan).
Maybe your goal for the business plan is to impress potential investors so they will believe in your idea. However, a presentation for persuading investors is not the same as a plan you will actually use to implement the business. One is a commercial, and the other is an actual plan. If you are trying to win the confidence of investors, your plan must be written in a way that highlights reasons they should be confident in you. If you are trying to actually plan your attack on a niche in a particular market, it must be written with profound attention to the PERSPECTIVES of your potential customers.
Exploring Customer Perspective and Writing SWOT Analysis
How will customers perceive your business when they learn about it? How will they learn about it? What will they find when they do some comparison shopping? What problem are they trying to solve, or what goal are they trying to achieve? If they do talk themselves into buying your product or service, what will be the reason?
When you are deeply in touch with the experience your customers will have, you can use a SWOT analysis. This is an analysis of Strengths, Weaknesses, Opportunities, and Threats. If you consider each of these categories, you may discover important mistakes to avoid and opportunities to exploit.
Now Make a List of Tasks
The plan is a list of tasks based on your chosen strategy. You've explored the customer perspective and completed a SWOT analysis, so you are ready to make a list of all the tasks you must complete in order to launch the business. Maybe the list includes choosing a domain name, getting business cards, buying equipment... it can become a very long list. For each task, set a deadline to impose on yourself.
With single-minded resolve, you carry out every task necessary to bring your business to life. A real business plan is a "list of things to do." It can have many other elements if your true purpose is to impress investors or appease the preconceived ideas of a college professor -- but if you are serious about bringing your business to life, remember that you cannot act according to two intentions at the same time. Your plan must focus whole-heartedly on your strategy, and the strategy is based on deep understanding what it will take to get customers to buy. You'll patiently carry out every task that must be completed as part of your plan for the business to become a successful reality.