After you’ve validated your business idea by testing the market, built a team, established goals, and found advisers, it’s time to create a business plan. Writing a business plan may be easy or difficult, depending on who is writing it and how new the business is in a given industry. We want to make it as easy as possible for you to create your business plan, because it’s an important part of growing your business.
Writing a Business Plan
When you are writing a business plan, you are helping to shape your company in positive and influential ways. While on the surface it might not seem like a business plan is as important as developing a product or finding customers, it will help to shape your company from the inside out and make it more promising to potential investors.
There are numerous benefits to writing a business plan. Make sure that you do not skip this important step as you build your business.
Allows You to Stay on Target
A business plan provides a strategy of how to reach your goals. With your goals and tasks, a business plan is the step-by-step roadmap on how to get to where you want. When you have a plan in place, it allows you and your team to look at it whenever they feel uncertain.
Helps You to Gauge Success
With a business plan, you can more easily track statistics and metrics against thresholds to see how much progress you are making in a given week. From website visitors to sales, you can track a number of different metrics to help you gauge your success.
Keeps the Focus on Priorities
With a business plan, you will not only stay on target, but you’ll also avoid skipping certain steps. It’s easy to overlook a particular step in a plan if it doesn’t make sense. When you get to see the overall picture and how each step plays an important role, team members are less likely to overlook them.
Makes Your Business Proactive
The best businesses are proactive, not reactive. When you have a business plan in place, it gives a very clear set of objectives for your team. If they can get ahead of schedule, why not let them? With a business plan as a roadmap, you give them the opportunity to see exactly what will come next and that enables them to work ahead of schedule.
Establishes a Financial Plan
Knowing where you expect your money to go, where it is actually going, and what you can do to increase your bottom line is key in successfully starting and running a business. By developing a revenue model and setting up a financial plan from the beginning, you’re more likely to have success both in the short- and long-term. Additionally, having a business plan with an established financial plan can often help you to a secure bank loan and/or investors.
Need Help Writing a Business Plan?
If you need help writing a business plan, stop by Ideator and start with the lean canvas. In some cases, depending on the type of innovation and investor you’re seeking a meeting with, the lean canvas is the only thing you may need to complete, and it is only one page. Using Ideator, you will be able to craft your business plan from the ground up. You can get the business plan help that you need by receiving feedback and critique from advisers, other Ideators, and your own team members.
Get help writing professional business plans by using all of the curated resources at Ideator. From business plan templates to connections to professionals who can construct your business plan for you, Ideator is the best resource for you as you begin drafting your business plan.
After your initial drafts of your business plan are complete, add it to the profile of your idea. Invite current advisers and supporters of your business to read it and allow them to provide feedback or critique without limitation. This will allow you to discover any blind spots in the plan and gives you a chance to correct them before bringing in investors.