3 Essential Components of Every Successful Business Plan

You’re confident in your product, platform or business and can’t wait to startup. The process is a roller coaster, thrilling and anxiety-filled all at once – sure to deliver countless obstacles and a multitude of rewarding moments.

Have you made a business plan?

The concept sounds dated and is often put on the back-burner for entrepreneurs with innumerable projects in front of them but, in reality, can be a playbook for getting ahead. Proper execution can yield efficient company growth and serve as ideal collateral for interested investors.

The following pointers will get you going on the right track.

1. Be concise. Don’t write a paragraph about that which can be adequately explained in a sentence. Strategies and facts are great, hopes and dreams will just dilute the message. Streamline an approach to move your business forward.
2.… and thorough. Remember that concise and thorough are not mutually exclusive. Be diligent in summarizing the most important attributes of the company. Include the following:
+ Business description
+ Product or service description
+ Competitive environment of the product
+ Business model: how the business will make money
+ How the business will be marketed
+ Product production details
+ Introduction to the team
+ Financial projections – include how much is needed and what the profit will be

3. Always be Unique. Tailor, tailor, tailor. Copying the plan of a successful business will do you no justice. Carefully craft strategies to fit your specific challenges. Consider your audience and tailor the content. If the document will be distributed externally, focus on presenting the information as attractively as possible and on intriguing investors.


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