7 Tips for writing a Good Business Plan

download

A good, concise and easily understandable business plan is essential before even starting your business. It is crucial in ensuring the success of your start-up and in winning over the minds of investors. Here are the 7 Tips for writing a good business plan:

1.Research

Research on structure, marketing strategies and finances of your business. Do some detective work on your competitors’ business model online and offline. Sometimes this helps you find your niche in the industry.

2. Identify and profile your target market

You cannot target everyone in general. Think of your long-term plans for your business and which markets do you think would need your services now and in the future. Once you have identified the most profitable and alluring segment, you need to profile them based on their demographics, geodemographic, psychographic and behavior-graphic.

3. Never rush to complete your business plan

There will be sections that you have information on while other sections are uncertain. A business plan is dynamic. You can and will change it according to any incoming insights or feedback you may receive later on.

4. Include expected figures

A challenge for start-ups is that there are no historical figures for turnover and finances. Hence, you would need to calculate your expected estimates and determine a benchmark for them eg. your closest competitors with similar business model or attributes.

5. Leave summary last

Your business plan summary is the last concern of your plan. Once you are done with the planning. Write a summary that is easy for banks, investors, partners or wholesalers to quickly understand your business. Make it realistic and a good summary would motivate your readers about being part of that business with you.

6. Always review

Never be satisfied with finishing up every section of your plan. Always review it to make a good impression to those reading it. Your professional image is at stake. Ask trusted people to proofread your final plan and think over their feedback.

7.Seek professional help

If you are new to starting up your own business, seek help from a business adviser, accountant, intellectual property lawyer etc as a precaution to avoid or reduce future business hiccups.

These tips may seem daunting and sometimes start-ups forget that they don’t need to do this alone. If you are a start-up and confused about what is a good business plan, contact us at tempo@braatheenterprises.com or set-up a call to discuss training needs at http://meetme.so/RobertBraathe

 

 

 

Advertisements

How to keep, and attain the right skills for your business

 

images

Keeping your business running ahead of your competitors is more difficult than before. A possible strategy to that is assessing the skills your business hires, and compartmentalizing them into the right areas of your business.  Your employees’ skills are your assets that makes your product/ service better. Here are ways to attain the right skills for your business:

  1. Assess, and Record skills

Look at the skills you, and your employees have. Record them. These could be skills you or your employees can work on gaining. There may be existing skills that need to be improved or updated. It would also help if you talked to your employees about the skills they may want to learn.

2. Identify skills your business needs

There may be skills your business is short of or skills that need to be sharpened. This can be determined by going back to your business plan. Think about what your business is, and what are the plans you have for it in the future.

3. Create a training plan

Structure your training plan for your business. It is important to set a time you would like to achieve your training plan goals. This prevents you from waddling through your business and ensures you use your time to pull in more profits. Below are some key considerations for a plan.

-Your priorities

-How to fill the skills gaps

-How much money and time you are willing to invest

-Type of training your employees are interested in

-Type of training available in your area

If you need help in any training for skills your business needs, TEMPO Business Training is always available. We provide high-quality business training and have years of experience in vast industries. Contact us anytime, and anywhere at tempo@braatheenterprises.com or set up a call to discuss your training needs at http://meetme.so/RobertBraathe

How to start a business.

Splitter Broken Shard

Starting-up a company is the workforce trend of the future. However, creating your own company is more than just raising capital for it. Everyone has business ideas but 90% of start-ups will fail. Here’s how you can learn to be the successful 10%.

Create a business plan & test it

The most crucial aspect is having a short, understandable, and concise business plan. Keep in mind when drafting out your plan, point out clearly how your product/ service is different from your competitors.

If your target consumers can’t see the difference, they would rather still to your competitors out of brand awareness, preference, and good past experience. Ask yourself. How will my company provide value to them?

Create a short informative business summary

Investors,and customers would want to know about the company within 2 minutes. Keep it short,yet informative about who you are,what you are,and how are you different.

Market Analysis

A business plan without thoroughly profiling your target customers, competitors , and the industry , will fail.

Introduce your product/ service

It is important to draft a product/service statement. This structures clearly what your product/service is, what it provides, and what it solves better than competitors.

Conclusion

Creating a start-up is more than an idea.TEMPO Business training may be the solution to becoming that 10% entrepreneur. Or if you are in need of fast-tracking your start-up, try our   BEYourStart Accelerator Program

 

 

TEMPO Business Training (by Braathe Enterprises) offers a series of professional, curriculum based and customized workshops and classes for you and your business. Subject matter areas include:

Business Communications

Customer Service

Entrepreneurship

Hospitality

Project Management, including Time Management, Quality Management

Contact us at tempo@braatheenterprises.com

Setup a call to discuss your training needs at http://meetme.so/RobertBraathe

Business Training That Gives You More TEMPO – Time, Energy, Money, Power and Opportunity