A business plan is often called a roadmap for success. Anyone who runs an existing business or is in the process of starting a business, understands a good business plan as the initial step to success. It will give a clear description of what the business will achieve, what will be achieved, how, why, and by whom.
Writing a business plan will help an entrepreneur organize his expectations for the business and develop a framework that will guide him into running the business.
Moreover, business plans will become a deciding tool in the future, especially those that will affect the business in the long term.
There are many parts of a business plan, however, in creating your business plan, take the time to define your mission and vision, as well as your goals and objectives. These sections will clearly state the core of your existence and define what you want to achieve and what your business has to offer.
Before you can actually develop these parts, you need to identify your core values. Consider the stakeholders that your company has a responsibility.
Stakeholders may include owners, employees, customers, suppliers and investors. Your core values will be the foundation of your mission and vision, as well as your goals and objectives.
The mission was defined as an essential objective with a strong conviction. Therefore, your mission must clearly state the purpose of your existence.
It must concern you and should build a connection with both your customers and employees. Mention specific, tangible goals that should add to your business value.
Often times, very long general propaganda messages are confusing and potentially useless. A short, concise one-sentence mission statement is more desirable.
Vision means anticipation for what will happen. Your vision statement must clearly influence the way the business is seen.
It is a confirmation of your expectations. So it should be a great, inspiring and hopeful statement of your determination and dedication.
Make your vision statement detailed and compelling. It should point out why your company can exist. It is also important to draw a clear picture of your intended results.
Words of vision that are plain or utterly irrational can become uninteresting and unbelievable.
Business goals and objectives
Simply put, your goals and objectives will help you know where you are going and help you implement or set a vision and mission for your business.
Your business plan must be clearly laid out on both long-term and short-term goals. When setting your business goals and objectives, it’s important to keep them smart and reasonable.
This means that you need to make your goals specific, measurable, actionable, and time-frame.
Goals are generally qualitative and tend to be focused on achieving the full picture of the business intent. Essentially, the goal is focused on customer service, market positioning, and business growth.
The objective, on the other hand, focuses on day-to-day operations that are tied to quantitative metrics of business figures such as number of customers, cost, revenue, and other product-related metrics.
Having a good business plan is like having a road map when starting a road trip. The road map guides travelers in deciding where to get to their destination and determining their travel plans.
Likewise, a business plan outlines the core of your company’s existence and will help you plan and make decisions as you guide your business to success.
Assure your business success with a good business plan and realize your dreams of starting and running your business.