Writing a Killer Business Plan

There are thousands, if not millions, business plans that unfortunately stay as potential dreams; they never make it to the final acceptance stage. Although this can occur for a variety of reasons, don’t turn over your next business plan to the graveyard! The critical components of a business plan include organization, format, appropriate length, detail, adequate financial support/information, and a strong vision and purpose. Its value and purpose to the potential investor, owner, and future employees, is to provide an analysis and description of long-term goals, and the viability of the business venture. It will serve as your marketing weapon when approaching banks and investors, and will also enable you to discover potential risks, weaknesses, and strengths of the future business.

Since the business plan follows a formatted and strategic approach, the main focus of each plan should include the Vision, People, the Market/Industry you are entering into, an Economic/Demographic assessment of the regions you will operate in, and a Cash Flow disclosure. Addendums should include marketing plans and goals, as well as a competitive analysis forecasts or reports.

VISION: The main focus of the Vision should always be the one unique and definitive business concept. This may be understood as what makes your business truly unique, and how it sets you apart from the competition. This component also identifies what measures you will take, or have taken, to find the information and resources you will need to grow. The business concept essentially highlights and outlines what the main purpose of your business is. This is part of the Vision component, as it serves the purpose of creating a final vision statement to showcase the main criteria and focus.

PEOPLE: This is essential to identify by outlining what ethical values, commitments, levels of expertise, and skills you are looking for in order to build your business. Here you will include your biography, but also those of partners, current employees (if any) ,and interested parties.