Whether you’re planning to launch your startup soon or are trying to develop a worthwhile business idea for future reference, planning your business well in advance is very important. According to recent reports, 82% of businesses fail due to cash flow issues, with only 48,9% of them surviving 5+ years on the market.
Poor planning and resource management can cause issues even with businesses based on amazing never-before-seen ideas. Here’s why business planning and business plan writing is essential for long-term success:
- Plan your available and required funding such as looking into government contract factoring.
- Create a more stable development roadmap
- Solidify your idea’s business model early on
- Hire the needed talent right out of the gate
Here’s how you should tackle your business plan writing process to make sure no stone remains unturned when it comes to potential business development bottlenecks.
Work Out your Monetization Strategy
If you’ve settled on a product or a service you’d like to develop and ship to clients and customers, you need to work on developing a monetization strategy. How will your business sustain itself once you go live? Will you sell licenses to your online service through one-time payments, or offer recurring subscriptions to your stakeholders?
This is something you need to think about well in advance as most investors and business partners will want to know about it. After all, any capital they invest into your business will need to bring some kind of value to them over time. Thus, by working out a solid monetization strategy based on what’s already out there, you’ll have an easier time convincing people to join you in your venture.
Back-Up your Claims with Data
As you develop your business plan, you’ll need to do some market research to convince financial and business partners of backing up your project. This means that any claim you make in the business plan has to be followed by well-founded data, either created through in-house research or taken from trustworthy sources.
These sources will add credibility to your business plan and ensure that your stakeholders understand how serious you are about developing the business. Moreover, it’ll help you convince any naysayers or anyone on the fence on whether your business idea is sustainable enough to support.
Proofread your Business Plan
Before you present your business plan to third-party stakeholders, you should make sure that it’s free of grammar errors and that it’s formatted properly. Read your business plan and see if it would make sense to someone who has never seen it before.
It’s not too late to juggle some of your sections around and improve the readability of the business plan before anyone sees it. You can also check out an online essay writing service review to find professional writing help online if you want a second opinion. Once your business plan is finalized, you can start approaching financial and business partners with it.
Develop an Elevator Pitch
As a bonus, you should take the time to develop an elevator pitch for your business plan. An elevator pitch is exactly what it sounds like – a quick presentation of your business plan without any in-depth details or data.
This can be used to intrigue stakeholders into reading the entire business plan to weigh their options on whether to support you or not. An elevator pitch can be in the form of a succinct PDF, a PowerPoint presentation, or a short video. If they’re interested in your elevator pitch, proceed to the business plan itself and show them just how well-prepared you are. (Tapentadol)
Improving Your Business Plan Writing
Whether you’re trying to launch a new IT startup or develop a successful social entrepreneurship business plan to figure out its sustainability strategy early on, these tips will help get you started. You should seek help from a financial advisor at some point however so that you can apply for any funds or startup programs in your country on time.
Securing as many resources as possible early in your business’ lifecycle is important so that you can truly develop your ideas as intended. Don’t sell yourself short and present your business plan to investors, potential partners, and even the talent you plan to hire and look for people who share your passion for the product you’re developing.
Bio: Barbara Fielder is a professional copywriter, social media expert, and email marketing guru. She is proficient in writing essays, papers, case studies, and blog articles on numerous trending industries including professional and business development. In her spare time, Barbara is journaling, draws, as well as jogs in her local park.
