If you manage a business, you need a business plan. So, it’s a common question, how to write a business plan? Having one is critical for the success of your organization as it can give you direction on how to attract customers or investors. The good news is that writing a business plan can be done quickly and easily once you know how to do it effectively.
Having a detailed plan will give you a clear road map for the future and can give you a better understanding of your business’s financial situation and competition.
What Is A Business Plan?
A business plan is a written document that describes in detail how the business is going to achieve its goals. It represents the business, its products or services, including, organization, financial, marketing, and operational aspects. It is important both for the external audience as well as the internal audience of the company. For instance, a business plan is used to attract investment before a company has established a proven track record or, to secure lending. They are also used by a companies’ executive teams to be on the same page about strategic action items and to keep themselves on target towards the set goals.
Professional Business Plan
Although business plans are especially useful for new businesses, every company should have a strategic business plan. The plan is usually reviewed, evaluated, and updated periodically to see if goals have been met or have changed and evolved. An already existing business that wants to move in a new direction or wants to expand may need new business plans. Other than the commonly known objective of writing a business plan, that is acquiring funds, other reasons include:
To Clarify Your Ideas
Writing out your plan is perfect for clarifying your ideas as it can help you comprehend the outlook of your business. You will have a clear understanding of how much time, money, and resources you will need to achieve your goals. It will also enable you to be on track as it keeps reminding you of your initial goal.
To Communicate Your Vision and Values
A business plan provides a good platform to communicate your vision to your employees and customers so that you are on the same page. By writing down your vision, you are building confidence and loyalty. Besides, it is easy to contact other companies to collaborate as you will have a clear picture of who your partners should be. Additionally, your employees will be well aware of the principles guiding your operations making you unique in the market.
To determine the Profitability of your Business Idea
This is especially for a start-up business. A business plan will enable you to come up with reasonable financial planning and projections including an estimate of start-up costs, a break-even analysis, a profit-and-loss forecast, and a cash flow projection, which will help you decide if your business is worth starting, or if you need to rethink some of your key assumptions.
To Learn More About Customers and Competitors
Writing a business plan requires you to do thorough market research of who your target market is, your competitors, and the value proposition that is going to give you a competitive edge. This research gives you an in-depth understanding of your market and how best to successfully operate.
If you need help writing down your business plan, it is a good idea to speak with a consultant to help you design a quick but comprehensive, intuitive, and smart plan.
Features of the Best Business Plan Writers
If you decide you need some professional help to write down your plan, here are some things you need to look for before hiring one.
- Look for a professional consultant that has a credible website and proof of work done in the past.
- Make sure to find people that do this for a living, not as a hobby.
- Have satisfied clients. Do they have testimonials and references?
- Do they take the time to understand your business to write down a fully customized plan?
Here in Vaisus, we built your plan to be in line with your specific business vision and goals. Ninety-five percent of our clients have had positive results with our business plans.
Vaisus Business plan writing services
We specialize in various types of business plan writing including start-ups, franchises, expansions, new ventures, continuity plans, immigration plans, and many others across various industries i.e. construction, retail, food, beverage, etc. We are the best business plan writers in Edmonton.
Startup Business Plan
A startup business plan is mostly used for getting startup financing, but it will make sure you are ready to start by making an action plan to achieve each of your goals. We are a specialized small business consultant in Edmonton and we can perfectly assist you with how to start a small business in Alberta and beyond.
Franchises Business Plan
Are you interested in knowing how to be a successful franchisee? To get the money you need to open a franchise, you will need a strong business plan. Besides helping you secure funding, a business plan will force you to take a good look at the investment you are about to make and if it is worth the shot.
Business Expansion Plan
An entrepreneur who has successfully achieved the set goals of their business may want to expand their operations in various ways. They may want to open more physical store locations to increase their coverage, introduce new products or services they will be offering, or open a physical store when initially they were operating fully online or from a home-based office. A well-crafted and comprehensive expansion plan will help your company move up and similarly auspiciously achieve the expansion goals.
New Venture Planning
A new venture business plan should give prospective investors all the information they need to decide whether they should further consider investing in your business. This implies it should be as convincing as possible, very clear, and precise to articulate your ideas in an understandable way to buy their trust.
Continuity Business Plan
A continuity business plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster or a pandemic. Currently, world events and nature are so unpredictable necessitating the need for a continuity business plan for any business. For instance, the outbreak of covid-19 led to so many disruptions and shifts in how people conduct their businesses. Only agile and resilient businesses survived through.
Immigration Business Plan
Many businesses are going global and increasing their coverage by opening subsidiaries in foreign countries. To successfully convince a government of the economic benefits of your business in their country, an immigration business plan is part of the required documents. Any business looking to expand their operations to foreign countries can consult with us.
In Conclusion
To convince lenders that your business is worthy, you need to create a business plan. Never meet with a lender or investor without a clear, straightforward plan as you will need to back up your claims. At Vaisus, we create great plans that outline realistic goals, to help you navigate your business for the next three to five years. We make sure that everyone is on the same page. Contact us TODAY!
