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“One area in which business plans often fail is in the accuracy of assessing the weaknesses and threats of the plan,” says Boyer.“It's often what you don't know or didn't consider that can doom a plan.” For example, he points out that while having a correct understanding of the current regulatory environment is important, it’s not as important as the potential impact of pending regulations being considered for the future.“The principal purpose will dictate what section or sections are most important to your plan,” he says.
Despite this, 40% of small businesses don’t have one, and 21% of Australian small business owners say they don’t have time to write one.
Another survey of Palo Alto companies found that business owners with a completed business plan are nearly twice as likely to be successful when securing funding and growing their business.
So how much detail you should include in your business plan may depend on your reasons for writing it.
Here are some of the initial steps to take when writing your business plan.
“Writing a business plan requires you to meticulously research the market, which will help you learn more about what your customers really want, how much they’d be willing to pay, how you can attract them, and who your competitors are.” With this in mind, if you plan to raise money to start your business, whether from outside investors or friends and family, it’s important to have a well-researched and compelling business plan that inspires confidence in your ideas as well your abilities.
Write Simple Business Plan
When starting your own business you’ll probably have a number of partners, investors and employees, and each person may have his or her own idea of how the company should be run and what its goals and objectives should be.
Writing a business plan requires you to meticulously research the market, which will help you learn more about what your customers really want, how much they’d be willing to pay, how you can attract them, and who your competitors are.
In the early days of a business venture when things are still new and exciting it’s easy to become so passionate about your ideas and plans that you fail to see the potential downsides and put adequate safeguards in place.
“Without a clear and specific purpose or set of purposes, a business plan has little value.” For example, is the plan’s purpose to help you raise capital?
Or is it to develop a strategic framework to move from points A to point B?