Ideas and execution go hand in hand. There is no greater importance placed on either aspect of starting and running a successful business. Without one another, a business cannot wish to exist and succeed. Ideas and plans exist together. Once you’ve established a grand idea, it’s time to put that into a master plan and get to work.
Business Plan First Steps
The idea has been implanted and it’s time to put that dream and idea into action. One of the first things you need to do is establish a plan. A plan provides direction and a kind of central document to keep track of things. It is a fact you’ll need it to secure financing of any kind.
While starting, make sure to do your research. There should be a set of guidelines your business needs to stick to. There is the question of what kind of structure is it going to be and what type of finances you need to secure. There are a myriad of advertising and marketing strategies that may need to be put into place as well. Having the right information ready will speed up the process and growth of a company.
Determine what the plan is going to mainly focus on. There could be varying types of plans if on one hand you’re going to push it out to third parties or for internal use. Figuring out who will be looking at this and what criteria they need will be important towards creating certain aspects of the plan.
Structuring the Plan
Once you know what criteria are important for your business and others, it’s time to put that plan into action. It’s almost like the plan before the plan. Decide what sections are important for the business in early stages and what will be important later. It is important to keep in mind that the entire plan doesn’t need to be completed right away. A good plan takes time.
If this all feels like a lot to you, there are resources that assist in this type of planning. The GNS Group is one such company that assists in planning, accounting and other fundamental parts of a company. Having that extra set of hands is a crucial step during the early stages of a business.
Crunching the Numbers
Existing businesses in your sector can be a great point to look at some actual figures that are going to cost you or make you money. These expected figures and examples could be used in any part of the plan to outline a certain amount of finance or expense goals. When figuring out the whole greater picture, make sure to save that until the end. The summary should be after everything has already been completed and numbers been figured out. Any banks, investors or others involved with the company are going to want a clear overview of the entirety, so don’t get carried away with a long-winded summary.
Always make sure to review everything and anything in the business plan. Proofread what needs to be in there and what you could do without. A business plan acts as a directive, a selling tool for some, and central document for the company.
Overview of the Plan
After knowing how to structure it and what to include, the outline is the next important step. A title page is important listing general information you could tell anyone about the business. Following that is the business summary, which we talked about leaving for last.
Included should be an idea about your business operations, including management, registrations, location and what you actually offer in terms of products or services. Following this section you should take a deep dive into what your market is about and an analysis about the industry, targeting key metrics and other standout points.
A business plan is unique as it is subject to change as actions progress, but really is a mark for future progress. Financial issues are of course going to be on everyone’s mind. No matter the goal or function, the objective is to make money and be financially sound. The business should be able to display this in its validity for seeking funding and future growth.
When the plan is essentially finished make sure everything is baked up with proper documentation and can be distributed to the necessary parties. It’s an exciting reality of creating a business and the plan is what solidifies it.
About the author
Dylan Rees moved to Australia as a teenager and has no desire to leave, making this his home with a business and family. He writes business articles which appear on a range of small-medium business blogs.