“Wanted to start your own business? The first thing which is most important for the success of the business is writing a business plan. As per the statistics, 90% of the business failed during first 5 years of operation, with an excellent idea for execution. There are many reasons such as customer unsatisfactory, lack of service, poor logistic, cost management & inadequate products. But among all lack of a proper business plan is crucial factor which handles failure of the business. We have defined 8 important steps to write a proper business plan so that business gets to flourish.“
Step-1: Clarify your vision:
What is your vision of starting your business? Where you want your business to segment? What is my ultimate purpose of starting the business? Is it to earn money or will it have some social cause? What I am going to achieve if I decide to push my energy for pursuing & achieving business goals. The purpose of the business should be state & focus you.
Step- 2: Set objective:
You should have a clear cut goal for your business entity. Where you want your business to be in the next 5 years? Define the short term, midterm & long term goals of your business. Meticulous planning for the period of 1 year can be term as a short term goal. Planning between 1 to 5 years can categorize as a midterm goal. whereas planning which can have an impact on business goals for more than 5 years can be term as long term goal.
Step 3: Define your unique selling proposition:
How you can differentiate yourself compared to other product offerings, features, benefits. The offering of services determines your unique selling propositions. Unique selling propositions make the selling process easy. So that we can gain significant market share in a shorter duration of time with fewer efforts.
Step 4: Know your market:
Identification of your market strength & determining its current trends helps in better planning. Knowing the competitor’s strength & weaknesses will benchmark your performance against the competitor. Hence one should have a thorough analysis of the market & its competition.
Step 5: Know customer:
It is always be that customer is the king. Customers are the revenue generator. They are the backbone of any business without whom business will not exist at all. Proper analysis of targeting the product as per need of customer will generate more revenue to the business. Hence know your customer before starting any business.
Step 6: Research the demand for your business:
Analyzing the market is very crucial. Through this, we can identify the current need for products & services. This will give you a reminder about how much production to do. To ensures proper planning to avoid wastage of resources.
Step 7: Define your marketing strategy:
How you are going to operate your business plan is determined by your marketing strategy. Marketing strategy gives direction to the business flow & set certain standards of performance. It expects the business to grow by adhering to the business ethics & processes.
Step 8: Take Action:
Once all the parameter which are essential for the business to perform is set then take action. Go all out & put in place your business plan with determination for success.
“We are sure, above all parameters are essential for writing effective business plan &sustainable business performance. By step by step implementing the given points will surely ensure success.”