Business plans are a must-have to begin the process of starting a business. A lot of entrepreneur and businessmen find writing a business plan boring and a mighty task which they are more prone to ignore. Majority of small businesses and startups even skip it! Usually small businesses write business plans when someone requires it, for example, when a loan is needed, capital is raised from investors or sometimes business plans are required for immigration programs.
When you download a template and start filling it, it looks such a mighty and boring task that you want to get over it. Sometimes, a bigger picture is lost in overly complex and detailed plan! There are few considerations one shouldn't ignore to make the business plan relevant and applicable. A few hacks will simplify it and also increase the clarity in executing the plan.
Let's look at them in detail:
easy to understand
1. Keep it very simple and easy to understand - You need to make sure that you have focus on the important and mundane details. It is important to be present and also mindful. You never know what from your daily routine may inspire you to become innovative. Many big entrepreneurs share that their first and initial inspiration to start off big was all in their daily routine when they were probably shining their shoes or taking a shower. A start up needs to be innovative, new, attractive, creative and appealing to the general audience or the target audience as you see best.
2. Hear out the consumers – It is important to understand the views and opinions of the consumers. When you hear them, you understand their actual needs and can customize your business plan in that orientation setting it as a goal. Many dominant players who hold about 60 to 70 percent of the market in a particular product have in the past failed to attend to this and lost the market value as the competitors rose up using this business hack idea.
3. Try out the popular toothbrush test – Will what you offer to the consumers improve their living in any way? When a young man visited his dentist he threw his rants about his bad habits which gave the push to start off a subscription based selling of products which are of dental care specific and the company boosted its sales and became one of high demand.
4. Fire bullets and not cannons – Start off small by investing like fire bullets and not cannons in the start. Study the investment relevance and the directions of profitability. A sign of success may give you the courage to invest later on gradually like the cannon style (big investment).
5. Expect critic and feedback – We always want people to encourage us and say positive things about our business ideas and plans. Instead ask for honest critic and feedback from others particularly associates. Let them tell you what they see wrong or what they disagree with. More minds together enrich the quality of the plan as the more the feedbacks, the more the rectification of possible errors in the business plan.
6. Plan and sketch each step – A gradual process is very necessary to execute the plan that you have in mind. It is important that you sketch and draw your plan out step wise so that you can see the loopholes that you may have missed when you go through every step regularly. This should help you to master every step and move upwards without any anxiety or doubt.
These simple ideas will help you to expand your horizon when considering making a business plan and also give you the confidence to work on them with a clarity of mind and assured success along the way.
Business plan writing should be more of fun and realistic exercise. Do not hesitate to call in help of some professional business plan writers who can lend a professional help. Whether you are writing business plan to get the financing or you have to submit the business plan to immigration, or simply a roadmap for your own success; it should be as simple as possible but relevant and actionable.
If you are looking for help on business plan writing for your business in Canada, you can seek professional help from professional business plan writers in Toronto. If you are looking for a business plan for immigration to Canada you should always seek a professional help. We write business plans for immigration to Canada, bank loan applications or for investors.
