Any entrepreneur that desires to have a successful business must come to a point where he resolves to have a business plan. A plan is defined as a conceived, intentional and detailed strategy on “why,” “how,” “what,” “who,” “where” and “when” to achieve a course either written or at heart. According to Wikipedia, “a business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved. It also describes the nature of the business, background information on the organization, the organization’s financial projections, and the strategies it intends to implement to achieve the stated targets. In its entirety, this document serves as a road map that provides direction to the business.”
The above definition brings clarity to the business plan and a glance at what it should contain. It’s quite true, every entrepreneur has a business plan prior to the existence of the business and it’s also obvious that not all businesses become a success. Aside from cash flow being a reason why some businesses fail, a “poor business plan” is one pitfall to a business regardless of the doses of effort you administer to attain success in it. This is because the actions taken are influenced by the written “business plan.” Also, a poor business plan is a pitfall because it will fail at attracting investors as well as obtaining loans from banks and other financial agencies.
Before knowing these four tricks here are reasons why you need to have a industry plan that stands out as an entrepreneur.
It shows you how capable you are to lead and attain success. Brian Tracy in his book, “Eat That Frog” stated, “your ability to make good plans before you act is a measure of your overall competence.”
It helps you prepay future possible challenges and profer the best solutions. The statement, “proper planning prevents poor performance” by Brian Tracy, is a testimony of what having a good industry plan can do. It prevents poor performance that can spring up due to challenges.
It attracts investors and funding. A good industry plan encourages investors and financial agencies to invest and grant you a loan because your industry plan shows, your business is worth investing in.
It also helps you channel your efforts to the right place. A good investment plan will prevent you from trying everything; both necessary and unnecessary to help attain success. It will help you focus on what’s necessary and profit to your business. It will help you focus on knowing and understanding your market and customers.
Having known the above benefits of having a good investment plan, here are the four effortless tricks that will help you enjoy the benefits of a good investment plan.
- Answer The “Why” Questions.
Before sitting and writing your investment plan, it’s important to answer some necessary questions that will assist you in writing a investment plan that stands out. Questions like:
“Why am I starting this business?”
“Why should anyone purchase my products or seek my services?”
“Why should anyone invest in my business?” questions like these and more will reinforce you to write a investment plan that will not only attract customers but investors as well. Hence, beget success.
- Answer The “How” Questions.
Questions like:
“How will I get the capital?
“How will I convince people to patronize my products or services?”
“How will my business convince investors to invest in it? “How will I work with my employees to attain maximum productivity?”
“How much do I need to start the business with?” The question as these and others will assist you in developing a investment plan that even in your absence, investors and customers will seek for you because your investment plan shows your credibility.
- Answer The “Where” and “Who” Questions.
Questions like:
“Where is the best marketplace for my business?”
“Who are my target customers?”
“Who can I employ?”
“Where can I get investors? Answering these questions and questions like, will give you an idea of creating a startup plan that will influence the involvement and patronage of the right people. It doesn’t just stop at that. It will also set standards for your business and influence its maximum success.
