Creating A Successful Plan For Your Business

A strong business plan is at the foundation of every successful business. Whether your business thrives, survives, or dies depends heavily on whether you have formulated a solid business plan for your company. If you are a business owner or you are thinking about starting your own business, this article will walk you through some important factors you should consider when developing a business plan, including:

• Two key aspects you must have to form a successful business plan for your company.
• Important questions about your business that help determine the current status and how to move forward.
• How long it usually takes to create a business plan, and what influences the timeline.

What Is The Role Of A Business Consultant Or Advisor, And How Can They Assist A Business Owner With Developing Their Business Plans?

A good business advisor should be a sounding board for clients, as well as an editor who knows how to produce results. As a business consultant, I make recommendations for improvement based on data and our client’s feedback.

A business consultant is like the old prospector who is mining for gold. He has to sift through the gravel to find that little nugget. In the business world, these are the nuggets of gold that lead to success.

We begin with getting to know the business model and the owner’s philosophy, asking the client about their background and what they are modeling their business on. As our client, you are an active participant in this process of understanding your story.

It is also important to have our client outline the framework of their business plan. Based on how you see your growth happening in the next three to five years, we create a path together toward your goals.

What Are Some Realistic And Achievable Goals For An Initial Business Plan?

One of the most important aspects of a business plan is to explain how your product or service is filling a void in the marketplace. This is especially relevant for the shopping and buying patterns that consumers have post-COVID.

For instance, the market for food delivery apps has exploded, and there are many food service businesses that are attempting to figure this out now. The food service apps used to provide approximately 20-30% of revenue for food services businesses, but it has increased to 60-75% in 2023.

Many new businesses operating as ghost kitchens are able to compete with restaurants that are paying brick-and-mortar rent because of these apps. If you have a product or service that fills a void and can deliver something like this in the marketplace, you are already ahead of the game.

One of my clients has been working on an app to ensure customer loyalty, which is another popular type of app. In this economy, everyone wants a deal; everyone wants to get the most for their money.

As a business owner, you must be aware of who your target consumer is. This is another crucial part of a smart business plan: you must understand who your customer is. Understanding specifics about your customers, such as their income and what type of person they are, helps with generating a plan to focus on this customer and their needs.

Ultimately, you have to convey how your product or service is viable and profitable. This makes you a candidate for loans or investors who are reviewing your plan and can provide the capital needed to start your business.

It is essential to look at how to get your business from point A to point B and to create a three- to five-year plan. To put you on the path to success, we need to establish your goals and have everything lined up in a very data-centric manner. A good consultant will be able to work with their clients to achieve a business plan with a focus on these aspects.

How Do You Assess A Business’s Current Situation And Future Potential During The Planning Process?

The best way to determine where a business stands currently and how it should move forward is to ask questions. Some of the questions I ask my clients include:

• Are you already making money? Do you have any experience selling your product or service?
• If you are an adviser or a trainer, what experience do you have in turning this product or service into revenue?
• How far along are you to start up? Have you researched what the start-up cost would be for you?
• Have you crafted the skeleton work for a basic business plan? Have you formed a corporate entity or looked into what you would potentially be charging for these services?
• Would you require a brick-and-mortar? Is this an operation you can do from your home?
• If you have started, what progress have you seen?
• Have you received any testimonials?
• Do you have a social media presence or a Google page?

In order to gauge a business’s current situation, it’s important to gather diagnostic information to understand what has already been accomplished. From there, a business consultant can provide suggestions or create a plan forward.

For instance, a new business could provide some products or services for free, or in exchange for a review. Creating social media pages is an easy way to market and spread the word about your business. In addition, it can be helpful to gain experience with selling your product or service, even if it is just to friends or family, or at a farmer’s market or church social.

How Long Does It Typically Take To Develop A Business Plan?

The timeline for creating a business plan depends on how active the entrepreneur is in the planning process. With involvement and cooperation from the prospective business owner, we can get a solid plan together within a couple of weeks.

As your business advisor, I am here to help, but there is definitely homework for the client who is involved in the process. This helps provide an understanding of what your business is and what you want it to be. Giving the consultant enough information to be able to get to know the owner's goals from the beginning is a crucial step in formulating a business plan.

Can You Help With Creating A Business Plan That Secures Financing Or Investment For My Business?

A big part of planning involves putting together projections. This is a portfolio that will show a loan officer or investor that you have a viable business plan that will give them a significant bottom-line number or return on investment (ROI). This will help carry out the functions of your business upon receiving loan funds.

Even if a client is well-capitalized and can fund their business for three- to six months, I still put together a plan that could be submitted at a later time. Having these analytics available to measure up against your performance provides you with the ability to evaluate your progress.

By building these projections, you can hold yourself accountable and review your results. It becomes a reference point for a business owner to check themselves and to make sure that they are following their own plan. For more information on the Importance Of Developing A Business Plan, an initial consultation is your next best step.