LV Magazine Kids December 2019 Danielle Harris - Page 9

How did the trend of National Write A Business Plan Month start?

Write a business plan month got started to assist the businesses whether large or small to maintain persistent and projected development over time. No matter what are the overall objectives of a company, it is definitely going to require a business plan to move forward. A lot of businesses were advancing annually, with no distinctly established business plan, and only some of them realized how much that is influencing their business.

Therefore, a business plan makes sure you as a company know, how to progress, and helps you own a reference point if damage happens, or monitor you when the right time comes to make crucial decisions

The business plan helps in clarifying significant decisions, and therefore, December is the month of crucial planning and decision-making. Hence, embrace and observe the National Write A Business Plan Month in these three ways.

Come up with a business plan

A business plan is used to get funds or make future plans and strategies in order to run the business smoothly and efficiently. To draft a plan, you must have a reason for it, for instance, why do you want to start your own business or how do you plan to enter into the market. When you get the reason, you will be able to process the creation of the document. Things included in the business plan that needs to be analyzed are:

● Mission and vision statements to make clear and thorough goals and objectives and ensuring to align the business with the goals.

● The company and its offering’s description.

● The description of your offering’s distinction (answering how your product or service is unique than other businesses already available in the market.

● The complete analysis of the market you want to enter in, which includes your potential competitors and your market share.

● Description of the teams needed to run the business operations (including all human resources you will require).

● Marketing strategy of your offering (suggesting how will you promote your offering in the market and to your audience).

● SWOT analysis of the industry you want to enter in (SWOT stands for Strengths, Weaknesses, Opportunities, and Threats).

● Cash flow statement to estimate cost, profit, and growth in the next months.

● Revenue projections.

● Executive summary (to conclude your business plan).

To follow this way, you need to take care of some things.