Starting up a business maybe exciting but it isn’t a piece of cake! You are bound to come across obstacles and problems, and that’s why a drawing up a business plan for your startup is useful, but missing even a few important points could turn it into a confusing puzzle.
Drawing up a Business Plan for your Startup
Big and small businesses need business plans to attract potential investors and keep their team updated. Don’t even think about venturing into the market without a business plan, if you can’t make one then ask a consultant to do so. Stay active and on top of the market game and under no circumstances let yourself slack off.
If you forget to include these key points, then you risk losing investors and turn your business plan into a puzzle with missing pieces. Nobody likes putting together an incomplete puzzle.
Let’s talk about the few things you miss when drawing up a business plan for your startup!
1. “What If” situations
Prepare for the worst and expect for the best. I think it’s obligatory that you draw up some hypothetical “what if” scenarios in the business plan. They should include anticipated problems and possible solutions; this approach will come handy especially when your company hits big money in profits. Here are some standard scenarios:
- “What if” one of the co-founder wants to leave? Is he allowed to sell his part of the business to anyone or current partners will be a priority.
- “What if” one of the partners dies?
- “What if” business needs another round of funding?
You could allow your devilish mind to conjure up hundreds of unfortunate situations. The more solutions you have, the higher the chance of survival for your business. This will make your business tougher and teach your team to be thick skinned.
2. Mind your Language
It’s funny how people forget the vital role language plays in our lives. I’ve seen too many people look past this and sadly they suffered its consequences. You might not think that it plays a huge role in the beginning of your startup, but trust me somewhere down this road you’ll thank me! Once your business starts flowing and you monitor results of capital investment in marketing, you will see why this actually matters.
Write whatever you speak. This means that use the language you use on a daily basis (in your business execution and interactions) on paper and in documents too.
For instance, let’s assume you handle digital marketing and PR separately. If your business plan is titled as “Marketing Plans”, this could be problematic especially when you try to gauge which channel is giving you more returns and which one needs better marketing budget.
So make life easier for yourself and be particular about wording and language. Make things simple and write in the same manner of speaking. Avoid using jargons or terminology that is out of your speaking routine.
Goals other than profits
Another missing piece to this business puzzle is additional goals to the ‘plan’. I’ve seen too many business plans ignore the inclusion of goals. Of course investors love to see sales growth patterns and revenues, but there’s more than just numbers and profitability.
3. What are some of these goals?
- Why are you in the market?
- How your product will change the way people think?
- How your product is making your customers life easier?
These goals will help your team stay focused and diligent. It will serve as a constant reminder to strive for betterment and this vision ensures quality control and talent within the market.
If you add three of these missing pieces to the puzzle, your business plan is complete. Now you’re ready to entertain investment and experience noticeable success in your business.
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