November 17, 2020

Why Your Business Plan is a Must

‘Do I need a Business Plan?’ ‘I have a Business Plan… in my head’.

These are both common reactions when faced with the idea of a Business Plan. There are a huge number of benefits to writing a business plan for your Business. Whether you’re working on an Exit Strategy, just starting out or are ready to reach the next level, the process helps you to set concrete objectives, focus and develop your ideas, identify your priorities and plan how you will move forward.

So why is a Business Plan a must? and How can you create one?

Benefits of a Business Plan:

It helps you to plan your sales, marketing and business operations
Allows you to identify problems and how to overcome them, saving you precious time
Sets out your objectives and the ROI you expect
As above, it enables you to work out your financing
A solid business plan can convince other people to back your business

How to Write Your Business Plan:

Begin by writing your Business Plan as if it were aimed at an outsider, this ensures the plan is professional, to the point and properly formatted. Upon completion, ask friends and expert advisers for their feedback. Was any of it unconvincing or unclear? You should include the following:

Explain the history of your business
Describe your products / services; what is your USP? What solutions do you provide to your target customers?
Explain any key features of the industry
Describe the nature and distribution of existing customers
Competitor Analysis; what are the competing products or services? Who supplies them?
Your marketing and sales strategy; your market position and pricing. How will you promote
Management and employee structure
Your financial forecast
SWOT analysis of your Business

Identifying what makes you stand out from your competition, understanding your strengths and areas of opportunity and putting clear steps in place to achieve your goals are the ultimate aims of any Business Plan. To put your thoughts onto paper, or for 1:1 expert support with your Business Plan, please give us:

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ActionCOACH VIET NAM