A business plan is a comprehensive roadmap for the development and growth of your business, indicating who you are, what you plan to do, how you want to do it, and what the essential elements are for that.
You may have a strong business concept, but that is not yet a business plan.
A plan must make it clear that you have the right (solid) team, your product or concept has a good product-market combination, and, above all, that the concept is scalable.
In other words, your company will be able to realise a higher sales volume without a proportionate growth in staff or fixed costs (unless the latter are adequately covered without putting pressure on margins).
When writing your business plan, try to include the KPIs (key performance indicators) that you feel the reader(s) of the plan consider(s) important. A plan written to serve internally as a guideline for management and your employees will emphasise other matters than a plan addressed to your company’s investors.
Finally, know that, as time passes, it is OK to evaluate your business plan and adjust it where necessary. Elements that are relevant today may no longer be relevant in 6 months’ time. Thus, be sufficiently flexible in the implementation of the plan – but remember: ‘No plan at all is a plan to fail’.
Here are the 9 steps to arrive at a well-thought-out business plan: