In creating a business plan, care must be taken. A sloppy, incomplete, and/or unrealistic plan may lead to a quick failure. Or cause a company to not reach its goals. Thus, a simple planning process may be helpful. And that is especially true for new or small firms.
See these past posts on planning:
- 2018 Marketing Budget Strategies
- Can You Afford to Become an Entrepreneur?
- Making YOUR Brand Stand Out
- Consistency Makes Good Customer Experiences Better
Creating a Business Plan
In this section, we present planning tips from Stacey McIntosh of Sage Advice:
As we know, “the phrase ‘proper planning prevents poor performance’ applies to businesses of all sizes. Whether an entrepreneur starting a new business from scratch or a blue chip multinational corporation. It’s critical to design and use a well-documented plan in place. And it should outline strategies, tactics, and resulting actions to enable you to hit a set of defined goals.”
“Thus, a business plan lays the foundations for success. And that helps secure funding. In addition, it should be a living document that evolves with the business and environmental factors. However, one of the most prevalent reasons for firms to not devise a fully documented business plan is the time involved. As well as the volume of information required. As a result, the Business Model Canvas benefit your firm.”
“Put simply, the Business Model Canvas is a one-page business plan. Initially developed by Swiss business theorist, author and consultant Alexander Osterwalder, many firms across the globe use this tool for strategic planning. Essentially, it uses a template to help your business simplify its planning in a highly visual way. This business plan builds from your value proposition. Outlines the activities needed to align to achieve your objectives. And illustrates potential trade-offs to meet goals.”