How to make a successful business plan

How to make a successful business plan

Starting a new business can be both an exciting and daunting experience, especially if you don’t have a detailed business plan to help guide you in those initial stages and steer you in the direction. 
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If you’re a brand new business owner and just starting out on your new business adventure, or you’ve been running your business for years and need to revisit what’s working and what’s not, at Truesight Advisors we can help you find the proper structure for your business and support you in creating a thorough business plan that sets you up for success.

While the process of creating a business plan can initially seem overwhelming, you'll realise that it's much more achievable when you break it down into smaller steps and focus on these individually. There are vital areas that are important in any successful business plan, and when you prioritise these essentials, you can customise a plan that will allow your business to flourish and grow from strength to strength.

So, what are the fundamental elements to developing a successful business plan? 

Check out our tips below.

Tips for a successful business plan

1. Determine your purpose

Understanding the purpose of your business is a great place to start when writing a business plan. Thinking about what your business is and what it isn’t will allow you to be clear and stay focused when making decisions for your business moving forward, and also help you when communicating to others about your ideas for your business. Deciding on the best structure for your business is also critical as starting off on the right foot is key for future business success. At Truesight, we offer detailed structure advice to ensure you’re set up right from the beginning.

Other areas to consider include:-

• Industry of the business.
• Services/products the business provides.
• The ‘why’ or of your business.
• Your business mission and values.

2. Discover what makes you different

Taking the time to consider what sets you apart from others in your industry is important and should always be a focus when running your business. When making notes on this in your business plan, be sure to highlight the unique features of your product or service and the reasons why your potential customers would choose your business over another. Knowing this can assist you with your business marketing in the future and the core messaging or key points you should focus on.

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3. Write your business strategy

Now that you have a clear idea of the purpose of your business and its distinctive qualities, it’s time to come up with a strategy or action plan on how to make your vision a reality. Whilst you might have big-picture goals for your business, it's vital when coming up with the business strategy that you break it down into much smaller goals. Keeping it simple and focusing on your desired outcomes rather than sticking to a rigid plan is important—this way you can be flexible in your approach when change occurs and adjust your strategy when needed. Let us help you devise a clear and concise plan that’s tailored to you!‍

4. Do some market research

Knowing the market in which your business is operating is crucial when it comes to making a business plan. In your business plan, you need to include details about your target market and target customer, what their needs and wants are and any stats or background data that you discover throughout your research. Understanding who your customer is and what influences them is key, and an effective process is to create various customer profiles around who your customers are and their individual stories. This will assist you in making successful choices for your business moving forward, and also help any future employees you may have in connecting with your consumer.

‍5. Prepare your finances

Factoring in your business’s financial budget and needs is an important step in any successful business plan. In this section, you’ll want to outline details surrounding start-up costs, regular business expenses (weekly/monthly) and your short and long-term financial goals. Having this information is also necessary if you’re looking for financial support through lenders or investors, no matter what stage you’re at in the operation of your business. Understanding what financial position you’re currently in and what trajectory your business is on, can help you obtain additional funding when or if it’s needed, to help out with unexpected costs or future plans. It’s important in this section to remain factual about financial forecasts and expectations of profits, rather than be unrealistic and focused on your hopes instead. 

When to write a business plan?

Once you have a business idea, it’s never too early to start writing a plan for your new business. For those that already have a business that’s up and running, revisiting or deciding to write an updated business plan is a successfully proven method to help track your progress, ensure you’re still on the best structure for you and your business and can allow you to identify any challenges or potential areas for improvement.

A business plan can be a great brainstorming tool and a way to get clear on your business objectives and goals. At Truesight Advisors, we believe every successful business starts with a detailed business plan and strategy—implementing the right systems and structure will determine your success from the get-go.

Whether you’re a start-up or an existing business looking for some professional guidance, we’re here to help and will happily support you with all your back-end responsibilities to set you up for success, through our business plans and strategy services.

Reach out to one of our advisors today—we would love to be a part of your business’s success story.