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The 2023 Guide to Writing a Business Plan
You don’t have to spend weeks or months writing a business plan. Entrepreneurs don’t have that kind of time. It’s just a little preparation and a methodology that will guide you through the pro/writing a business plan. cess.
In this article, we’re going to do just that. Business plans aren’t just about what’s in them, but how to put them together so you can finish them quickly.
In a day, can you write a business plan?
Yes, you can write a business plan in one day. The always fun and energizing Startup Weekend events have seen people not only pull plans together but kickstart businesses in a weekend. You can certainly write a business plan in a day if you have a solid understanding of the business you want to start or the one you already run.
Let’s start with some tips to keep in mind before we talk about the methodology:
Know why you’re writing a plan and who it’s for
Business plans can come in many shapes and sizes. Who your audience is and what the purpose of the plan is will determine what sections you need to include and what you can skip.
For example, if you’re writing an internal business plan to figure out how you’re going to expand, you can skip all the sections about company history and team members. However, if you’re writing a plan for investors, they are going to want to know about the team behind the business.
Extra points aren’t given for length
There’s a general rule of thumb about business plans: shorter is better. You want to write the bare minimum. This isn’t a paper for school that has a minimum word count. You should communicate your ideas as simply and directly as possible in a business plan.
Feel free to ask questions
Most business owners and entrepreneurs don’t have a business or accounting degree. The same way you do, they have a good idea and the tenacity to make it happen. You don’t need any special knowledge or an advanced degree to write a business plan. All you need is a little business knowledge.
Make a business plan in one day
Here are six tips for writing your business plan in one day.
1. Do some market research before you start writing
The market analysis section is probably the most important part of your business plan.
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Here’s where you explain who your customers are and why they need and want your stuff.
The reason this section is so important is because a business can’t exist without customers. It’s important to understand your customers to run a successful business.
Writing this section of your business plan will be easy if you know your customers. The ideal customer should be yours, their interests, needs, and demographics (age, gender, economic position, job position). Check out your customers’ psychographics, which is a description of their attitudes and aspirations.
If you haven’t thought much about your customers yet, doing this work before writing your business plan will speed things up. In addition, you need to know your customers and their needs to run a successful business. “Product-market fit” means your product or service meets your customers’ needs.
By doing this, you’re making sure your customers stick around, because repeat business is the key to business success.
2. Write your business plan in sections
You have to lay a solid foundation before you build a business plan. Start your day by creating an outline for your business plan so you have a good starting point and understand all the building blocks you’ll need.
There are a few sections in a business plan:
- An executive summary
- Descriptions of our products and services
- Analyze the market
- Sales & Marketing Plan
- Management & Organization
- Plans for the future
There are sub-sections within each section you can customize.
You’ll want to describe your supply chain in your Product Description chapter if you sell widgets that you buy from suppliers. You’ll need to describe your distribution plans in your Sales Plan chapter if you sell widgets in retail stores. If you’re starting a restaurant, supply chain and distribution aren’t crucial, and you’ll have other sections dedicated to location and marketing.
Download a business plan template and see an outline of a complete business plan.
3. Check out some examples of business plans
Next, review some example business plans to get a better idea of what your plan should look like. You’ll get an idea of what people use in business plans this way.
You don’t want to copy an example business plan. It’s never a good idea because every business is different. You can help your planning by knowing what a finished business plan looks like.
4. Do what you know
Let’s start writing your business plan now that you’ve done all your prep. Starting at the beginning and working systematically from there isn’t the key.
Instead, start with the sections you know best. The best place to start is by describing your product or service. That’s probably the section you know the most about. After that, move on to the next section you feel comfortable with.
With this method, you’ll get the writing process started and the simple stuff out of the way. You won’t get discouraged by a more difficult section if you don’t get stuck early.
Let’s leave the executive summary for last. You’ll want to finish everything else before you write the executive summary, since it’s a summary of your entire plan.
5. Write very simple financials
It can be intimidating to do financial forecasting, but you don’t have to. Don’t be afraid to start simple and add details as you go.
A sales forecast is a good place to start
Your sales forecast is the best place to start. Based on what you know and what you hope for, make your best guess about your future sales. It’s best to think about sales forecasts from the bottom up. Estimate how many prospective customers you’ll reach in a month, and what percentage will buy from you. Check out this guide to learn more about sales forecasting.
Make a budget
Moving on to your expenses, let’s take a look at them. Again, if you are not familiar with the exact numbers, that is fine. Make your best guesses regarding expenses such as rent, insurance, payroll, marketing, etc. As you gain a deeper understanding of your business and obtain more detailed information, you can refine your forecast further. More information can be found in our guide to income statements.
Be aware of your cash flow
Following that, you should prepare a cash flow forecast to ensure that you will always have enough cash on hand to run your business. By using business planning software, you can save time on this process. The use of forecasting software can save you hours of time if you intend to complete your planning in one day. In addition, you will no longer have to worry about spreadsheets or custom formulas.
6. Get someone to review it
You can speed up the planning process by working with a business partner. Divide and conquer will help you get through the planning process and get a plan written in a day.
You can also ask a friend or family member to read your work as you go if you don’t have a partner. Getting someone to review your plan not only gives you valuable feedback, but it reinforces your commitment to writing. You’ll have a hard time procrastinating or delaying plan writing once you’ve got someone else working with you. Going to the gym with a friend is always easier, and planning is always easier with a partner.
You’ll also catch errors and inconsistencies if you have someone look over your plan. If you’re writing your plan out of order, as advised, it’s easy to make mistakes as you go back and forth. Having someone read your plan as you write it will help you make sure that it’s cohesive when it’s done.
It only takes an hour to write a business plan
You don’t have to commit to a whole day of plan writing, just start with a Lean Plan. It’s a great way to explore business ideas and refine your business strategy in just 30 minutes.
Most businesses should start with a Lean Plan and then expand to a full business plan as they refine their ideas.
Download the template here to learn more about creating a 30-minute, lean business plan.
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