Successful businesses are rarely accidental and those that are frequently are short lived (although I will exclude Facebook from that list). Writing a marketing plan is a key aspect of a successful business.
What is a business plan?
In brief a business plan is your building blocks for a successful business. It allows you to be focused, directed and professional in your approach to starting a business. More importantly it will cover concepts that will lead to business success. At worse it will assist with early identifications of faults, allowing for implementation of changes to allow the business to continue.
Where do I start?
So you have come up with a rip-roaring idea for a business and have a meeting with the bank manager and accountant to explain your idea. Presenting a well thought out, balanced and cohesive plan will provide you significant leverage. In fact, banks will rarely lend off a verbal concept or idea and require projections and forecasts. When I was first told I needed projections and forecasts I thought weather!
How do you write a business plan?
There are various templates available free of charge. The first I used which is still a great template was from the Victoria Small Business Association and is available online (see the link below).
Take plenty of time – usually 30-45 hours over 4-8 weeks. You will be best served by understanding and planning. You will need to conduct market research which will take weeks to months to complete.
Alternatives to traditional business plans?
Apart from the traditional plan of structure, mission, vision, market, competition, strategy and goals in minute detail there are alternatives. Mapping a business pathway, mind mapping and focus market analysis with marketing strategies might be more your style. These plans have flexibility and allow for variables that can’t be addressed easily in a tradition business plan structure. The link below directs you to software that can guide your “alternative model”
Business for Doctors Conference 2017
We will be running a workshop on “Writing a Business Plan” – it will be great opportunity for those in business to look closely at their businesses and the who are looking at a start up, a foot in the door for planning and financing. See you there!
How to Write a Business Plan
Alternative Business Plans