A guest blog post from Mark Painter:
A search online quickly reveals there are plenty of business plan guides and templates available to you. These range from multiple pages of detailed headings and prompts through to ‘1-pager’ summaries aimed at helping the user to focus on key areas.
Different formats work for different people – ultimately, the format of the plan is down to your preference. However, to maximise your chances of reaping the rewards of your investment in time and effort creating this document, ensure your plan is:
- Easy to read, review and update
- Logical and consistent – does it all make sense / stack up?
Also, does it adequately address all the important areas, not just those bits you are comfortable with? And as you are looking to create a practical business tool, will it:
- Help you to prioritise the activities and actions of you and your team?
- Support you in your efforts to achieve your vision, goals and targets?
If the plan is aimed primarily at an investor or other third party, read it and consider whether it presents your proposition in an interesting and compelling way. Does the narrative flow and encourage the reader to read on? This is especially relevant of course for the opening, your executive summary.
Introducing the 4 Step Business Plan:
I have enjoyed writing and reading many business plans, worked in a lending role and had the pleasure of speaking with many investors. Based on this experience, I developed my own blueprint for starting the process of writing a business plan. The ‘4 Step Business Plan’ really helps to focus on the basics quickly – from here, the plan can easily develop further. If you are looking to write a plan, try it as a starting point:
Step 1: Where are you going? Detail your vision, mission statement and values.
Step 2: Where are you now? Assess your current business situation, structure and team. A SWOT and PESTEL analysis is ideal here.
Step 3: How will you get there? Outline your goals and strategies for achieving your vision.
Step 4: What will you need? Consider finance, equipment, skills and – arguably your most valuable resource – time.
I will look at each of these steps in turn in future blogs.
Mark Painter is Managing Director of MP & DA Ltd, Creators of the Plana® Planning Companion – a unique guided business plan builder for teams.
Source: ‘The 4 Step Business Plan’ by Mark Painter www.tryplana.com
