Most successful businesses have started out with a birth of an idea, however the first step towards turning an idea into reality is to create a well-designed business plan. There are many basic and generic instructions around the web on how to create a business plan, but the truth is that there is nothing generic about it, since each business is unique in its own way. This is why I’ve decided to share some non-traditional aspects your business plan needs to include. These are the 10 things I think are worth mentioning.
1. Competition review
A company whose business plan focuses only on itself is making a huge mistake. A business plan should also look towards the competition, so that the company can reflect on its competition and see how it’s different from its rivals. Outlining the weaknesses and strengths of the competition in your business plan will make getting the upper hand on the market much easier.
2. Something new
It is important to offer something innovative as a company, and in order to achieve this, you must focus on it from the beginning. By including innovation into your business plan from the very start, this aspect of your operation will become intentional and not accidental.
3. Expecting the unexpected
In modern business, the market can shift quickly and it is essential to have a contingency plan. Making drastic changes and adapting to the current situation is sometimes a must for staying afloat. Having a business plan is a great thing, but there is no point in sticking with it, if it hasn’t been working for a long time.
4. Being ready for success
On the other hand, you should also design a business plan that is prepared for adapting to an extremely successful scenario. If a company has big growth, it must be prepared to expand, so that its growth is not limited. Although only a small percentage of new businesses experience a significant amount of growth at the start, it is possible.
5. Loyalty
Business plans are really not any good if the employees and the company itself don’t follow them. The best way to encourage this kind of behavior and culture in a company is to outline the commitment and dedication required of everyone working for the company in its business plan.
6. Exit plan
It may seem as the least important thing in the starting phases of a business, however, having an exit plan can be of great value in the later stages of developing a company. Besides providing some kind of value to customers, a business should also increase its assets, so that it can be sold for a fair price if needed.
7. Implementing the plan
Even the best business plan is worthless if you can’t find the right ways to implement it to its fullest potential. When writing your business plan, include detailed guidelines on the proper means that should be used in specific situations. After some time, people have a tendency to get tucked in and they do things that don’t get them out of their comfort zone and this is not how you learn to overcome obstacles.
8. Knowing your customers
If a company is to succeed, it must effectively reach its target audience. However, there is more to it. A business plan should also cover things like the potential customers’ needs, lifestyle and desires. This will give a business better insight into what customers need at the moment, and it will be much easier to create products that can solve problems and give services that fill a need.
9. Social media plan
Social media platforms are getting bigger and bigger. This is why business plans need to outline how best to utilize these sites in order to get a strategic advantage. Internet marketing is something that no modern business can go without and this is why I suggest that it gets included in every business plan.
10. Engaging employees
The employees of a company need to share the passion for growth alongside their organization. The leadership must learn how to transfer its motivation onto its employees and keep them engaged, so that everyone can prosper together. A plan must highlight ways to show the company’s staff how their goals and wellbeing align with the company’s well-being, establish standards for performance and give out rewards for those who stand out.
Including all of these things into your business plan is essential. Learn how to write it and make sure that you don’t over-complicate things. Best of luck.