A business plan is like a roadmap for business success. Not apart from the status of beginner, junior or senior, whose business name must surely be resilient alias have a strong mental spirit and positive in the face of all kinds of business challenges.
In order to build a successful business, you must have a business plan and a good strategy. A well-made business plan will have a great chance of improving business success. A company that owns and performs a good business plan will be more successful than a company that does not own/plan.
So what exactly is a business plan? How to create a successful business plan? What needs to be prepared? Answering all these questions is not easy, but it is the main thing you need to do.
The business plan is a written development concept that contains details of the financial planning, management, development, achievement targets and marketing strategies. The business plan outlines the company's direction, goals, and strategies for the short, medium and long-term. In order for the business you build and manage to grow rapidly, it must have a strong foundation. Recognize the 5 essential components in formulating a strategic business plan and strategy
1. Have a Clear Business Description
Whatever your business is, start by having a clear and understandable description for everyone. Description of business or description that describes the form of business, a product sold or services offered, profit and loss of products/services sold, prices, operating expenses, business targets, until the work system is enforced.
Tips: Arrange Vision, Mission and Strategic Plan for your company. What are the goals to be achieved and the strategy of achievement? Describe the current and future corporate position, target market, competitive advantage, business location, core management, business forms, management concepts are executed and so on.
2. Analyze Business Competitors
Doing a simple analysis of your business competitors can be a great way to create a better business strategy. Make a simple observation and analysis to determine the factors that become the strengths and weaknesses of your business competitors. Learn from the successful and failing experiences of others, so you can create your own success and business strategy.
Tip: Make a record of your business competitors' analyzes, observe and write down what their business strengths and weaknesses are. Then analyze what things you can learn and apply to your business.
3. Right Target Marketing Strategy
The marketing strategy reflects how big the potential of the business to be successfully marketed. Tips, strategies must be planned with a complete, ranging from product promotion, cost, place, time, product targets to promotional media to be selected. Always apply the 4P perspective (Product, Price, Place, Promotion) to keep your marketing strategy successful.
Tips: Creating a Marketing Plan that includes an explanation of market shares, marketing and promotional ways that are tailored to the target market, to budget plans for sales, prices, distribution, and other costs.
4. Have a Financial Statement
In building the business, finance is important and should not be underestimated. Learn a simple way to keep your business's financial records neatly organized. Try to distinguish between capital for business and personal. Be honest and transparent in managing your business finances will be a business capital that can bring your success.
An important element in creating a business plan is financial management. You must have how to manage your budget to stay efficient and run smoothly. Learn how to create a budget plan and how to minimize its costs. By having regular financial statements, this could be your capital someday if you need additional capital from financial institutions.
Tips: create a financial statement that explains this year's financial cash flow statement, profit expectations, capital requirements, operating costs, additional costs, reserve funds.
5. Maintain Quality of Products / Services
In business, make sure you always put quality products or services offered to customers. In order for your business to grow rapidly, have a large profit and many customers, you must maintain quality.
Let's say you own a chicken noodle shop business, many of your loyal customers who love chicken noodles and often stop by your place for selling good chicken noodles at cheap prices. But from the business side, you think how to let it keep profit even though the price of chicken noodle soared. Do a strategy to raise prices gradually but keep the quality of your chicken noodle taste and service. Customers will continue to arrive buy your chicken noodles. capital Loans? Here You Can Get It Intelligently Planning Businesses who are interested in the risks of business competition. Although the business plan does not guarantee 100% of one's success, it will create a chance for success.
You can also read:
5 Things to Look For Before Creating a Marketing Plan