business career entrepreneur success

Business Plan Preparation

When creating a business plan, success largely depends on how much preparation you put in. The vast majority of the work in an effective business plan is typically done in the preparatory stages.

By closely following preparatory steps, you’re less likely to leave out anything important from your plan. And once you’ve done the ground work, you should then find it easy to write your business plan and present it to its intended audience.

There are six steps in the planning process for developing business plans, some of which you may have noted in your response. You first define your mission, and then you do the required research.

After that, you establish the goals of your plan. Next, identify the strategies you’ll use to meet those goals. You’ll then assess resources. Finally, you’ll identify risks associated with implementing your plan.

Defining your mission

When starting to develop your business plan, you first define your mission or purpose. Organize your thoughts by considering the four business plan elements. Think about what opportunity you’ll pursue — for example the problem your plan addresses.

Next, consider the solution — for example a product or service you’ll create to solve the problem. Then think about the execution — how you’ll bring that product or service to market. Finally, contemplate the likely outcomes of your plan.

When defining the mission or purpose of your business plan, it’s also important to know who your audience will be. Different types of audiences will look at different aspects of the plan.

While each audience will closely examine the sections that address their particular interests, they’ll all be interested in the overall soundness of your plan.