Business Planning
Business planning can involve several approaches from writing a business plan, completing a business model canvas, to deciding what type of organization you want to become.
There are several steps in the planning process, therefore we have provided both a guide to your business planning and a checklist of all the approaches:
Creating a Business Definition
- The product– What will you sell to your customers?
- Target market – Which segment of the market are you aiming to serve?
- Production and delivery capability – How will you provide your offer to your targeted customers?
Decide your type of Organization
- Company’s core value
- Company’s mission
- Company’s vision
- Company’s culture
Creating a Business Plan
- What do you want to achieve with your business?
- Set your goals & objectives for the business (customers, income)?
- Define your Unique Selling Point (USP)
- Know your market
- Know your customer
- Is there a demand for your business?
- Set your marketing goals
- Define your marketing strategy
- Take Action!
Creating a Business Model Canvas
- Step 1 value proposition – what is your company?
- Step 2 who are your customers?
- Step 3 channel – digital & physical interaction with your customers
- Step 4 customer relationships – how do you get, keep and grow a customer base?
- Step 5 revenue streams
- Step 6 need finance
- Step 7 what are partners going to do?
- Step 8 key activities – make product & sell,
- Step 9 costs – fixed costs , running costs
To create a business model canvas using these steps visit our handy article: complete a business model canvas
Developing a Business
- Understand what your customer wants
- Create a minimal valuable product (MVP)
- Design the product
- Decide how to startup
- Decide what type of company do you want to be (mission, goals)
- Be clear on your competitive advantage
- Define your business and marketing strategies
Build a Business
- Recognize an opportunity
- Evaluate it with critical thinking
- Build a team
- Write – business plan.
- Gather resources
- Decide ownership
- Create wealth
Stages of Writing a Business Plan (traditional business plan)
- Step 1: Write an Executive Summary
- Step 2: Write a Business Description
- Step 3: Market and Competitive Analysis
- Step 4: Operational Structure
- Step 5: Product Description
- Step 6: Raise Capital
- Step 7: Financial Analysis and Projections
- Step 8: Appendix
If you are interested in making a business strategy plan then click to out article on a business strategy pyramid.