Writing a Business Plan
A business plan is an essential tool for any business, even to medical practitioners like Dr. Jordan Sudberg. Business plans help stay focused on the set goals and develop a plan of action to achieve them. They also give a rough and complete picture of the business. As a rule, the best time to start writing a business plan is right after making the decision to start the business. Also, avoid jumping to write a business plan when worried or bored.
Here Is the Best Process To Use When Writing a Business Plan
1. Make a Draft Of An Executive Summary
It is a detailed account of the business idea but does not disclose any pricing, profit margins, financial forecasts, or accounting information. This is the first place to start writing a plan because it is crucial to think clearly before writing anything else, mainly if the business will be based on new technology or a unique concept.
2. Give a General Company Description
This section covers the history of the company. Go back to the past to find out how to arrive at the current situation. This section can also include the company’s philosophy, the products or services, and more. Describe the business and how it differs from other companies in similar fields.
3. Perform a Market Analysis
According to Dr. Jordan Sudberg, this section should include an analysis of the market. Consider stating the size of the market. Include the competition and what the plan is to be different from them. This section is essential because businesses with a well-defined target market tend to be more successful than those without.
4. Give an Outline of the Management and Organization Of the Business
Including a management team in this business plan is a good idea. Management experience, professional experience, and years of service in their profession will all be necessary here. When working with partners, list their relevant information here.
5. List the Products and Services Offered
Highlight the main products to be sold and briefly describe them. These products will be used in the section on marketing strategies. Doing this will help to concentrate on the business aspects rather than the technical ones.
6. Perform Customer Segmentation
Put together a list of the main customers to be served and their purchasing habits. This information will help to set the market to be targeted. Also, break down the target market into different segments, such as age groups, genders, hobbies, and interests.
7. Give A definition Of a Marketing Plan
It involves implementing the set strategy and a marketing plan. It’s a good idea to outline the sales and promotion techniques used in the industry. Also include information on measuring the effectiveness of the set marketing plans.
8. Make a Logistics and Operations Plan
This will include a description of the production, distribution, and storage plans. It is crucial to describe the number of employees to be hired and what type of equipment to invest in. It should also include a description of the suppliers that can be relied on and how to pay them.
9. Make a Financial Plan
Make a list of all the costs associated with the company. List all expenses, including the ones related to marketing and operations. Also, list all the expected income from selling products and services. This section also includes a budget for each product or service to be sold.