How to Write a Good Business Plan

You have set up your small business working from home. You're now your own boss. What's next?

In the early stage of your business after start up, it is important to go through the process of writing the plan to assist you in your business.

What Does the Business Plan do? Why is It Important?

  • It sets a path for growth for the start of the business.
  • It is a tool that can be used to improve your product and/or services.
  • It provides an effective control method for all the business processes. Therefore, it can monitor and measure the business performance, allowing it to be flexible in responding to customer expectations.
  • It helps business in deciding between alternative options for the future.

A typical home-based small business or work-from-home (home office) includes the basic business plan framework or aspects: marketing, financial, strategic, investment and contingency planning.

3 Elements of a Good Business Plan

  • Aims They are your vision, mission, and goals
  • Analysis This involves analysis of the industry and environment related to business.
  • Actions These are implementation schedules, the basis of business growth.

Success Factors of a Business Plan

Or, how can your business plan succeed?

According to J. Shelton in her book, No Workplace Like Home (WP, 2007), there are 5 keys to business plan success, as follows:

  1. Research and develop ideas
  2. Test the market
  3. Build your support team
  4. Document everything
  5. Work out the details

It makes sense, and colleagues and friends in business couldn't agree more with these steps to a successful business plan. Although the factors appear straightforward, the actual implementation entails a lot of hard work, nonetheless, most fulfilling to serious small business owners who want to see their business succeed.

As a small business owner working from home, in setting out your business plan, it is important to consider ways and means to maintain control as well as direct the future of the business. During the writing of the business plan, it is vital to continue to analyze the competitive and regulatory context. One big challenge of a well-written or a good business plan is to reduce uncertainties in the plan, including indications of clear milestones in delivering quality goods to clients or customers.

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Sources

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Posted in Business Other Post Date 03/13/2015


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