"Research is one of the big value-adds of writing a business plan," said Joseph Ferriolo, director of Wise Business Plans."Research forces companies to learn what they can expect to make and what the industry trends are." Mullins advises asking yourself how large and attractive your market is, how quickly it's growing, and if there are any trends that will make it grow in the future."Too many companies treat it as a confidential document to be kept away from the 'prying eyes' of the rank-and-file employees.Tags: Research Papers On BankingSports Persuasive Essay TopicsSave Jungle EssayResearch Paper On ViolenceVoice Conversion ThesisHow To Learn Critical ThinkingRomeo And Juliet Essay IntroductionsAn Essay On The Protective DiscriminationStart Up Summary Business Plan
Preparing a business plan is like outlining an itinerary for a road trip.
You'll want to have a clear, objective map that you can follow step by step while developing your business.
Create an executive summary describing the industry you wish to succeed in, and how and why you intend on doing so.
Then, list your company's strengths and weaknesses, opportunities for growth, and any threats that might hinder the achievement of those goals.
Pay close attention to the "five forces" – threat of entry, threat of substitutes, supplier power, buyer power and competitive rivalry.
Additionally, research critical success factors, or important areas to focus on when investing in a project.
"A business plan is absolutely vital as it navigates your business on the road to success," said Joel Klein, founder and producer of Biz Tank and the B-Tank platforms.
"Only by setting a plan that outlines where you want to go, along with a plan of action on how you are going to get there, will a business owner know if they are heading in the right direction and how far they are from their final destination." Your business plan should guide you throughout the startup process, available as help for any problem that may arise.
There is nothing wrong with using your plan to get back on track or to make sure you're still on course.
"The biggest mistake people make is [that] they prepare the document, and then put it in a drawer and never look at it again. Finally, remember that you should revisit your business plan as your company grows.