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Developing the Best…Not Just Good…Business Plan

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good business plan

Anyone can write a good business plan by following a template, but good is not always good enough. There are thousands of business plans produced every day that have all the required sections but miss the target in many ways. For example, a business plan can be poorly written, difficult to understand, and fail to convey a real sense of the business brand. Investors are regularly approached with business ideas for consideration, and the reality is they will not spend a lot of time trying to decipher poorly presented information.

Following are some strategies for developing the best, and not just a good, business plan:

• Include in-depth market research that does not skim over important details concerning markets, customer purchasing habits, market share, market trends, industry performance, and so on, including statistics and charts where appropriate
• Convey a strong understanding of the competition because the competition represents one the main business risks
• Describe the plan for mitigating various risks beyond the competition, including technological changes, potential shortage of particular skills, potential market interruptions, etc.
• Develop a strong customer profile based on demographics and market research
• Define the business differentiator, like new product design, customer service, innovative approach, etc.
• Write a clear vision statement that is consistently supported throughout the entire document in terms of strategies implemented, products and services, market rollout, etc.
• Do not try to fool investors by skipping over sections or details where research is incomplete or knowledge gaps exist; tie up all loose ends

Getting professional feedback is always wise. The business owner or entrepreneur is naturally going to have biases. It is easy to get too close to the business and lose perspective. In addition, it is impossible to be good at everything. Some people are good at product designing but weak in financial matters. There are entrepreneurs who can develop excellent marketing plans but need help with developing the operating plan. One of the reasons so many small businesses fail within the first five years is due to the fact that management focused on one part of the business, like produce development, but neglected other critical components, like ensuring adequate future capital is available to cover operations during the early stages. The well thought out planning document that addresses each element of a successful enterprise is an excellent tool for ensuring management has developed a coherent strategy for success.

OGS Capital consultants can provide honest feedback at any stage of business plan development. They have worked with thousands of entrepreneurs who need help developing a professional document that reflects a successful business model.
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