What are the 7 Elements of a Successful Business Plan?

What are the 7 Elements of a Successful Business Plan?

Commencing a business from scratch requires a lot of planning and strategies. Creating a proper business plan is imperative as it gives vision and mission. A business plan also plays a crucial role in convincing potential financial institutes, banks, etc., when raising funds for your company.

Whether you are planning to start up a retail store in Sydney or a fully-fledged IT firm in Melbourne, you need a well-written, clear and engaging business plan. This will also help you stay ahead of your competitors.

Here are 7 essential elements of a successful business plan that can help you launch, grow and expand a business:

 

1. Executive Summary

This particular section describes the mission of launching a new business. So, make sure you write it in a short and crisp manner. Your objective is to attract reader’s attention so that they can explore more about the business plan and strategy.

In layman’s words, Executive Summary is the 60 second pitch or short paragraph on five W’s for your business. If you are writing a business plan to secure funds, write it that can grab investor’s attention quickly.

Make sure you add:

• Name and location of your business
• Products and services list
• Mission and vision
• The specific goals of a plan, such as secure investment or set strategies.

You can also hire a business consulting company in Sydney, Melbourne, Brisbane, Adelaide and other parts of Australia if you don’t know how to write an executive summery or a business plan.

 

2. Business Details

Let people know more about your business through a business plan. So, it is important to write the history, background and objectives in your plan. It should feature:

• A brief history of your business
• Nature and demands you plan to offer
• The legal structure, such as a sole proprietorship, partnership or corporation.
• Brief details of your products and services
• Information about your potential customers and suppliers
• A summary of marketing strategies, business growth and financial status.
• Short and long-term business goals

An investor in Sydney always considers this section before lending funds because they need assurance and profit-generating deal.

 

3. Products & Services

 

Do not forget to add details about your products and services. This is where you can add a comprehensive list of your products and services you can plan to generate revenue.

Make sure you describe products and services in detail, and describe what makes them unique. Also, mention why people pay for your services. These simple things can make a successful business plan.

 

4. Marketing Analysis and Strategies

 

This is where you can represent your industry knowledge and statistics based on detailed market research. Make sure you include:

• A sketch of potential customer segments
• A detailed description of an industry
• Channels and promotion
• Evaluation of your close competitors, their strengths and weaknesses.
• Marketing data and insights for your products as well as services.

 

5. Implementation

 

It is important to summarise your overall sales and marketing strategies. This will help you implement them with a complete operational plan. It includes:

• Costing details
• Information on promotions and logistics
• Strategy to promoting your business
• Details on how to function the company
• Describe the operational cycle
• Operating hours

 

6. Organisation and Management Team

 

Do not forget to organisational structure of your company. It is good to identify the owners, board of directors and management team. Include the following aspects:

• Show an organisational chart and write descriptions of each department
• Information related to owners, including ownership percentage, biography and background
• Profiles of your management team
• Power of attorneys, etc

 

7. Financial Projecting

 

This is the last section that describes your financial requirements, status and other key aspects. So, you have to include:

Historical financial data, such as balance sheets, cash flow statements and income statements for the past three to five years.

Also, include realistic details about financial information, including forecasted income statements, cash flow statements, etc.

 

Conclusion

 

These are the 7 elements of a successful business plan that can help you launch and grow a business in the competitive market. You can also hire business consulting service in Australia to reach your targeted business goals.