How To Write A Bulletproof Business Plan

Whether just starting out, or rethinking your whole company’s future, a well thought out business plan can mean the difference between turning over a significant profit and going completely out of business. 

An effective business plan will clearly set out achievable goals, action points for meeting these targets and time limits in which they must be achieved. Yearly, quarterly, monthly and even weekly goals should be clearly set out to show how you plan to grow or expand your business into a thriving, profitable organisation.

Good business plans can help a company’s employees to focus and work as a team, allowing your company to grow and expand. Setting targets in this way can help you work towards and achieve end goals that can profit all involved. Read on to learn how to get your financial plan in order.

Writing a Business Plan

We’ve done the legwork for you and researched the best way of getting your business plan outline together. Of course, there are plenty of websites out there that you could approach for a ready-made sample business plan.

Every business is different however and so we would recommend ensuring any business plan outline templates you use are from a reputable source and already tailored to your industry. 

LivePlan is a great example of a reputable service that will help you craft your business plan and then help you develop your business as it grows. It even has a helpful breakdown of how to craft a killer one-page business plan.

As you plan your next steps, here’s our advice on how to script an effective business model outline:

1. Executive summary

This is essentially your introductory paragraph meant to entice the reader. This paragraph should be clear, concise, and serve as a summary of your overall concept. You want to come across as knowledgeable and that you are taking your business seriously while engaging potential investors in a creative way. 

Keep it brief and stick to the facts about your products or services and funding requirements. Clearly define the need or demand you are meeting and if you or your coworkers have relevant qualifications or experience in this sector, detail how these will help you move forwards. This will help legitimise your company in the eyes of any potential investor.

2. Evaluate your current financial situation

Before writing a plan for your own company’s development, it is a good idea to take stock of where your business is at the moment. Reach out to your accountants for your most recent and past financial statements. For any company, getting an understanding of where you currently stand will help you form a financial projection for future sales and earnings. 

You will need to be sure you have all the financial information included in your business plan. Cash flow statements and income statements for all directors will need to be included, along with details of any company debts, projected outgoings and any other company budget details. 

Make your business plan as accessible as possible to anybody reading it. You want it to be easily accessible to all potential investors so that they don’t pass you over. When writing up your financial forecasts, it can be beneficial to include graphs and charts depicting your financial predictions for the next 5 years. This will make your proposal more digestible to anyone reading your business plan.

To that regard, including a balance sheet is also imperative. Being completely transparent about exactly what money you have coming in and going out will give investors a feel for how successful your company is and could be. A balance sheet is a good way of listing all of your organisations in a clear and concise format.

3. Investment Funding 

As a startup, it could already be part of your plans to apply for investment to really get your business off the ground. Meanwhile, more established businesses might also be able to get investment capital depending on the size of your operation, the industry you are in and the availability of potential investors.

Having a robust business plan in place will hold you in good stead to receive investment when you approach investors. We highly recommend including a section of your business plan where you detail how you would use any investment funds you might secure. Investors are happy to invest in companies they think have potential, but they’ll want to know exactly where their money is going if they’re going to agree to help with your cash flow.

4. Marketing Plan

Any company looking to expand will have carried out some level of market analysis. It is worth including this in your business plan to highlight any potential areas where your financial forecast might be predicting economic success. 

Market research will also highlight any ways that you can better reach your target market. Make it very clear in your business plan how you intend to reach this market. Are you going to invest in any level of traditional or digital marketing? 

Do you intend to utilise social media to advertise your products to clients? What window of time should you run your ad campaigns to optimise performance? How much of your budget is ideal to allocate to each campaign? How much capital do you expect these campaigns to return?

If these are questions you have not yet considered, read up on how to advertise on Facebook and Instagram and outline how you might utilise their platforms in your business plan.

5. Competitive Analysis

It shows great foresight to outline any current competitors and competitors that might emerge in the future. Explain your similarities but also your differences and make it extremely clear what you think gives you the edge over other companies. If you have ideas about how you might future proof your business against potential future competition, include this as well.

6. Proofread

Even if using a business plan template, it can be beneficial to check that your whole document is free of spelling and grammatical errors before passing it onto any stakeholders; you only get the chance to make one first impression. 

Documents littered with typos do not instil confidence that you are diligently working towards making your company the best that it can be. If writing isn’t your area of expertise, have a colleague or close friend read it over for you. When in doubt, you can even approach a proofreader to check this for you. 

Remember, however, that a business plan is never set in stone; it is a document that will adapt and grow with your company. Do not hesitate to modify relevant paragraphs or sections if they don’t seem quite right to you.

Get Writing

There is clearly a lot to consider when putting a business plan together. This might seem somewhat daunting for a small business or startup company on their first venture. 

Although a complex task, encouraging your management team to invest time and energy in getting this right is crucial. Numerous business plan examples are available on the internet. We recommend enlisting the help of an accredited financial advisor or even visiting a site that specialises in helping start-ups

Remember to keep to the facts, make it clear why your business will be a success and if looking for investment, and don’t be disheartened if the first organisation you approach turns you down. If you ask for feedback and refine your business plan as needed, you can work towards a bright future for you and your company this year.

Now that you know how to write a bulletproof business plan, check out our guide on the 5 powerful ways to bootstrap your business to success

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Rovva puts everything you need for your business in one place. From an accountancy helpline to a drop-in business lounge - we've got everything covered.

Your complete business toolkit

Rovva puts everything you need for your business in one place. From an accountancy helpline to a drop-in business lounge - we've got everything covered.