Business Planning Process Steps

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Whether you’re a new, established or evolving business, everyone needs to have these answers prepared and reevaluated over time. Even though your business plan is something you’ll reconsider constantly (such as, when competitors come and go), it’s not always necessary to put it down on paper.

The exception is if you’re presenting to an investor, customer, or potential partner/employee.

Discuss what makes your product or service unique and how you plan to execute it in a competitive marketplace.

If you’re going to be selling products include descriptions and images along with whether you’d need to trademark anything.

If you already have a clear plan in your head along with the steps you need to take and the means to take them, you may not see the need to create a 20-page business plan.

On the flip side, if your idea lacks clarity and you are considering seeking out funding from others sources, it would be best if you came up with a solid business plan.

Even so, it’s a great way to get crystal clear on your goals and intentions so you can focus in on carrying out your plans and being successful.

Companies who write a business plan are more likely to improve over the following year compared to companies that don’t.

Include revenue goals and you might want to specify how much you’d need from an investor or a loan to bring those goals to fruition.

This is also a great place to mention various different start-up costs you’ll have so investors can know why you need money to support your business. Will you eventually need to work with accounting, sales, and marketing experts? This is a great section to answer all of those questions and map out how you might expect your business to grow in the future and which roles you’ll have and need.

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