Magnitude is a marketing and advertising company with offices in Tucson, Phoenix, and Los Angeles. We’re business professionals that actually own a portfolio of our own companies. Founded by tech entrepreneur John Jacobs, we focus on business plan writing and business development.
What is a Business Plan?
According to Investopedia, a business plan is “a written document that describes in detail how a business, usually a new one, is going to achieve its goals.” This is a document that every new business and every established business that wants to change direction will need to face. However, don’t start thinking that it has to be a long and boring paper, just like the ones you wrote in college. On the contrary, these days the plans are shorter and easier to write than before.
So, how do you start on a business plan? If you ever wrote down a few goals your brand needs to achieve as bullet points, you have already written one of its element. A well-designed plan clearly explains how your brand is going to work and how you will turn it into success. The most basic structure usually contains strategy, tactics, tasks and responsibilities, budget, cash flow, and expenses.
Tips for making your business plan a success
When it comes to content and presentation of your materials, here are a few tips that will help your business stand out.
Analyze your audience
Depending on your audience, you might need to write several versions of your document. Hence, prepare one version for bankers, one for companies, one for individual investors, and so on. Tailor your plan to each of your target audiences by tweaking your content and language.
Analyze your competitors
First, you have to know your competition. Second, you should be able to explain how you are different from them. Also, more importantly, tell how you are better than them.
Prove your claims
When it comes to writing your plan summary, make sure to back up all the claims you are making about your business future. For example, if you say that your product will become a hit the moment it goes on the market, use facts to justify that.
Let’s be realistic
When you are writing down your financial estimates and projections, keep the numbers realistic. Moreover, avoid being overly optimistic about your time and resources. Instead, assume that things will take a little longer than you predict. Furthermore, think in terms of a 10 percent market share in your first year instead of 35 percent.
Why should you use our services for your project?
Writing a professional business plan requires skill and knowledge. Whether you are just starting in your business or would like to attract new investors, we want to help. Magnitude thinks total business. Socially responsible companies are growing more quickly than ever before with increased customer transparency. Our experienced team would like to speak to you about your project needs. Contact us today for a free brand consultation.
If you would like to know more about writing a business plan, make sure to check out these articles.
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