A business plan is like a road map to success for business people. Regardless of the status of beginners, juniors, or seniors, business people must be resilient, aka have a strong and positive mental spirit in facing all kinds of business challenges.
To build a successful business you must have a sound business plan and strategy. A well-crafted business plan will have a great chance of increasing your business success. A company that has and does a good business plan will be successful faster than a company that doesn’t have/does a plan.
Then what exactly is a business plan? How do you create a successful business plan? What needs to be prepared? Answering all these questions is not easy, but it is the main thing you need to do.
A business plan is like a written development concept that contains details from an overview of financial planning, management, development, achievement targets to marketing strategies. The business plan outlines the direction, goals, and strategies of the company for the short, medium, and long term. For the business that you build and manage to grow rapidly, it must have a strong foundation. Identify the 5 important components in compiling an accurate business plan and strategy
Have a clear business description
Whatever your business, start by having a clear description that is easy for everyone to understand.
A business description or description that describes the form of business, products sold or services offered, profits and losses of products/services sold, prices, company operating costs, business targets, and the work system in place.
Tips: Compose a Vision, Mission, and Strategic Plan for your company. What are the goals to be achieved and the strategies for achieving them? Describe the company’s current and future position, target market, competitive advantage, business location, core management, a form of business, management concepts implemented, and so on.
Analyze Business Competitors
Let’s say you were looking for the top franchise in senior care, so you can be your own boss. Conducting a simple analysis of your business competitors can be the right way to create a better business strategy for your purchase of a senior care franchise business. Perform simple observations and analyses to find out the factors that are the strengths and weaknesses of your business competitors. Learn from the successes and failures of others, so you can create your version of the success formula and business strategy.
Conducting a simple analysis of your business competitors can be the right way to create a better business strategy. Perform simple observations and analyses to find out the factors that are the strengths and weaknesses of your business competitors. Learn from the successes and failures of others, so you can create your version of the success formula and business strategy.
Tips: Make a record of your business competitors’ analysis, observe and write down what their business strengths and weaknesses are. Then analyze what things you can learn and apply to your business.
Target Marketing Strategy
Marketing strategy reflects how much potential a business has to be successful in being marketed. Tips, the strategy must be planned completely, starting from product promotion, cost, place, time, product target to the promotional media that will be selected. Always apply the 4P perspective (Product, Price, Place, Promotion) so that your marketing strategy is always successful.
Tips: Create a Marketing Plan that includes an explanation of the selected market share, ways of marketing and promotions made according to the target market, to a budget plan for sales, price, distribution, and other costs.
Have Financial Statements
In building a business, finance is important and should not be underestimated. Learn simple ways to keep your business financial books neatly. Try to distinguish between business and personal capital. Being honest and transparent in managing your business finances will be business capital that can bring you success.
An important element in making a business plan is financial management. You must have a way of managing your budget to keep it efficient and running smoothly. Also, learn how to make a budget plan and how to minimize other costs. By having regular financial reports, this can be your capital later if you need additional capital from financial institutions.
Tips: make a financial report that describes this year’s financial cash flow statement, profit expectations, capital requirements, operating costs, additional costs, reserve funds.
Maintaining Quality Products / Services
In doing business, make sure you always prioritize the quality of the products or services offered to customers. For the business you do to grow rapidly, have large profits and have lots of customers, you must maintain quality.
For example, you have a chicken noodle restaurant business, many of your loyal customers love chicken noodles and often stop by your place for selling delicious chicken noodles at low prices. But from a businessman’s point of view, you are thinking about how to stay profitable even though the price of chicken noodle staples increases. Do a strategy to increase the price. Customers will continue to arrive to buy your chicken noodles when customers are satisfied with the quality products and services from you.
Tips: Analyze the risks that you might face in the future and anticipate what to do to deal with them related to customer and company satisfaction.