The 3-Step Method to Creating a Business Plan

Posted on January 18, 2022 by Sami Toussi, One of Thousands of Career Coaches on Noomii.

Are you someone who is new to entrepreneurship or are you busy launching another business? Regardless, you’re likely overwhelmed by all the details and tasks you need to complete before the first customer comes calling.

However, know that you have already taken a big step – you have a business idea. Next step? Date your idea by creating a business plan. Without a business plan, it can be challenging to negotiate the inevitable obstacles you’ll encounter.

A solid plan can help you get results faster regardless of what type of business you’re starting.

But….Wait, Do You Really Need a Business Plan?
You might already feel like you have a clear vision of what you’re trying to accomplish and that creating a plan is only going to waste valuable time.

This is misguided. Firstly, because it doesn’t take that long to create a business plan and secondly, when you translate your vision and goals into an actual strategy, you’re already several steps closer to success.

A business plan answers several important questions, including your customers’ pain points, what you’re selling and who you’re selling to. There are three categories of a business plan that encompass everything you need to do, so let’s get right into the details.

1. Identifying Your Objectives and Goals
Do you have a clear understanding of the product or service you’re selling? This doesn’t mean describing it in a few words, but rather knowing how to create a more immersive buyer experience.

Yes, you’re selling your brand. But what is your goal? The first step in business planning is to develop a business strategy that spells out exactly what this process looks like, both in the short- and long-term.

You’ll also need to develop your SWOT analysis. Your Strengths, Weaknesses, Opportunities, and Threats. Having these elements defined will help you outline your goals more clearly and prepare you for any obstacles.

2. Sales & Marketing Strategy
You can’t have a solid business plan without a written marketing and sales plan. You might have the perfect product, but you still need to convince others to buy it.

Your business plan should contain everything from referral ideas to cross-promotions on social media. But there’s more to it than just writing down things you’re going to do.

This strategy is an opportunity to brainstorm how to promote customer loyalty and ensure returning buyers. Without a marketing and sales vision, you’ll find yourself firing in all directions without a specific end goal.

3. Financial Analysis and Projections
The final and absolutely essential step in business planning revolves around finance and budgeting.

If you’re a startup, you can’t perform much analysis yet. However, once you’ve developed your monetization plan, your focus needs to be on seeking investors and other means of financing. Outlining how your venture will generate profit and achieve a decent return to investors is key.

If you have an existing business you’re looking to expand, the financial analysis will be different. Here focus on profit-and-loss statements, balance sheets, and a detailed list of debts and assets.

Your business plan can contain as little or as many details as you want it to have. You can include a thorough description of the company and even write down how you’re going to present it to your investors.

However, the three methods explained here encapsulate the vital elements you can’t skip. If you omit even one of the steps mentioned, you’re starting off on the wrong foot, and you’ll run into problems you couldn’t have predicted.

That is why taking the time and effort to create a business plan will bring significant benefits to your future goals.

Going at this alone is tough and I’m here to help. Book your free consultation to discuss your idea and next steps here!