5 COMPONENTS OF

A BUSINESS PLAN
Business strategy and careful planning are key to setting up a
successful venture. And it all starts with a thorough business plan.
Here are five key elements your next business plan can't miss.

 
EXPRESS YOUR
VISION
All good business plans begin with a
clear mission statement. Think of this
as your elevator pitch. It should express
the core of your business vision and
articulate why you are in business. It will
also help inform your workplace culture
further down the road, so think about the
values you want your business to reflect.
WRITING TIPS:
Make it simple and concise.
Leave industry jargon at the door.
Don't be afraid to write from
the heart.
DETERMINE YOUR
OBJECTIVES
Now it’s time to get more specific about
exactly what you want to achieve. These
are your business objectives. You need
to set SMART goals that are:
Specific
Measurable
Achievable
Realistic
Time-bound
These objectives help set the direction
of the rest of your business planning,
so make sure to be thorough. And
don’t try to conquer the whole world in
your first year. Stick to three core
objectives that are most likely to form a
good foundation for your future success.
  
IDENTIFY YOUR CONDUCT A RUN THE
TARGET MARKET COMPETITOR NUMBERS
ANALYSIS
Your customers should be at the centre Another key component of your
of everything you do. So, your business Unless you’ve invented a genuinely unique business plan are your finances. You
plan should clearly define your target product, it's likely you'll compete against need to include a detailed and realistic
market and the customer demographics other businesses in a similar space. That's budget that sets out all your costs
you want to pursue. why your business plan needs to include against your revenue projections.
an analysis of your key competitors.
That includes demographics like the Here, you want to ensure there is
location, age, gender, education, income, This helps you to identify what you enough profit margin to help you
profession and interests of your ideal can bring to the market that they can’t, weather any unforeseen challenges
customer. This helps inform the direction also known as your unique selling point and to reinvest in the growth of your
your marketing plan should take and help (USP). business. This will also help you inform
you to map out your customer journey. your pricing strategy.
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