When you have decided to write the business plan for your start-up based on your great business idea, you should keep in mind some relevant aspects. First of all, to whom is the business plan addressed? And what is your goal?
Your goal is to raise N2,000,000 Million or just N 700,000 or N 1 Billion?
Well, first of all, to you. As an entrepreneur, you definitely need to sit down and write the business plan for your company as this can help you figure not only the costs that your business entails, but also its capacity of growing and becoming a leader on the market and the possible blockages you may encounter on you way to success. But the business plan is also essential for your future employees as it is the first document that states you business’s goals. Most importantly, your business plan is crucial for the investors who can help you get funding.
Another question you will ask yourself is – what is the purpose of establishing a goal? Well, as you start-up your business based on the assumption that the market demand is rather high for your product or your services, you should also think about how to relate with clients and your personnel. This is where the vision statements come in.
When writing your business plan you may be tempted to only analyze the position you would like to reach on the market. But you should also think about the means of getting there. These are the benefits vision statements provide. You have to establish your company’s goal in order to know where you are heading. Stating your goal in the business plan helps you convince investors faster and making everybody understand more clearly what they have to do in order to sell the products or services you provide in order for you and the investors to obtain the wanted growth along with the figures the business entails. But, in order to reach that goal , you need powerful management and vision statements.
These vision statements provide data about the market and its demands, about the milestones you should state in your business plan which can help you organize the priority of your actions, and about the way in which you have managed to reach a certain target. Even though your initial vision of the project may change along with the accomplishments of several key activities, the goal of the project should not change at all. If ever faced with the thought of changing the goal, you should better consider enlarging your business such way as to entail the new objective. Because just changing the initial goal can lead to the instability of your company as employees and managers will have difficulties adopting their way of working to a different goal than the one they used to work with. Changing the goal can lead to the necessity of dismissing old personnel, hiring new people, training them and managing to bring them to the performances of the previous team. You can now easily imagine what a changed goal can do to a business. Moreover, if working with invested funds from venture capitalists or angels, you should think about their reaction to a modification brought to the company goal.
So, if you want your business to be successful, don’t invest only in your brilliant idea, but also in the way you envision it become reality. Establish a goal, find proper managers to run the company towards the goal, and, before submitting your business plan to an external investor, make sure to note down the vision statements that can provide reliable milestones in the development of you idea.