How to Write a Business Plan Designed for Future Growth
In today’s consumer driven world, planning for the future direction of your business is just as paramount to mapping out how you will start. However, a digital-first business space calls for a different approach than the traditional business plan: outlining how you will also expand your products or services is what sets you up for success. (and apart from your competitors)
Writing a business plan is a critical part of every entrepreneurs journey— not to mention a highly sought out section for securing external funding. Here’s how to design your business plan for future expansion in today’s economy.
Understanding the Basics
A traditional business plan entails seven section that breakdown the multiple facets that makeup your business. It’s important to note, while lean startup plans can help get you off on the right foot, you’ll need a more comprehensive version mapped out to make this serve its purpose. The sections include, but not limited to:
An Executive Summary
A Business Plan Description
Market & Competitive Analysis
Operational Structure
Product Description
Funding Request
Financial Analysis & Projections
While detailed in nature, the goal is to simplify your concept and highlight the problem your business solves for. You’ll also want to keep the audience in mind, as it should be easy to digest.
Getting Ahead of the Curve: Growth Hacking
The key differentiator in a traditional plan versus a growth driven business plan essentially lies in your ability to make future projections about your business and hack up a plan for expanding you’re footprint. Studying the market will help shape your ideas around how to align products with things like increasing demand or marketing investments needed to secure product to market fit. A successful growth strategy addition to your business plan should entail:
Supporting data or case studies from similar businesses
High level marketing and advertising roadmaps
Staffing and team evaluation
Plans to introduce new products or services
Capital goals to drive expansion
Business plans can be quite complex to draft, but a critical component to the success of your brand. Doing the legwork upfront can help you navigate the market with ease and save thousands in the long-run. Contact me for help kicking off your business plan today.