Sign up to Bolter’s newsletter and download your free business plan template here!
Sign up to Bolter’s newsletter and gain access to your comprehensive 26 page Word document that includes tips to record your thoughts and assertions on
- business structure
- staffing, sales & marketing
- risk management
- customer & competitor analysis
- finances and
- the future hopes and dreams of your business
We also have more great tips on crafting your business plan below.
The Bolter Squad believes a business plan is a ‘must-have’ for all new and emerging businesses. Why? Well, business planning helps tackle the ‘ifs & buts’ of your idea head-on and does a lot to prepare you for the exciting journey ahead. This document is essential to flesh out your ideas, the market, and strategise how you will keep your business afloat in the first few years.
Your business strategy is critical to the success of your new business, particularly setting out your marketing and sales strategies and assessing the market and your strengths and weaknesses. Business plans are great tools to consider and create contingency plans for any of the unknowns that crop up in a business. For example, ‘what if I need to spend more time out grassroots business developing than in the business’.
Our business plan template aims to assist you in dealing with the rollercoaster of emotions and hard decisions that come with running your own business. You will be required to break down your business idea, analyse it and create a plan of attack to achieve your purpose. We offer helpful hints to make sure your business plan tackles all the critical issues facing your business.
It may take some time to create a business plan. It may even take you a few times to get it right. Rest assured, once you have it drafted, it is easy to update and will help you make it happen.
A business plan can also help when your startup starts looking for investors or finance. On that note, you will need to drill down into the nitty-gritty of the financial side of your startup. You should set budget estimates and your future goals for revenue, even if its largely a guestimate based on known market data and trends.
To help, below are some critical tips for you when drafting your business plan:
- Get straight to the point: Don’t get too bogged down in detail. Your business plan is a plan of attack and will change over time. So, please do your best to keep it short, sharp and to the point.
Why: to assist when reviewed by any potential investors, financiers or future business partners. - Use simple language: Your business plan should be easy to read.
Why: to make your message clear. Unless it is vital, you should try steering clear of technical terminology or industry jargon. If you’re going to use that jargon to demonstrate expertise consider including a definition or key, explaining the ley terminology simply. - Check yourself: Be realistic with your business idea, your goals and the cash you have to play with to start-up.
Why: because potential investors, financiers and future business partners won’t hesitate to challenge your assumptions and forecasts. Of course, set stretch goals to push yourself, but don’t leave yourself hanging by inaccurately estimating your budgets and the market demand for your idea. Check yourself when planning your business by challenging your assumptions and bias. - Be true to you: You should always aim to make your business plan YOURS.
Why: because there is nothing more attractive than being genuine. Make sure your business plan reflects who you are as a person, and relates to the goals and purpose of your business. Go wild and add your logos and brand paraphernalia. - Be careful about what you share: You should be cautious about sharing confidential and sensitive business information which you wouldn’t want competitors to know.
Why: because you might lose your rights to register your novel ideas and inventions. Are you looking to include commercially sensitive or confidential information in your plan? If so, then make sure that you keep this document safe and private, especially if you have information about your intellectual property (IP). Confidentiality and secrecy are critical to protecting your IP. Ask the Bolter Squad about other steps that you can take to protect your IP. - Proofread, proofread, proofread: Finally, make sure you have proofread your plan!
Why: because the first impression counts and nothing sells a lack of professionalism more than little typographical errors. We always recommend that you keep your ideas confidential to protect your intellectual property. However, there may be some instances where parts of your business plan are useful for investors or financiers. So, we recommend proofreading for any little mistakes and giving your plan that professional touch.
If you have any questions, feel free to reach out to one of the Bolter Squad for some help and guidance!
All the best! Now…. get planning!
Sign up to Bolter’s newsletter and download your free business plan template here!