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Business Plan Writing Tips for Small Businesses in 2020

A business plan is an essential part of the entrepreneurial process. It allows you to set milestones, work out a budget and plans for turning a profit, ensures that you set priorities, and can aid in getting funding to start your business. However, there is a lot that goes into business plan writing, and a business plan writer needs to meet a few fundamental guidelines to ensure that it is successful. Here are the top tips for writing a great business plan from our business plan writing experts.

1. Get To The Point

When writing a business plan, you may be inclined to fill it with highly descriptive details to make it appear more professional. However, the key to a successful business plan is keeping it clear and simple and cutting the fluff. Focus on what’s important by writing about what will make you money and keep your business thriving. The core of your business plan should highlight what you sell, how it’s produced, who your target consumer is and how much you plan to sell it to them for, what your expenses are, how your business will operate, what the risks are in starting your business, and who your competition is. Reserve the details for describing your menu of products or services, how much you will sell it for, and who will buy it. These few pieces of information are fundamental to a good business plan.

2. Set Specific Goals

While nearly all entrepreneurs have the goal of making money off their venture, this type of goal won’t cut it when developing a high-quality business plan. Your business plan must include a time-based action plan that sets goals for your business during the first month, the first quarter, and the first year. These time-based goals should be linked with specific action benchmarks that are easy to track and measure. You should know what your priorities are and where you are initially directing your focus. Most businesses fail within the first year because entrepreneurs aren’t strategizing enough and setting specific time-based goals. Beat this statistic for your business by vowing not to leave anything to chance and highlighting all of your goals in your business plan.

3. Don’t Use Templates 

In business plan writing, entrepreneurs often worry about the form of their business plan while sacrificing substance. It’s fine to glance at business plan templates to get an idea about how you will write your business plan, but don’t stare at them for too long, and you definitely shouldn’t copy them line-by-line. To write a quality business plan, all you need it a simple word document and substance. If you know your business and truly believe in it, you have the power to write a compelling and useful business plan. Focus on highlighting what your product or service is, how you plan to create revenue, and what your expenses, competition, and risks are when growing your business. Make sure everything logically flows and your business plan will be effective.

4. Be Realistic & Practical

When you have an amazing business idea, you may be brainstorming about all the ways that your business will change the world. However, these ideas hold no merit until you can definitively outline how you are going to get there. You should have goals for your business, but what’s equally important is a realistic and technical action plan that gets you there. While you may feel that you have a great idea, if you can’t create a specific action plan, your goal is likely unrealistic. Be realistic and practical about what you want to achieve, and know how you’re going to achieve it. This is the very basis for an effective business plan.

Consider Hiring A Business Plan Writer

Many business owners don’t have the time to write a compelling business plan, even if they can follow the tips highlighted above. While you may have great writing skills, you may want to consider hiring a business plan writer to do the job. When you are starting a business, there are a lot of actions that you, the entrepreneur, need to take to ensure that your business is successful. Hiring a business plan writer ensures that your business plan has the attention and care of a professional needed for it to be high-quality, allowing you to focus on other aspects of your business.

Regardless of the route that you take for business plan writing, a business plan should be one of the first things that you do when starting a business. The success of your business lies on the quality of your business plan, so make sure that you are able to put time, effort, and thought into developing it.