Three Things Every Entrepreneur Should Integrate into their Business Plan

Writing a business plan is difficult. Communicating your vision for your new venture in a way that tells the story of your passion, excitement, and potential to the world can seem nearly impossible at times. Once you have the basic plan in place and on paper, it’s easy to declare it “done” and walk away.

Before you move on to your next business building task, take another look at your business plan and make sure these three things are covered.

Is your roadmap as specific as possible?

It’s important to plan milestones that indicate your progress and success. But can the person reading your plan clearly see how you plan to get from one step to the next? Explain your plans to reach your goals. Take potential investors and clients on a journey through your vision that gets them as excited as you are. According to Kevin Hiser, author of this article recently published in Young Entrepreneur.

in almost every case, the entrepreneurs I meet have a business plan. But very few have a roadmap of how to achieve their goals or to monitor their progress along the way. That’s what I call the ‘missing link’ among most startups.

Address competition and risk

It’s important to communicate your enthusiasm and optimism, but a business plan that pretends you have no competition won’t come off as viable. Spend time researching risk and competition and then paint a realistic picture of how your business will overcome those challenges.

Focus on how you’ll minimize risk. Address risk quickly and honestly and then move on to how you plan to compete in the marketplace. How do you see the market changing as you achieve the success you are projecting? How do you plan to overcome future challenges?

Keep your assumptions realistic and well researched

The essence of a business plan is hope. It requires assumptions at every turn. Search your completed business plan for assumptions and add another layer to your story by backing them up with research.  Make it clear that your assumptions are rooted in fact by noting your research findings.

If your business is viable, your business plan needs to reflect that clearly. By reviewing it with these three ideas in mind, you’ll move yourself and your business closer to success.

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- bmt