Issa Asad Gives 4 Tips for Writing Your Business Plan
Almost all business experts will tell you that a business plan is one of the most important strategic tools of any business. There is a big misconception that business plans are important if you are just starting out with your business. Nothing could be further from the truth.
“While a startup definitely has to have a business plan, even an established enterprise that wants to move to the next level can enjoy some of the benefits that come with having a concrete business plan,” explained Issa Asad Florida entrepreneur and businessman since 1996. Mr. Asad is the CEO of Q Link Wireless, Hello Mobile, and Quadrant Holdings, all located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
One of the most important benefits of having a business plan is that it connects the various dots in a business to give a clearer picture of the entire entity. At the end of the day, it’s all about having a strategy that aligns with your overall business goals. For example, you want the products or services you offer to match your target market. A good business plan should highlight that.
Here, Issa Asad Gives 4 Tips for Writing Your Business Plan:
1. Know why you need the plan
Different businesses require business plans for different reasons. For example, one business might come up with a plan whose purpose is to help raise finances while another one might need it to convince potential creditors that that business is creditworthy. So as you come up with your plan, it is important to be clear about its purpose. In fact, in some cases, you might need to have a few versions available to serve the various purposes.
2. Do your homework first
When writing a plan, you should know that it’s not just for your own consumption but for a larger audience. A good business talks directly to the audience. That means it must be well-researched and without any grey areas. Take the time to gather as much information as possible about your business and also the industry that you are about to enter. Knowing your weaknesses is just as important as knowing your strengths. If you don’t know any weaknesses that your business may have, then dedicate some time to digging more.
3. Prepare your company profile
Company profiles are a tool that businesses use to attract potential clients and source the best talent and are very prominent in their official websites. However, it can also be a good way to tell your audience what your company is all about in your business plan. In fact, it should be among the first items that one encounters when he starts reading the plan. Including the profile in your plan eliminates the need to provide the same company information all over again.
4. Base your plan on the intended audience
Your plan will be read by a varied audience and each will have its own vested interests. It is up to you to take all these different interests into account when creating a plan for any specific audience. For
For example, while bankers may be interested in financial statements, venture capitalists or potential employees may be looking out for different things. Therefore you must always modify your plan depending on who is supposed to read it.