After deciding to create a business plan, the next decision is usually one that is about getting it done quicker. One of the relevant fears of creating a plan is the question of, “Am I missing something?” This fear is apparent in every entrepreneur because we all want to succeed and not succumb to mistakes, and a business plan is a crucial step in taking action to avoid future mistakes.
Follow the experts.
Some people will decide to create their own business plan and try to think of every important aspect of their idea. Although this is a great place to start, it is always unwise to believe that you have all the information and are exempt from making mistakes. This is where a business plan template can be of great value. The biggest benefit of using a business plan template is to guide you and make sure you are including all the right elements in your business plan.
Choosing the right business plan template.
Take a look around, search google. My guess is that your business has some very original features. That doesn’t mean that there isn’t a business that is similar. There have been millions of businesses that have been started and that’s why you can find a business plan template that is fitting. It doesn't need to be exact but it does need to include all the necessary elements.
What to avoid.
A normal business plan is divided into several sections. If your business plan template doesn't help you know what should go in each section, it may be best to search for something else. There are some templates that just outline a text field and let you hope for the best. This doesn’t help much. Avoid templates that aren’t asking you intriguing questions that will enable you to include relevant information.
Another important aspect of any business plan template is the forecast. Make sure your business plan template has the ability to include a forecast and know what investment amount you will need and how much money you can take home after all of your costs. Typically every good business plan will include a net income statement, projected cash flows, and a balance sheet. These are basic needs for any investor or bank. If you can find a template that does the calculations for you that will be even better. It’s best to use tools that are out there to help.
What to look for.
Creating a business plan shouldn’t leave you confused. It should be an easy process that requires some thinking but never to the point where you are on your own. Use a business plan template that was created by experts and that contains real value. The secret is to find a template that causes you to really think about your business. What are your competitors doing right now that is and that isn’t working? What marketing methods will you use? There a good templates out there especially if your business is one that has been created many times. For instance, a business plan template for a restaurant should be a relatively easy task to find. Sadly, restaurants have some of the highest failure rates and I know because some of my favorite places have shut down. Don’t let failure rates deter you from your dream. You just need to be aware of other’s mistakes. Learn from the mistakes of others and create a plan that will help you understand your business. Try and implement a forecast that takes into consideration if things go south.
Using a business plan template should leave you with additional benefits besides just having a well drafted document. After creating your business plan you should know the strengths and weaknesses of your business and the competition. You should know different financial scenarios and accompanying decisions that should occur based on those scenarios. In summary you should be your own business expert, both on your industry, and your business. Preparation is a key to success. Look for a business plan template that prepares you and will enhance your vision of what you need to do. For more forecasting and planning tips, subscribe to our Startegy blog.