top of page

Creating a Business Plan: A 5 Step Guide

Updated: Dec 31, 2021

Introduction

A business plan is the foundation of any company. It provides clarity and confidence in the mission of the business, acts as the 'true north' for providing direction and making key decisions intended to maximize customer value, optimize financials, and satisfy shareholders. A strong business plan is also useful when seeking a loan or venture capital or looking to sell and exit. A business plan evolves over time, as the business grows and matures. It can be difficult to know where to start - but with this step-by-step guide, you will be able to create your own in no time!


Step 1: The Big Idea

The first step is to come up with a business idea. This can be difficult, but there are a few things you can do to make it easier:

- Look for problems that need solving in your community or industry

- Find an unmet customer need

- See what others in your industry are doing and try to improve on it


Step 2: Your Mission & Vision - Who are you and why do you exist?

Once you have a business idea, you need to come up with a mission statement. This is your company's reason for being - what value do you provide to customers? Be sure to make it clear, concise, and easy to understand.

After that, you'll need to create a vision statement. This is your long-term goal for your company. It should be inspiring and motivating to you, while also being realistic.


Step 3: The Strategy - How are you going to mobilize?

Next up is developing a strategy - how will you get there? What are the small steps that lead to the vision statement? This section of your plan must include clear action items with an expected timeline. Be sure to set milestones along the way so you can track your progress.


Step 4: Financials - What's your financial outlook?

Now it's time to get into the financials. This includes your start-up costs, monthly expenses, and projected revenue. You'll also need to create a forecast for at least the next three years. This will help you understand if your business is sustainable in the long run.


Step 5: Marketing Plan - Who are your customers and how will you win their business over the competition?

Lastly, you'll need to create a marketing plan. This is how you will drive customers and sales for your company. It should include:

  • Your target market(s), competition, customer persona's , and product positioning

  • Your marketing mix (positioning, price, promotion, place)

  • Tactics and strategies you will use to execute your plan (content marketing? Social media?)

  • The channels you will use to reach them

  • Your marketing message

  • The budget for your marketing efforts


Pro-Tip Bonus - Templates to jumpstart your planning

Along with this step-by-step guide, below we highlight a few templates to help get you started. While you can readily find various renditions available online, we at IMG consulting can provide battle tested templates and also guide you through the process to building a rock-solid business plan!

  • Business Plan Template

  • Lean Startup Business Canvas

  • SWOT Analysis Template

  • Marketing Plan Template

  • Financial Plan Template.


Conclusion - Bringing it all together

This guide should have you well on your way to creating your own business plan in no time! If you get stuck and/or determine that you'd like help, small business consultants like us at IMG consulting are happy to guide you through the process.


Good luck! And let us know how it goes. :)



Payroll Pension Planning

Customer Retention Strategies

Planning Consultant

Capacity Planning

Business Consultant

Marketing Consultant

Event Management

Franchising

Business Start Up

Business Plans

Business Startup

Cash Flow

What Is A Business Plan

Start-ups

Small Business Planning

Small Business Audit

Business Plan Writing

Managed Outsourcing

Start Up Support

Business Plan Writers

Business Plan Consultants

Business Plan Writing Services

Business Plan Writer

Business Plan Writing Service UK

Start Up''s

Business Plans

Business Plan Review

Help With A Business Plan

Review My Business Plan

Business Plan Software

Business Start Ups

Company Planning

Online Business Planning

Starting Your Own Business

How To Start Business

Business Strategy

Business Plan

Business Plan Software

Sample Business Plans

Business Plan Template

Business Plan Writers

Business Solutions

Start Up Business

Marketing Plan

Administration Systems

Business Planning

Business Plan

Marketing

Customer Acquisition & Retention

Business Development

Management Consultancy

Merger Planning Guide

Management Strategies

Business Plan

Market Research

Business Plan Writers

Business Plans

Business Plan Services

Business Consultancy

Raising Finance

Business Plan Services

Corporate Training

Business Plan Creation

Bookkeeping

Copywriting

Small Businesses

Local

Business Plan

Raising Finance

Internal Planning

Growing A Business

Funding

Business Planning

Business Plans

Business Planners

Business Plan Writers

Business Plan Consultants

Business Plans

Business Start-ups

Business Plan India

Business Strategy Development And Implementation

Business Growth

46 views0 comments

Comments


bottom of page