Ideal Business Plan Writing Guidelines for Companies in Vancouver
By Space Coast Daily // February 1, 2021
Successful businesses are structured, and everyone is on the same page. Business plans are written documents that act as a roadmap for your company.
They keep your thoughts in an organized fashion, but they also show others why they should invest in you. Due to such importance, it is vital you know the guidelines to constructing a plan.
Types of Business Plan Formats
There are two types of set-ups a plan will fall into, and each is used for different purposes:
Traditional is the most common style of planning that businesses use, as it is comprehensive. Several sections create an outline for you to inform your readers what you are about. At the end of the plan, attach material that will back up your claims. This includes pictures of products, licenses or certifications, and any other legal document to support your business.
■ Executive Summary – You will want to include the mission statement, what service/good you provide, business location, and a little about your team.
■ Company Description – The description should cover your product/service in-depth. You want to tell people how you help and who should consider your business. This is the place to boast about anything that makes you unique from other companies.
■ Market Analysis – People want to know how you measure up to your competitors, and this section should answer their questions.
■ Organization Management – Using charts, tell readers about how your business is structured. Each person/role needs outlining to demonstrate how they affect your company. It is also an ideal time to boast about the strengths of key members of your firm.
■ Service/Goods Provided – Unlike the summary, here you will go into detail about your services or goods. The reader should walk away knowing what you provide and how it benefits them. You want them to understand what they are investing in.
■ Financial Aspects – If you are requesting funding from your reader, use this section to clarify all your financial needs/projections. Tell them how much money your corporation needs, why, and where the projected use is located. Use charts and graphs to demonstrate your projected income.
The traditional is ideal for someone who wants in-depth information, but it is overwhelming for some people. Readers who desire the basics benefit from the lean format, which uses only a few sections to sell your company.
■ Key Partnerships – Tell your readers who you work with to make your business run.
■ Key Activities – The goal of this format is to highlight the best aspects of your company. Therefore, this section is where you inform your reader how you have an advantage over your competition.
■ Key Assets – Here you will only want to list the assets that leverage your business, including reaching minorities. Your reader should learn what value your company brings to the industry.
■ Customer Relations – Use this to let readers know your market and how you plan to connect with customers. Include platforms you plan on using, such as social media, in-person, and online.
■ Key Financial – Finally, you will want to include your crucial financial structure. Talk about your strategy to minimize costs and maximize profits.
Regardless of which business plan format you decide to use, the end goal is selling future business ventures. You want people to know what your company does, what it wants to do, and how you plan to achieve those dreams. Each section should be concise and to the point, but answer questions that you would want answers to if you were a potential customer.
Analyze your industry and find out where needs are. Create a document that provides information in a manner that amazes them. They will want to know everything there is about you, but it is only valid if you use facts. Do not try to cushion your information to make you look better because you will lose credibility.
There is no set length that a business plan should be, which causes many to overthink writing one. Mini-plans are generally five to ten pages and offer a good summary of the company.
This style is perfect when you need something to give people to follow as you are giving a presentation. The plans that go in-depth may be as short as 15 pages but have been seen to span 100 pages with everything included. When you write your business plan, forget about how long it is and sell your company to the readers.
When to Write One
The best time to write a business strategy is now. The plans are designed to help you regardless of what stage your company is in. Brand new firms benefit from having a set structure to grow from, while established locations use them to evaluate productivity.
A solid plan will also assist when you are looking to purchase a business, merge, or sell your company. Adjustments are possible at any time to keep the information current for your future. The take away here is that every business should have a business plan documented. You already spend hours marketing your company, and this is another tool people use.
With the importance a business plan has on your growth, you want to make sure it is well written. For more tips on business plan writing, contact a professional.
Consider reading the documents of your competitors to see how they are selling their corporation. In addition, examples of well-written plans are available online that give you more ideas of how to structure yours. Giving your business the best chance to expand and be more profitable is worth the time and investment into analyzing all aspects.