How To Write A Strategic Business Plan

How To Write A Strategic Business Plan-87
You can skip the executive summary (or greatly reduce it in scope) if you are writing an internal business plan that’s purely a strategic guide for your company.

You can skip the executive summary (or greatly reduce it in scope) if you are writing an internal business plan that’s purely a strategic guide for your company.

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You’re most likely targeting a specific market segment such as “style-conscious men” or “runners.” This will make it much easier for you to target your marketing and sales efforts and attract the kinds of customers that are most likely to buy from you.

If you are writing a business plan to get a bank loan or because you’re asking angel investors or venture capitalists for funding, you must include the details of what you need in the executive summary.

Your solution is the product or service that you plan on offering to your customers. How exactly does it solve the problem that your customers have?

Depending on the type of business you are starting and the type of plan you are writing, you may not need to go into too much detail here.

There are four main chapters in a business plan—opportunity, execution, company overview, and financial plan.

The opportunity chapter of your business plan is where the real meat of your plan lives—it includes information about the problem that you’re solving, your solution, who you plan to sell to, and how your product or service fits into the existing competitive landscape. Maybe the existing solutions to your customer’s problem are very expensive or cumbersome.

If so, use this final portion of your target market chapter to provide details about those customers and how they are important to your business’s success.

Immediately following your target market section, you should describe your competition.

No matter what, you need to know who your customer is and have a rough Don’t fall into the trap, though, of defining the market as “everyone.” The classic example is a shoe company.

While it would be tempting for a shoe company to say that their target market is everyone who has feet, realistically they need to target a specific segment of the market in order to be successful.

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