Why Create A Business Plan

Why Create A Business Plan-44
As a business owner, you're focused on the day-to-day. You have a vision for your business, where you want to go next, but the daily demands can make it hard to turn your vision into a formal business plan. It's a real-time document that charts where you're going and how you're going to get there. Creating a business plan can be simple with the right tools and guidance, and it can pay off in a big way.

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While the SWOT matrix does have a place in the world of business communications, it’s not necessarily the best way to present your competitive landscape.

The SWOT matrix doesn’t make it easy to see at a glance the key characteristics that differentiate your business from your competitors.

These data are easily summarized in a histogram, with bars that represent age group distribution.

If your business has already been operating for some time, investors will expect a detailed report of revenues and expenses.

Tables are usually the best choice for this kind of financial summary, as they provide an unbiased view of the numbers and allow investors to look up specific values.

If you’re just starting your business and you don’t have any detailed revenue data, you can still provide useful information about your budget.Some lenders require a formal plan before extending a loan or line of credit.Investors also want to see how you map out your strategy and goals.This means segmenting customers by geography, interests, demographics…really anything that might affect purchasing behaviour.Two standard metrics that most businesses include in a market segmentation summary are customer age and gender.What they really want is something that will help them understand your business quickly and without much effort.Key statistics like these can go a long way towards convincing your investors that you’re worth their time and money.Gaining competitive intelligence and customer insights is critical for your plan.You just might discover a new target market that’s willing to pay a premium price for your product or service.The way Uber breaks down their market with a simple donut chart makes their biggest segment (a key takeaway) really stand out, while the subtler differences between the smaller segments are still evident.Another part of analyzing market potential is about identifying and understanding target customers.


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