Whether you’re new to business or you’ve been running a business, you would need a solid business plan. These business plans are formally written documents that comprehensively define and set out the goals and objectives of a business and also explain how the business wants to achieve these goals and objectives. You can view it like a road map or a guide to the business about its goals, whether marketing, financial or operational.

In another article, we have discussed how to write an effective business plan and this largely follows the same steps as to how to build a detailed plan with only minor adjustments. This is because an effective business plan would be detailed.

RELATED: How to Write an Effective Business Plan

Why should I have a solid business plan?

• Through business plans, entrepreneurs can focus on the particular steps necessary for them to ensure their business ideas succeed.

• If you would create an effective growth strategy, it would need to be based on a solid business plan.

• Investors would need a solid business plan of your business if they are going to invest in your business. They wouldn’t want to invest in a business that they do not know where it’s headed.

• Having a solid business plan shows the public that you are very interested and committed to growing your business.

• A solid business plan would help you understand your business industry and your competitors better.

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What should a good business plan have?

A solid business plan would have the following contents:

1. A well-written executive summary, which briefly sets out the business and its mission statement and the business operations.

2. A comprehensive market analysis outlines the competition in the industry along with its strengths and weaknesses.

3. A comprehensive budget, which would include all costs expected to be incurred, whether staffing, administrative, marketing, and other business-related costs.

4. A sound marketing strategy shows how the business would reach, attract and retain its customer base.

5. A solid financial plan, showing future projections, targets and estimates, and any other financial information presented in the form of financial statements.

6. Your business products and services, describe the products and/or services that you intend to specialize in.

How do I build a detailed business plan?

This section of the article sets out the step you should follow to develop a solid and detailed business plan:

1. Create and develop your executive summary

Your executive summary is the first page of your business plan. This page briefly describes the products or services you offer and also briefly summarizes your plans for financial growth. It is the first page your prospective investor would come across and your executive summary should be captivating enough to secure his attention and also give him an overview of your business at a glance.

2. Comprehensively describe your business and your business goals

A comprehensive description would include your registered business name, business address, and the names of the key people in your business. Also, part of this comprehensive information should include the structure of your business and the nature of your business.

In giving this comprehensive description, you should also state the mission and vision of your business and how the funds to meet these expectations would be sourced.

3. Explain the nature of the products and services of your business

Here you would explain how your product/service works, its pricing model, your target customers, and your intended sales and distribution strategy.

4. Market research , marketing outline, and your sales plan

Here you should critically explain your business competitors and what they do and also explain what you do differently from them that sets you apart from the competition. It is important you also describe the plan you developed to persuade prospective customers to patronize your business.

5. Business financial analysis and financial projections

Although a business financial analysis may not be so necessary if you are just starting your business, you should know that financial projections are very important. These financial projections outline how your business will generate enough cash and profits to repay any loans or sustain reasonable returns on investment for investors.

6. Ensure to include an appendix

Here you would include any other relevant information which you seemingly couldn’t fit into other parts of the business plan. Examples of such information could be bank statements or credentials of your key employees, contracts, and other licenses.

What business plan templates are available?

You may use any of the following templates in building your business plan:

1. Start by listing out your business goals and objectives, including the timeframe you intend to achieve them. Lay out your business products/services including ones you intend to add later in the future. Develop this information as you go, because it will form part of your executive summary.

2. Identify what your competitors are offering and explain how your product/service differs from theirs. Engage a professional to help you to draft some financial projections. Lay out your marketing plan and other marketing strategies.

RELATED: How to Create an Outstanding Marketing Plan for Your Business

Conclusion

In clear simple terms, a very detailed business plan would help you in determining your business’s financial needs, attract investors and partners and better understand your competition and customers. Hence, you must showcase your expertise when drafting your business plan.

SmartSMSSolutions can assist you in preparing your business plans. We are here to help you build the perfect business plan that is sure to attract investors. Simply register with us or call us on 07034243326 and we will rush to your aid.

You can also reach out to us at This email address is being protected from spambots. You need JavaScript enabled to view it. for further assistance with your business plans.