Thursday, October 6

A Complete Guide to Develop an Engaging Business Plan

Developing a business plan in professional and academic scenarios is entirely different. While a professional business plan has thousands of chances for correction, academics are just a few. Moreover, a chunk of academic grade is associated with a business plan assignment. However, these simple thoughts often instil fear in the minds of case study writers and deter them from creating an engaging business plan.

Nonetheless, by taking university assignments with help from various experts and friends and using self-creativity and innovation, students do structure a business. Still, they miss adding the “engaging” factor to the assignment. Here are the 10 tips for engaging the reader with the content.

1. Customise the plan to audience

It is pointless to have a business plan if it does not have an audience to read. Therefore, the first thing to consider while building an engaging business plan is to recognise who the audience is and what purpose would serve to build a business.

It can be to find the attention of an investor or business partner. Though the primary details for every business plan audience remain the same, the use of language to lure the specific audience changes.

For example, if a business plan is for two distinct audiences – an investor and a bank manager. An investor will look for the words that indicate the returns to the sum of money put into the business. However, a bank manager will look for other details like proof that indicate the entrepreneur will be able to pay the loan before the institution sanction its funds.

2. Study the market thoroughly

Anybody who has seen the Dragon Den series on the BBC can understand how the potential investors would emphasise the entrepreneur’s market knowledge before the dragons decide to put their money into a business.

The same rule applies in reality as well. A business plan must reflect the owner’s in-depth market study, the prominent threats and opportunities and the hypothetical strength and weaknesses a business might have.

Even if the content is written as a part of the assignment, it has to be life-like. Someone who has performed a SWOT analysis might find it easy to include the details.

3. Identify your competitors

Every business stands in a specific market category, perfect competition, monopoly, or oligopoly. Therefore, it is essential to detect the kind of market field the business will play, the opponents and their strengths and weaknesses, which might impact the company’s game. A business plan must include the company’s strategy to deal with competitors.

4. Pay attention to detail

A business plan must include justifiable information for readers to understand the various aspects of the business. For example, the facts and figures explained in the business plan must indicate the owner’s professionalism and capabilities.

While writing a business plan for academic purposes, collecting and stating the information similar to a real business is impossible.

However, the arrangement of numbers must not seem childlike. Moreover, whether a business is built for academic or professional purposes, there should not be any mistake in entering the digits or other spelling mistakes or setting any unrealistic assumptions.

5. Focus on the opportunity your start-up offers investors

If a business plan is built to seek investment from large corporates or banking companies, a description of the opportunity or benefits of investing in the company and not others providing similar services at the same price range.

For example, it can mention what is exceptional in the company or why people should buy products from one company than other leaders. In short, it must talk about the unique selling price.

Imagine a company seeking investment from others is a food truck primarily selling burgers and fries. Now the road which the food truck crosses every day and the park at which it sells has 2 other food trucks selling burgers and chips for the past 5 years.

What will make the locales shift their queue? What special ingredient does the seller use in its food that sells all the products before it shuts the door for the day? Talk about this factor in the business plan.

6. Get your financial information right

Business plan writers must never consider the audience a novice. They might have more knowledge about what accurate figures look like. Therefore, stating the actual figures on its paper even if the company is running at losses is a wise decision. All cash flows mentioned in the document must be in accurate and complete figures.

The pitched sales production must be well founded. The analyst’s fee must be included if a financial is recruited to prepare the document for scrutiny, even if it is running on losses.

Additionally, cost and sales must be included in the paper, even if sales are more complicated to predict for the future than the costs.

7. Make your executive summary convincing

The executive summary is the most significant section of a business plan. An experienced reader will read the summary before getting into other details. The investor may back off if the executive summary does not sound or read engaging.

Therefore, this section must summarise all the document headings into a few bulleted points. Even if the executive summary appears on the document’s first page, it is better to draft it after writing every other document section. In any way, this section has been engaging, impressive and practical.

To sum up,

Designing a business plan is complicated. To make the document engaging is another level of difficulty. However, nothing is impossible if one has the right tools. In this case, however, the tool is not something tangible. It is just a few tricks; sticking to it will make a business plan stand out, and the chances are high that the intention for creating the document will be met successfully.

Author Bio: Brandon Lenon is an entrepreneur based in the UK. He also works as a part-time academic assistant in a company that offers buy assignment help online. To connect with him you may send your queries to My Asssignemnt help websites