Part 2: Your Business Strategy Plan

(by Saghar Tawakol)

With all these ideas in your head about your new business, it is difficult to keep everything in mind and not forget essentials. In order to bring some order and structure into your thoughts and thought process, consider using a mind map.
A mind map is a drawn out plan that helps you visualize your ideas and ultimately increase your productivity. If you plan to start a (small) business, having your ideas written down or drawn out in a map can help you overview your ideas better, and you can easily add new points at any time.

Think of mind mapping as a better way of brain storming. Everything you think of will be written down, which helps you prioritize and find connections between the different points.

In the middle of your mind map, write down your vision statement. Around this vision statement, write down your goals which you link to your vision. The next circle around your goals should contain your strategy ideas which will link to each single goal, followed by the biggest circle, the actions. Link these actions to your strategies to remember which action refers to what strategy and ultimately to which goal in order to fulfill vision.

With such a mind map at hand, it will be much easier for you to focus on what you really need to do to get your business started. Whether you create your mind map on the computer or draw it out on a piece of paper: make sure to keep it handy so that you can look at it whenever needed.

Once your mind map is set, you can now focus on your actual business plan, considering the following points:

Executive Summary:
  • Tell your potential business partners and customers what you want. Cut right to the chase and don't waste too much space beating around the bush. It's important that the reader of your business plan knows exactly what you want and need after having read the summary.
  • Describe your business, the product or service, as well as which market you are going to serve.
Current position:
  • Provide legal information about your business, for example when it was formed, the owners, its legal form of operation, and key contributors.
  • This should include sales, profits, RoI (Return on Investment), cash flow, and the necessary capital in order to start the business and how that money will be used.
Market strategy:
  • Define your market: Who are the competitors? Who is your target market? What is your sales potential? Where does your business position itself? How will you price your products (pricing)? How will the distribution process look like?
  • Once you know your competition and your target customers, ask yourself how you are going to promote your products/services. What will your budget for marketing be? Where will you most likely find your target audience and how can you reach out to them best?
  • In order for your company to succeed, you have to have the right expertise in your key areas. Determine where you will need to recruit experts before hiring, and where your own expertise and skills come into play.
  • Every business comes with a potential risk. Not only during an economic crisis but at all times, especially for new businesses that want to establish themselves on the market. Identify these risks and have a well structured and detailled plan on how to address each risk.
Financial Statements:
  • There are three common statements: Cash Flow, Income, and Balance Sheet. You don't need more information in the financial statements, but be aware that these pages will be reviewed most carefully.

If you are not sure how to put your business strategy plan together, consider hiring a professional, such as a business consultant. You can find experts in your area at the Yalwa Business Directory.

In the next blog posting, we will lay with you the groundwork for a successful startup: Naming your business.

Your Yalwa Team

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