How to build a successful business plan by geoffrey byruch

HOW TO BUILD A SUCCESSFUL
BUSINESS PLAN

BY GEOFFREY BYRUCH


BUILDING A BUSINESS AND BECOMING AN
ENTREPRENEUR FORCES YOU TO INTERNALIZE
A N D S E L F R E F L E C T O N VA R I O U S H A R D - H I T T I N G
Q U E S T I O N S T H AT E N C O M PA S S E S W H AT Y O U
ARE TRYING TO ACCOMPLISH AND THE
VA R I O U S S T E P S T O G E T T O Y O U R E N D G O A L .


W H AT I S A
BUSINESS PLAN?

A BUSINESS PLAN IS A
COMPREHENSIVE REPORT
T H AT D I S C U S S E S T H E
C O M PA N Y ’ S V I S I O N ,
GOALS, TEAM MEMBERS,
FINANCES, PROJECTED
FINANCES, MARKETING
PLANS, EXPENSES, AND
O T H E R VA R I O U S FA C T O R S
T H AT W I L L I M PA C T T H E
BUSINESS FROM ITS
P R E S E N T- D AY S TAT U S T O
I T S F U T U R E - D AY P O S I T I O N .

H AV I N G A H O L I S T I C V I E W, E S P E C I A L LY O N E T H AT B R E A K S D O W N T H E
A P P R O P R I AT E S T E P S I N A S P E C I F I C T I M E F R A M E , A L L O W S Y O U T O
TA C T I C A L LY P L A N F O R W H AT T H E N E X T F E W W E E K S , M O N T H S , O R Y E A R
S H O U L D L O O K L I K E F R O M T O D AY.


POSITIVES FOR A
BUSINESS PLAN

• A B L E T O S T R AT E G I C A L LY

•
•
•

•
•

P L A N F I N A N C I A L LY A N D
E F F E C T I V E LY
PLAN FOR FUTURE
INVESTMENT
HOLISTIC VIEW ON
FINANCES
B E T T E R U N D E R S TA N D I N G
FOR MANAGEMENT AND
EXPENSES
FUTURE REVENUE
S T R AT E G Y P L A N N I N G

S O H O W D O Y O U M A K E A C O M P R E H E N S I V E LY
S O U N D B U S I N E S S P L A N ? B E L O W I H AV E
O U T L I N E D T H E F I V E M A I N C AT E G O R I E S Y O U
NEED TO INCLUDE IN YOUR BUSINESS PLAN:


1. Executive / Business Description
• For this section, it is best that you provide an overall summary of your

business. Provide a short description of the company, the company’s
history, and the industry you are looking to jump into.

• When describing the industry, discuss the present outlook as well as future

possibilities that you see your company can assist to.

• Make sure you provide information of the various markets and

competitors in the field.

• Having this idea mentioned can provide you and your investors with the

future affects or strategies you need to make to compete in such a field.

• Lastly, make sure you introduce yourself. Provide a short description of

who you are, your academic and professional background, and what
brought you into the field.

2. VISION & GOALS

• YOU WANT TO

OUTLINE YOUR
OVERALL VISION
AND GOALS FOR
Y O U R C O M PA N Y.
T H E B E S T W AY T O
DO THIS IS BY
BREAKING THIS
DOWN IN THREE
W AY S :
• 1. VISION
S TAT E M E N T
• 2. SHORT TERM
GOALS
• 3. LONG TERM
GOALS


• Vision Statements: This is the

mental picture of what an
organization wants to achieve over
time. Try thinking of this as your
overarching goal of where you want
your company to be 5, 20 years

from now. Short-Term Goals

• Short-Term goals: Goals that you

set for your company and yourself.
Think of these goals as weekly or
monthly goals; goals that can be
accomplished in a timely fashion.

• Long-Term Goals: Very similar to

the vision. Long-term goals are vital
for a successful business. These are
goals you are looking to
accomplish in the future, preferably
within a year time. Begin thinking
12 months for this concept


3. OUTLINE
YOUR FINANCES

IN ORDER FOR YOU TO SUCCEED, YOU NEED TO ASK YOURSELF
S O M E H A R D H I T T I N G Q U E S T I O N S T H AT W I L L O U T L I N E Y O U R
F I N A N C E S I N A H O L I S T I C V I E W.


THESE QUESTIONS NEED TO REPRESENT
FUTURE PROJECTIONS, EXPENSES, AND
P R O F I T.

• HOW MUCH MONEY DO YOU
CONTROL?
• HOW MUCH MONEY WAS INVESTED
I N Y O U R C O M PA N Y ?
• W H AT A R E Y O U R E X P E N S E S O N A
D A I LY, W E E K LY, M O N T H LY, Y E A R LY
BASIS?
• W H AT A R E Y O U R S A L E S ? H O W
M A N Y C U S T O M E R S D O Y O U TA K E I N
O N A D A I LY, W E E K LY, M O N T H LY,
Y E A R LY B A S I S ?
• W H AT I S Y O U R N E T P R O F I T ? H A V E
Y O U R E A C H E D Y O U R G O A L ? I F N O T,
W H AT C A N Y O U D O T O C U T C O S T /
INCREASE REVENUE?


4.MARKETING
• For a new business, you want to

outline various marketing and
branding strategies you will
implement so that you can attain
more customers.
• The stronger your marketing is,

the stronger your business will be.
• Think about the stages of your

overall brand whether or not the

audience will welcome it.
• Additionally, begin planning online

tactics. This is something that can
be done at a fair price to get the
word out for your business.


5. FUTURE STEPS
For the benefit of your company and your investors, you
want to create financial and lifestyle decisions that can
reason how you will succeed at your short-term and longterm goals. There is really not wrong answer to these
questions. Make sure you are thinking step-by-step of
how effectively and efficiently your company should move
when using funding or producing / advertising its
products. Ask yourself the following questions:
• What will you use for the X amount of investment?
• When will business turn into a profit?
• When will investors begin to see a return in their

money?

• What are the projected times you will see an increase

in revenue?

• What are the chances the business will fail? What will

you do when this happens?

• How many people will you be working with? What will

they do? How will this help your business?

• Where will you be located? What will the hours look

like?