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Writing A Business Plan? Make Sure It Does These 8 Things

There’s more to a business plan than numbers and data, a good business plan should move you to the core

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BY Annabel Acton - 05 Oct 2017

PHOTO CREDIT: Getty Images

Coming up with a business plan is not just about buttoning up the details, scenario planning, risk mitigation and troubleshooting, it's really an exercise in building confidence in your idea. A good business plan doesn't just lock in the details, it sets an inspiring, exciting vision. One that makes it clear how it will change the game, why it matters and why the time is now. These critical components are often overlooked and yet they are foundational in creating the momentum, passion and confidence needed in order to make a business soar. Here are 8 things that you should feel once you've penned your plan.

 

1. You Wish You Had Money To Invest

When you've got a sound business plan, you wish you had deep pockets. Rather than take a gamble with other people's money, you wish you had your own to put in, as you're certain of its success. This unshakeable conviction, as it happens, will actually make raising capital easier.

 

2. You Don't Feel Like You're Selling Anymore

When you do meet investors, advisors, partners and potential recruits, you no longer feel like you're selling them on a fanciful concept, you feel like you're letting them in on the world's best kept secret and doing them a massive favor by inviting them to be part of your journey. This confidence will transform all your interactions and speed up progress immeasurably.

 

3. You Imagine People Getting A Tattoo Of Your Logo

You understand intuitively that you've created something meaningful and valuable to people, and can envisage the day that they would get your brand tattooed on their body. This is not because you've created something successful, or cool, it's because you've created something that moves people. When you can commit to the change you want to make in the world, magic starts to happen.

 

4. You Feel Energized

Despite working hours that only entrepreneurs keep, you feel full of energy and look forward to each day so you can make more progress towards your goal. This energy and dynamism is magnetic and draws others in to help you achieve your vision.

 

5. Risk Taking Comes Naturally

Your fears dissipate and risk becomes easy to take, as you see how it will help move you towards your overarching vision. You think boldly and with more clarity and see the opportunity far more than you do the potential pitfalls. Risks are seen as necessary to get you where you need to be, and in service of your business goals.

 

6. A Partnership Strategy Emerges

Great businesses know that the fastest way to grow is through strategic partnerships. At the beginning, it can be tricky to know what partnerships are right or wrong for your business, but after a clear business plan, it becomes easy to see who will help catapult you towards success.

 

7. Your Story Is Tight

Whether speaking to the press, investors or advisors, you have your elevator pitch tight and can tell it in a way that is imbued with passion. You also start to tell everyone you meet, and actively solicit their input, feedback and ideas to help you continue to sharpen its edges.

 

8. The Ideas Just Flow

A good business plan is underpinned by a sound strategy - and a good strategy means ideas will flow on their own accord. If you can automatically come up with potent ideas for marketing, team engagement, sales incentives, influencer engagement and more, you know you're on to a winner.