Business Plan: How Far You Can Go Without Your Prophet

18 October 2018 / By Huenation

Ideas are free. Business ideas are freer. Thoughts are never enough and no matter what, you have to do some form of showing, if not for investors, but for yourself—to give you a concrete assurance that you will not run your business aground in the first month. This "form of showing" is what we know as business plans and they are very strategic and crucial to the success of our businesses.

A Business Plan has been defined in its simplest form as a guide—a roadmap for your business that outlines goals and details how you plan to achieve those goals. In essence, the document is like a theoretical arsenal for the warrior who wants to fight the business battle. Among other things, a Business Plan examines your competition—how and why are they ahead of you? What are the things you need to do to kill the gap? And if you are the big guy, a Business Plan is the prophet that advises you how to keep your spot in the pyramid.

Before we proceed, it is important that we distinguish between a Business Plan and a Business Proposal: a Business Plan focuses on a company’s goals, the problems it’s trying to address and the solutions it's offering, its potential market size, keys to success, products and services, market execution, and many more. A Business Proposal on the other hand usually focuses on how a certain project would be executed, states a quote for the project, terms and conditions, and several other key pointers.

You think you have all the resources to finance and run your business and because of that you don't need a Business Plan? This myth is very dangerous to the health of your business. While they seem to need it more, Business Plans are not for fund-seeking entrepreneurs alone, they are for every business owner. As a matter of fact, about the only person who doesn't need a business plan is one who's not going into business. Whether you are just looking to launch a business or you are already into the business, a Business Plan guides and coordinates your wide business ambitions within a creative yet logical and realistic environment.

If you throw in some punches to Google search, you'll definitely find tons of articles on the internet telling and showing you how to write a good business plan—each advising a specific style. However, at Hue Nation Media, we advise that your business plan include the following: an introductory brief; an explanation of your products and services; a comprehensive analysis of the industry and market you are operating in; you have to evaluate your competition; conduct a SWOT analysis; enumerate your operations plan; have a marketing strategy in place; note information about your management; and of course, very important, be meticulous and careful with your financial figures. And one more thing, your executive summary  is very important—this gives you and others a basic summary of all your plans.

Whichever way you want to do it, always remember that you don't have to form Isaac Newton by attempting to reinvent the wheel—there are templates, software, courses and more resources online and offline. People have done it before and you can learn from them. Just make sure to include operations, management, marketing and financials.

Or, you can just give us a call at HueNation Media—and let's take that headache off your head!

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