How To Write An Academic Business Plan
Academic business plans are often trick to success in business. They allow money-oriented people to prove their entrepreneurial skills. Business plans usually start with an executive summary, which is written for business executives in a clear but concise manner as well as a brief introduction explaining the facts.
1. Research everything
To write the perfect plan, you must know your company, your product, your competition and the market. The most efficient way to do so is through market research. This can be done online via social media or survey sites such as Survey Monkey, or in person by handing out questionnaires or conducting interviews. Every decision you make is more reliable when guided by representative research.
Researching, evaluating and thinking as you write is an expert position to start from when trying to write a convincing business plan. Ten minutes of research and ten minutes of writing every day for around two weeks is considered to be the best formula for developing a business plan – unless of course you have the luxury of being to dedicate more time to it around your work schedule. You should also reference your ideas with links and book references to reputable sources. Your research findings will either confirm your point your view or make you rethink some parts of your plan.
2. Follow the steps
Your business plan should conform to generally accepted guidelines regarding form and content. Each section should include specific elements and address the right questions. A good business plan generally has a set of steps.
3. Predict sales figures
Use your business plan to show the reasoning for making your business decisions. Graphs and charts should be used to back up any predicted expenses in the business accounts. The most important to have are an income chart, expenditure chart, a cash flow graph and a profit and loss chart. A business plan considers all aspects of the business, such as accounts, marketing, tax and business development.
4. Create a ‘journey’
A business can be seen as going on a journey, so a business plan is a road map that provides directions to avoid bumps in the road. The time you spend making your business plan thorough and accurate, and keeping it up-to-date, is an investment that is beneficial in the long term.
5. Find solutions to problems (in a genuine way)
Trading a desirable product or service for a desirable amount of cash is the way to make your business idea profitable. Sounds simple, but don’t forget to think of the customer first.
Finding a balance between what your audience needs and what you need is generally considered to be the way to achieve. Approaches to business and marketing varies around the world, but don’t ‘bribe your tribe’ by being too corporate or cold calling, as your target customer will see through it. Market your business in a way that you would like to buy from.