Jorja Tuckett August 26, 2021 Business
Many entrepreneurs try to delay or avoid creating a traditional business plan, writing this type of plan is considered a daunting job. This is not utterly true, because there is a easier technique to get set up, called as a one-page business plan.
Summarize the suitable and essential items into one-page, a mini version of a traditional plan. From the start, creating a one-page plan requires in-depth research, the right strategy, and careful financial planning to become an effective business plan.
A one-page business plan looks like it`s easy to make, if compared to a traditional plan. But actually it requires a more detailed and brief extraction effort, so that potential investors are become more interested.
A well-organized and concise plan can be an effective tool in motivating teams and employees to achieve business targets. Understanding the core of the business and respecting the needs of the audience is the key to writing a one-page business plan.
Building a good business plan is very important to support business success, there are many good reasons that accompany it. Businesses can grow better and faster by following the processes contained in the business plan.
Likewise with the one-page plan model, there are the same reasons but with some additional benefits, such as:
Basically, every portion of a one-page business plan has similarities to the traditional version, except that you are required to summarize the words, as well as a descriptive sentence in each of its elements. As stated in the explanation in this below outbreak:
When you observe people and discover that their needs are underserved and under-met, your business becomes relevant to the problem if your business is able to meet those needs.
The problems found can be solved with your business idea. Justification and acknowledgment of the service products run by your business will occur immediately if the problem introduced to the audience is resolved.
How your company and business are able to create and capture value to make money, this is what is called a business model. Details of pricing strategies, selling costs, distribution, and production costs need to be included in this section.
In analyzing the market, you must carry out qualitative and quantitative evaluations aimed at the groups that are the target market for your business. You need to think about the size and segment of the market along with its purchasing power, what the pattern is, taking into account the existing regulations.
You need to go into detail in identifying key competitors. Which companies have the potential to become competitors. Then, what is the advantage of your business, which makes it different from your competitors.
You just need a few powerful graphics of the core picture of a business financial projection that includes a cash flow statement, income statement, and balance sheet. Detailed spreadsheets don`t really fit into this one-page business plan.
The time line is used as a description of the company`s business development from time to time.
Instill the principle to always focus as much as possible on the strengths of your business. Highlight well positioned plans based on market analysis. Similarly to financial projections, if the position is strong then the financial division must be strengthened.
Creating a business plan on one page is not as simple as it seems in a template. But believe me, this will emphasize the value and core idea of your business, so that potential investors will more easily understand what you are conveying.