Step by step: how to put together an impeccable business plan
Posted: Mon Dec 23, 2024 9:27 am
Do you want to start your own business? Due to the financial crisis, it is natural for people to look at entrepreneurship as an alternative to conventional work — but anyone who thinks the process is easy is mistaken. Therefore, those interested should know how to put together a business plan to reduce risks .
To give you an idea, according to a survey conducted by IBGE, six out of every ten companies close their doors before completing five years . We cannot deny how much the economic scenario influences these issues. So, how can you survive in the market?
After reading this article, you will know the fundamental steps to developing a profitable business. Are you interested? Then keep reading and find out!
Do a market analysis
When starting a business, it is a fact that the entrepreneur must have a well-defined customer base to increase the number of sales.
The problem is that this practice is neglected by some business owners, who believe it is an unnecessary process. On the other hand, its use allows for better strategies to be defined — in case the results are not as expected.
That said, you should ask yourself:
Who am I selling to?
What are they looking for in the market?
Who are my competitors?
Why do customers buy from them?
What was missing for other customers not to buy from them?
By understanding your customer's profile , as well as knowing whatsapp mexico their needs, you can develop more effective strategies to convince your user to purchase the product.
Furthermore, if you still cannot achieve your goals, the process allows you to identify whether your customers really need the product you are offering. In this case, your company should look for new solutions to offer to people.
Competitor analysis allows you to understand which approaches work and which don't to attract customers . So, try to improve the positive aspects and explore the negative aspects.
By understanding a user's dissatisfaction, you have a greater chance of winning over this audience, making this a true competitive advantage for your business.
With the data in hand, you have the opportunity to both explore the flaws made by your competitors and improve your practices.
This way, you can explore different areas of activity, from communication to the prices charged by competitors.
Meet the best suppliers
When researching the market, you can also determine which suppliers are the best. Among them, which ones charge the lowest prices, guarantee the best quality or even meet the delivery deadline.
When we look at the software scenario, we can define which companies deliver the best quality programs and guarantee maintenance, should any problem occur.
Make an executive summary
Basically, the executive summary aims to anticipate the main points of your company. To do this, define
the company;
competitive advantages;
the mission;
the entrepreneur's profile;
the products and services;
the market in operation;
the location;
the amount invested;
the legal form;
the tax framework.
By defining the points above, you can highlight the most important details when presenting an overview of your plan, as well as capture the attention of interested people.
Make a strategic analysis
Due to the constant changes in the market, it is a fact that we, as entrepreneurs, must be aware of opportunities.
To assist in the process, we can use the SWOT matrix to define, in a practical way, both favorable and unfavorable situations to remain in the competitive market.
To do this, you must define the following points:
Strengths: internal details of the company or its owner. Its characteristics represent a competitive advantage over the competition to achieve a certain objective;
Opportunities: external situations that are favorable to your business. They allow you to easily achieve results or improve your position in the market;
Weaknesses: internal factors of the company that put it at a competitive disadvantage;
Threats: external situations in which you must take a new direction to adapt to market changes.
Promote a marketing plan
At this stage, the entrepreneur must use the data above to define an approach that captures the customer's attention with an offer.
Above, we talked about conducting market research that encompasses customers and competitors. Below, we will present a more practical use of this information. Stay tuned!
Planning
During the planning phase, it is essential that you know the profile of the customer you want to reach.
By using the data collected at the beginning of the article, you can use the information to develop effective and personalized campaigns for your user. To complement this, try to find out which communication channels are most frequently used by your user.
Information is very important for you to have an online presence and thus be able to generate interest from the audience you want to reach.
The same process can be applied to your competitors. By understanding how they work on social media, you can adapt their ideas to use in your own business.
Implementation
In the implementation phase, your team must carry out all the activities that were thought of during planning.
Additionally, you can choose to either boost campaigns, using paid ads, or opt for organic, where people find your profile through free publications.
But remember that using the first option correctly tends to yield faster results. Therefore, study the formats you want to use in your strategy.
To help with advertising, a common practice when reselling software is to allow users to test the service for a certain period. This way, by having direct contact with the program, the customer may be more interested and purchase the product license.
Assessment
After running the campaign, you must use metrics (KPIs) to know if the results reached the defined goals.
Regardless of the situation, the entrepreneur must take it as a learning experience so that he can develop more efficient strategies for future launches.
Have an operational plan
In the software market, the operational plan defines whether the company will be responsible for developing or simply reselling the programs.
Additionally, you must define how many people will be responsible for the activities, as well as the equipment that will be used.
Protect yourself with a financial plan
This step allows you to check the viability of the process — whether it’s opening, maintaining or expanding a business. For this reason, you should consider:
fixed investments: these are the resources to be used to keep the company running. These include computers and hosting, for example;
working capital: the amount needed to maintain a healthy purchasing and sales cycle. In this case, an amount sufficient to purchase new software licenses for resale;
return on investment period: define how long it will take for the company to start making a profit throughout the process;
minimum revenue: this is the minimum monthly revenue that the company must achieve in order to avoid losses.
By developing a financial plan, you can have a clear idea of how much you are spending to open your business. This way, in addition to having greater control over risks, you will have greater ease if you need to change your investment strategy.
Run a scenario simulation
We know that unexpected things always happen, right? The problem is that we tend to only think about the positive scenario, where the company reaches its weekly sales target, customers are easily interested in our product and there is no sign of competition.
However, in the real world, it is very likely that any of the three situations (or even all) will happen in your business.
To prevent this, define a situation where your company faces only a setback (low sales, increased competition and production costs). What measures should you take to eliminate the problems?
If so, where are you seeing an increase in sales, customers choosing you or a reduction in costs ? How can you take advantage of the situation and further enhance your business?
As we have said, opening a new business is complex and uncertain, but it is not impossible. Whether it is to create a marketing strategy or to have greater financial control, knowing how to put together a business plan will not only reduce the chances of encountering a problem, but will also be better prepared to deal with adversity.
To give you an idea, according to a survey conducted by IBGE, six out of every ten companies close their doors before completing five years . We cannot deny how much the economic scenario influences these issues. So, how can you survive in the market?
After reading this article, you will know the fundamental steps to developing a profitable business. Are you interested? Then keep reading and find out!
Do a market analysis
When starting a business, it is a fact that the entrepreneur must have a well-defined customer base to increase the number of sales.
The problem is that this practice is neglected by some business owners, who believe it is an unnecessary process. On the other hand, its use allows for better strategies to be defined — in case the results are not as expected.
That said, you should ask yourself:
Who am I selling to?
What are they looking for in the market?
Who are my competitors?
Why do customers buy from them?
What was missing for other customers not to buy from them?
By understanding your customer's profile , as well as knowing whatsapp mexico their needs, you can develop more effective strategies to convince your user to purchase the product.
Furthermore, if you still cannot achieve your goals, the process allows you to identify whether your customers really need the product you are offering. In this case, your company should look for new solutions to offer to people.
Competitor analysis allows you to understand which approaches work and which don't to attract customers . So, try to improve the positive aspects and explore the negative aspects.
By understanding a user's dissatisfaction, you have a greater chance of winning over this audience, making this a true competitive advantage for your business.
With the data in hand, you have the opportunity to both explore the flaws made by your competitors and improve your practices.
This way, you can explore different areas of activity, from communication to the prices charged by competitors.
Meet the best suppliers
When researching the market, you can also determine which suppliers are the best. Among them, which ones charge the lowest prices, guarantee the best quality or even meet the delivery deadline.
When we look at the software scenario, we can define which companies deliver the best quality programs and guarantee maintenance, should any problem occur.
Make an executive summary
Basically, the executive summary aims to anticipate the main points of your company. To do this, define
the company;
competitive advantages;
the mission;
the entrepreneur's profile;
the products and services;
the market in operation;
the location;
the amount invested;
the legal form;
the tax framework.
By defining the points above, you can highlight the most important details when presenting an overview of your plan, as well as capture the attention of interested people.
Make a strategic analysis
Due to the constant changes in the market, it is a fact that we, as entrepreneurs, must be aware of opportunities.
To assist in the process, we can use the SWOT matrix to define, in a practical way, both favorable and unfavorable situations to remain in the competitive market.
To do this, you must define the following points:
Strengths: internal details of the company or its owner. Its characteristics represent a competitive advantage over the competition to achieve a certain objective;
Opportunities: external situations that are favorable to your business. They allow you to easily achieve results or improve your position in the market;
Weaknesses: internal factors of the company that put it at a competitive disadvantage;
Threats: external situations in which you must take a new direction to adapt to market changes.
Promote a marketing plan
At this stage, the entrepreneur must use the data above to define an approach that captures the customer's attention with an offer.
Above, we talked about conducting market research that encompasses customers and competitors. Below, we will present a more practical use of this information. Stay tuned!
Planning
During the planning phase, it is essential that you know the profile of the customer you want to reach.
By using the data collected at the beginning of the article, you can use the information to develop effective and personalized campaigns for your user. To complement this, try to find out which communication channels are most frequently used by your user.
Information is very important for you to have an online presence and thus be able to generate interest from the audience you want to reach.
The same process can be applied to your competitors. By understanding how they work on social media, you can adapt their ideas to use in your own business.
Implementation
In the implementation phase, your team must carry out all the activities that were thought of during planning.
Additionally, you can choose to either boost campaigns, using paid ads, or opt for organic, where people find your profile through free publications.
But remember that using the first option correctly tends to yield faster results. Therefore, study the formats you want to use in your strategy.
To help with advertising, a common practice when reselling software is to allow users to test the service for a certain period. This way, by having direct contact with the program, the customer may be more interested and purchase the product license.
Assessment
After running the campaign, you must use metrics (KPIs) to know if the results reached the defined goals.
Regardless of the situation, the entrepreneur must take it as a learning experience so that he can develop more efficient strategies for future launches.
Have an operational plan
In the software market, the operational plan defines whether the company will be responsible for developing or simply reselling the programs.
Additionally, you must define how many people will be responsible for the activities, as well as the equipment that will be used.
Protect yourself with a financial plan
This step allows you to check the viability of the process — whether it’s opening, maintaining or expanding a business. For this reason, you should consider:
fixed investments: these are the resources to be used to keep the company running. These include computers and hosting, for example;
working capital: the amount needed to maintain a healthy purchasing and sales cycle. In this case, an amount sufficient to purchase new software licenses for resale;
return on investment period: define how long it will take for the company to start making a profit throughout the process;
minimum revenue: this is the minimum monthly revenue that the company must achieve in order to avoid losses.
By developing a financial plan, you can have a clear idea of how much you are spending to open your business. This way, in addition to having greater control over risks, you will have greater ease if you need to change your investment strategy.
Run a scenario simulation
We know that unexpected things always happen, right? The problem is that we tend to only think about the positive scenario, where the company reaches its weekly sales target, customers are easily interested in our product and there is no sign of competition.
However, in the real world, it is very likely that any of the three situations (or even all) will happen in your business.
To prevent this, define a situation where your company faces only a setback (low sales, increased competition and production costs). What measures should you take to eliminate the problems?
If so, where are you seeing an increase in sales, customers choosing you or a reduction in costs ? How can you take advantage of the situation and further enhance your business?
As we have said, opening a new business is complex and uncertain, but it is not impossible. Whether it is to create a marketing strategy or to have greater financial control, knowing how to put together a business plan will not only reduce the chances of encountering a problem, but will also be better prepared to deal with adversity.