5 Keys – A Successful Business Plan – 2

5 Keys – A Successful Business Plan – 2


– At Second Wind Consultants,
we’ve worked with thousands of business owners and entrepreneurs. And through that
experience, we’ve determined that there are five key components to any successful business plan. Those five components are, number one, identifying and establishing
a competitive advantage. That means choosing
your product or service and clearly identifying how
you are going to add value above and beyond your other
competitors in that space. Whether that’s a cost
competitive advantage, additional customer
service, ancillary products, it needs to be clearly
defined so that both you, as the entrepreneur, and all of your staff can embody that competitive advantage. Number two is having a defined
sales and marketing plan. Now that you know what
you’re going to sell, how you’re going to market and sell it needs to also be clearly defined. Marketing has a lot to
do with your mission and your messaging, and so making sure that your entire team’s effort is in line with how you want to sell your product will be crucial to your success. The third part of a
successful business plan is cash flow projections. If you are entering into a
market for the first time, you need to know exactly how
long it’s going to take you to reach profitability,
how you’re going to scale that profitability thereafter, and what it’s going to cost
to absorb that type of growth. Number four supplements that,
which is a financing plan. Whether that’s the entrepreneur
putting in equity capital to support it, going to
third party investors to raise equity capital
from those sources, or taking on bank or
traditional other types of debt obligations. Understanding how you’re
going to finance your company will be crucial to you hitting
your initial projections. Number five is a division of labor. As you continue to hire on a
team and bring on more people, understanding what your
people’s strengths are and creating a clear division of labor as to who’s going to do
what within the company will make sure that you
both produce on a timeline that’s acceptable to your customers, and also will make sure
that you keep your labor and overhead costs in line. At the core of any of our
management consulting services, accelerators, or turnaround services, a comprehensive business
plan is the foundation on which everything else is built.

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