05 / October / 2020 : 10-19
How to Create a Successful Business Plan
Creating a successful business plan is a critical step in starting and running a business. A well-crafted business plan can help you secure funding, clarify your goals, and guide your decision-making processes. Here are some tips on how to create a successful business plan:
Define your business concept: Your business concept should clearly outline the problem you're solving, the market you're targeting, and the unique value you're offering to your customers. This section should include a detailed description of your products or services, target market, and competitive landscape.
Conduct market research: Before you create a business plan, you need to do market research to gain a better understanding of your industry, target market, and competitors. This research can help you refine your business concept, identify potential obstacles, and inform your marketing and sales strategies.
Develop a marketing and sales strategy: Your marketing and sales strategy should outline how you plan to reach and engage your target market. This section should include information on your pricing strategy, distribution channels, and promotional tactics.
Outline your organizational structure: Your business plan should include a description of your organizational structure, including your management team, staffing needs, and business operations. This section should also include your financial projections, including your revenue streams, expenses, and profitability.
Seek feedback: Once you've created a draft of your business plan, it's important to seek feedback from others, such as mentors, advisors, and potential investors. Incorporate their feedback into your plan and revise it as needed.
Create an executive summary: Your executive summary is a brief overview of your business plan and should include your business concept, market research, marketing and sales strategy, organizational structure, and financial projections. This section should be compelling and persuasive, as it's often the first thing potential investors or lenders will read.
In conclusion, creating a successful business plan takes time and effort, but it's a critical step in starting and running a successful business. By following these tips, you can create a business plan that is compelling, well-researched, and guides your decision-making processes. Remember, a well-crafted business plan can help you secure funding, clarify your goals, and set your business up for success.
Published on 05 / October / 2020 : 10-19
Published by
Liana Aloyan
Journalist, columnist. Liana studies at the Faculty of Russian Philology of Khachatur Abovyan State University. She has been working at Yelaket (Yelaket.am) news agency since 2019 as a journalist and columnist. Writes articles about business and marketing. Liana is a member of "Media association" since 2020.
Viewed
1927times
Recommended
21 / February / 2020
Where Do The Richest Americans Live?
Have you checked the newest "Forbes 400: The Full List of The Richest People in America" yet?
Surprise, Bill Gates, with a net worth of $81 billion, is ranked No. 1 for the 23rd year running....
17 / June / 2021
Gold loses its shine as Fed hints at rate hikes
The Federal Reserve surprised the market Wednesday with projections that future interest rate hikes will come a bit sooner than expected. Gold bugs in particular were disappointed.The price of gold...
17 / June / 2021
Jobless claims unexpectedly rose last week
Claims for unemployment benefits rose unexpectedly last week, marking the first increase in initial claims since late April.Another 412,000 workers filed for first-time benefits in the week ended...
16 / July / 2021
Abu Dhabi’s maritime sector strategy shifts to diversification, less reliance on oil
“No one is safe, unless everyone is safe” is the thinking behind herculean efforts to immunise the world against Covid-19.Abu Dhabi, capital of the United Arab Emirates (UAE) and a strategic hub...
15 / February / 2022
Ameriabank is the first in Armenia to place green bonds via public offering
Ameriabank announced today public placement of nominal, coupon, book-entry bonds with the total volume of USD 8 million and AMD 3 billion during the period from February 14 to April 22, 2022,...
22 / February / 2022
Ameriabank receives another IFC award in trade-finance sector
Ameriabank CJSC has been named the Best Issuing Bank in the Caucasus for 2021 by International Financial Corporation (IFC), a member of the World Bank Group, in the 10th annual award ceremony in...
02 / March / 2022
Global Finance Names Ameriabank “Best Investment Bank” in Armenia
Global Finance reputable magazine has published the list of winners of the World’s Best Investment Banks 2022 Award, naming Ameriabank the “Best Investment Bank in Armenia” for the seventh year in...
31 / March / 2022
Ameriabank’s ‘Live Armenian,’ ‘Live with a Smile,’ ‘Live Limitless’ promotional draws’ winners...
Ameriabank on Wednesday summed up the promotional draws “Live Armenian”, “Live with a Smile” and “Live Limitless” and announced the results.From December 9, 2021 to March 9, 2022, the Bank offered...