Amid all the excitement of starting a business, first-time entrepreneurs sometimes inadvertently overlook key elements of their business plan as they prepare to launch their company. Unwittingly sidestepping seemingly minor yet critical components of a business plan can majorly impact a new company’s trajectory. So, as founders craft their visions into actionable strategies, there are some important things that should not be neglected.
Here, Forbes Coaches Council members share ways entrepreneurs can ensure they don’t ignore pivotal aspects they should be integrating into their business plans. Check out the insights below to learn how to create a business plan that leads to sustained growth for a new venture.
1. The Route To Money
You have a marketable product—great! You have key people in place. That’s wonderful. But how are you going to survive the first 12 months without cash flow? Make sure your business plan proves how you will get customers to “put money on the table.” Unless people are going to pay for what you’re selling, your business plan isn’t a plan for business, and you’re dead in the water. – Mark Hayes, SalesCoachr
2. Customer Touch Points
It’s not that first-time entrepreneurs forget to include customer touch points; it’s more that they’re rarely aware of how necessary it is for mapping a comprehensive customer journey. Understanding your customer touch points—the areas where your customers will go from awareness to advocacy—is how you will come to implicitly understand your customer’s needs and values and how to create a trusted brand. – Aileen Day, Aileen Day Advisory
First-time founders often overlook the significance of their leadership in the business plan. Prioritize regular reflection and intentional planning around self-leadership, influencing others and overall mindset. Neglecting these crucial elements limits the business’s potential, even with the best business plans. – Brian Houp, ReZone Coaching
4. Market Analysis
Don’t overlook market analysis in your business plan. It identifies your target audience, competition and market trends. Ignoring it risks product misalignment, inefficient resource use and lack of competitive strategy. This can lead to low sales and poor performance. Include it for strategic decision-making and competitive advantage. – Farshad Asl, Top Leaders, Inc.
First-time founders must prioritize scalability in their business plan. Neglecting this crucial aspect will hinder growth and