Sherry Auble discusses the top tips for creating a business plan.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-sherry-auble-founder-of-savvy-women-wealth-the-importance-of-having-a-business-plan/
Successful business plans are essential to any company’s success. A well-crafted plan will help attract investors, secure loans, and recruit team members. Here are the key factors every successful plan should include and the top five tips for creating a business plan:
What to Include in a Business Plan
Generally speaking, successful plans include:
- Executive summary: This brief overview will provide the reader with an understanding of the company’s mission and goals.
- Company description: Provide an overview of the company’s mission, values, products/services, and customer base.
- Market analysis: Analyze the competition and target market to create a strategy for success.
- Organizational structure: Lay out how the company is structured, including any applicable management personnel.
- Financial plan: Lay out the cost of operations and projected financials.
The Top 5 Tips for Crafting an Effective Business Plan
- Start with a strategy: Before writing a plan, business owners should spend some time researching the industry and developing a clear strategy for success. This will help ensure that they have a comprehensive plan in place to achieve their goals.
- Outline each section: Once there is a strategy in place, it’s time to start outlining each section of the business plan. Having an outline can help business owners stay focused and organized as they write.
- Use data to back up claims: Don’t just make assumptions – use data to back up claims. This could be in the form of industry research, customer surveys, or other relevant data points.
- Make it compelling: The business plan should be engaging and informative so that readers will want to invest in the company. It’s useful to focus on telling a story that will capture the reader’s attention.
- Have it reviewed: Before submitting a business plan, it’s important to have it professionally reviewed to ensure accuracy and quality. This will help catch any errors or omissions before submitting.
Sherry said: “Writing a business plan is essential because it provides a comprehensive roadmap for your business’s success. It clarifies your vision, mission, and goals, ensuring a clear understanding of your business’s purpose and direction. A well-structured plan outlines your strategies, target market, and competitive landscape, enabling informed decision-making and effective resource allocation. By conducting thorough market research, it identifies opportunities and challenges, allowing you to develop strategies to navigate them. A business plan serves as a communication tool for stakeholders, helps track progress, attracts funding, and provides accountability. It fosters adaptability, guiding your business through changes while maintaining a focused trajectory toward growth and profitability.”
Video Link: https://www.youtube.com/embed/53P2DZZTE2g
About Sherry Auble
Sherry grew up in a struggling blue-collar family where money was scarce and at times, nonexistent. But she was determined to create a better and more fulfilling life for herself and she has been able to do that with the gift of perseverance and resilience. She has had her share of knocks, but always gets up and pushes on. She thinks it’s that kind of determination that enabled her to work for premier Wall Street firms and Fortune 500 companies in business development. In fact, one of her greatest accomplishments was growing a financial advisory practice from the ground up to a $25 million portfolio of high-net-worth clients. She learned a lot about the fundamentals of building a successful online business and that’s what she wants to do for today’s women entrepreneurs through her new Savvy Women’s Business Academy.
Today, her mission is to take all her training, experience, talents, and gifts to help women entrepreneurs overcome the common obstacles and challenges of business while learning the best practices to grow and scale to 6 figures and beyond!
Learn More: https://savvywomenandwealth.com/
