You have a business, or you’re looking to create one. Congratulations! You’re in for a bumpy ride. Your early decisions will help make that ride a sketchy 4-wheel expedition up a mountain or a stable roller coaster ride that Walt Disney would be proud of. Using a structured plan to help guide your proceeding steps will ultimately benefit your company whether that be for the owners, employees, investors, or soon-coming clients. When establishing elements of a good business plan there are a few important things that every successful business plan needs regardless of the field.

Put Effort into Research

Whether this be doing a SWOT (strength, weaknesses, opportunities, and threats) analysis, market research, or competitive evaluations it is important to put a lot of emphasis into research to properly understand the people and the issues in question.

Recognize Your Audience

Before you get your first customer, first establish who you wish to market to and try to understand all their wants and needs. By building an avatar to represent your audience, you will find success in further understanding and empathizing with your potential clients. This will help you to be able to more effectively solve the issues they are needing fixed.

Set S.M.A.R.T. Goals

Smart goals are Specific, Measurable, Attainable, Relevant, and Timely. By keeping not only a list of immediate and future goals, but ones that are strictly S.M.A.R.T. is important when managing realistic and obtainable targets for the company’s progression.

Be Concise

It is important to not be too long winded with a business plan. Having a draft that has every detail drawn out can be useful as a first iteration but narrowing it down to something that is better communicated and understood should be the goal for a more effective business plan.

Be Consistent Throughout

Stick to the same tone and style throughout. Don’t over emphasize less useful information and keep attention focused more on the plan itself.

By applying these tried-and-true principles, you too can make a successful business plan worthy of the company you strive to obtain.