Most business plans have specific attributes:
- Reasonableness of key assumptions
- Clear- cut and specific language
- Introduction of sufficient independent corroborating evidence
- Internal consistency
- Awareness of success, key areas of risk and vulnerabilities
- Evidence of an undertaking based on sound business analysis and judgment
When creating a business plan, integrating a team approach is often very effective and alleviates the stress being only on one person. Additionally, you will be able to address different areas of the plan much more efficiently:
- Creating Team Members
- Differentiating the plan in stages
- Assigning a hierarchy
- Making the plan and updating the changes.
Creating the Team
When creating a team, it is important that all members have a certain expertise so that each part of the plan that has been chalked out can be carefully executed. For example, not everyone needs to be an expert in finance, the team would benefit by having members from various knowledge streams, such as writers, business management, IT engineer etc.
It is also necessary that each of these members is dedicated to the process, and inevitably to the plan. The creation of a business plan is quite complicated, involves plenty of hard work and stress and takes up a considerable amount of time. So when selecting team members, their commitment towards working hard and with enthusiasm in completion of the plan that has been created should be assessed.
After the team has been created, the plan needs to be broken up and execution of each part should be lead by a certain member. Let’s assume that one member of the team that has been created will be managing the finances (i.e., making budgets, salary structures, payments etc), while another member can do research such as finding out other similar products that is on the market (competitive analysis).
Another member can work on the marketing plan, and in this case the writer can work in co-ordination with them as well. Having each section of the plan broken down into smaller, more manageable parts helps in effective plan execution and long-term resource building.
The next fundamental in creating a successful business plan with the team approach is in setting up a hierarchy in the team. This is in the interests of all members and helps to eliminate redundancies in tasks. This helps to ensure that members fulfill their responsibilities correctly and for the better of the business plan. Having a team hierarchy ensures that on the top are the managers, who function so that each part of the plan goes well together and the manger is the main key in the team ensuring that the plans is executed on time and with quality.
The last stage of the plan is a mammoth task and needs a lot of effort and time, since it requires the collation of studies, research and facts relating to the business. The tasks basically include writing, editing and marketing material and collateral – and they should be as clear, unique and realistic. This part of the plan can be used to impress investors and to secure any financial support that the business needs. This part of the task has an impact on the plan, and success of the business plan depends on it.
When it comes to creating a business plan, the team approach may be unconventional, but give it a try – you just might be surprised with the results!