Business Plan Secret #2 - Connect The Dots
The Importance of an Interconnected Plan
When it comes to writing a strong business plan, you must make sure that it is interconnected:
Your market research should match your selected target market.
Your target market should match your marketing plan.
Your marketing and sales plan must match your financial projections.
Your financial projections be realistic to industry benchmarks (or have a good explanation for what you are basing them on, such as past sales history or similar companies in your field).
Your operations plan should be reflected in your financial statements.
Everything from your management team background to your chosen niche to your business model all must be integrated and support the same core business idea.
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Use Each Section to Highlight Your Core Idea
Similarly, you should use each section to highlight the strengths of your business concept:
Use the competitive analysis to show how your business is different from the current competitive landscape, and the uniqueness of your concept.
Show your sales history to support the story of your company’s growth into the future.
Use market research trends to show how your industry is growing or shifting towards the solution you offer.
Use your management biography to illustrate how you/your team are best equipped to be managing this business.
Use your operations section, including organization structure or location outlay to support the unique business model/concept you have chosen.
Too many times business plans include many contradictions, which can confuse the reader, lower their confidence or hurt your chances of successfully gaining funding.