The year 2016 will see so many startup companies coming forward with great idea, with the many startup helps and conferences held worldwide. Fighting it out is the key factor. The first thing will be a well written business plan.
Here we bring forth some over- the-tradition points to include in your plan:
1. Competition Review.
In most business plans, it would contain only the basic plans about the company, without analyzing the competition scenario. Knowing your competitors and drawing out their pros and cons will help in the proper placing of the startup business.
Some do not want to address the competitor in the business plan claiming that your business is different. This difference can be ideally stated out in your plan. ‘Knowing is believing’ and this will help to put your company right above your competitors.
2. Development of Ideas.
Nobody wants old ideas. Innovation is the key. Working on the same old plan or idea will not be widely welcome by the masses. To make new ideas is the basic need of the company; you can add this in your business plan. A new element should not be like a spontaneous one, it should be planned right from the beginning. This will help to inculcate a push in the employees to come up with new plans on a competitive spirit.
3. Make Way for Changes.
When you begin a new company, you will be advised not to go for significant and drastic change initially. But your business plan should include some space for necessary changes for example offering coupon like the start-up Freecharge did in their early days offering freecharge coupons which helped them to appeal to the mass. Sometimes a shift will be essential when business progresses and this change should be easily acceptable by the company without pondering over the change. After the business is launched, over time, sometimes the analysis may reflect that the company has not been gaining proper growth in the 6 months time and a change is inevitable. A failing plan should be soon recognized and changed for the good the business rather than clinging to the failure.
4. Plan the big success.
We have so many companies popping up every other day, some make their mark and others just flop. Sometimes we hear of small startups making an unexpected business boom. So it is necessary that you prepare your company to face any unexpected success spike. What happens to some beginners is that they do not prepare for the big boom and end up reworking the plan when faced with a quick growth chart.
5. Commit the Lead Team.
The level of commitment laid in by the core team is directly proportional to the growth of the company. They should be well acquainted with the business plan and work to its fulfillment without fail and a signed commitment may also help to keep the employees involved.
6. Exit Strategy.
No one would want to think to end it when you are making your business plan. But experts suggest that a good business agenda have a quick and easy get out plan in case of any adversities. By a business, the need is to provide service to customer and also as a saleable asset. Understand; how and at what price to sell the business if required.
7. Implementation Strategy.
When you have a business plan, it is also necessary to have a mode to implement it. Make it a part of the plan so that it is not left out at the end of the whole effort.
8. Know the Customer.
Demographic details of the target customer are a basic inclusion, but current trends also include customer psychographics. This will help to base the business based on the customer needs. This will eventually bring in more customers and more profit.
9. Social Media to Drive Business.
Social media has become an inevitable part of any company. How to make the most of the social media is a key to success. All aspects like Facebook, Twitter, Google+ etc. should be a part of the plan.
10. Keep the Employees.
An employee who has not been kept engaged can be a threat to the company. Keep making plans to engage the employees and also hook them up with rewards.