A comprehensive business plan is the first step towards achieving success with any new business, as well as a crucial template to follow for an established business. A good plan contains both generalities and specifics, is backed by sound data, and is sufficiently well-reasoned to cover contingencies that are likely to arise in the course of operating your business. While there is no one correct way to craft a business plan, here are a few things you can do to ensure yours is as strong as possible.

Be Thorough

A well-designed plan will answer the following questions and more: what is your business, and why is it viable? How will you succeed? Where will funding come from? How will you market your product or service?
The list goes on, but the point is that your plan should serve as both the guiding blueprint for your business, and a comprehensive descriptor of how that blueprint will be actualized.

Include Specifics

A strong executive summary and explanation of your business idea is vital as an introduction to your plan, and serves as a foundational idea to keep your plan focused. But once you lay out the main idea, it’s crucial to get into the details.

A well-researched plan should contain specific financial predictions, a thorough inventory of assets, well-sourced market analysis, detailed marketing plans — and finally, an appropriately-calculated funding request.
Potential investors — whether banks, private individuals, or other lenders — will want to know you have a workable and sustainable business idea. But even more than that, they’ll want to see that you have the data to back it up and make your idea practicable.

Adjust As Needed

Just because your plan is comprehensive does not mean it will never change. Flexibility in response is an important constituent of any effective plan. If things don’t pan out the way you wanted — for instance, you secure less funding that intended, or have to settle for a smaller space — your plan should be altered to reflect changing circumstances.

It’s important to remember that an alteration is not a sign of poor planning; on the contrary, the ability to adapt as necessary, within the context of your plan, is the hallmark of a strong business idea and strategy.
A good business plan will be your best friend as you start your business. It will keep you focused on your idea, adaptable in a fast-paced business environment, and prepared for the substantial undertaking involved in starting any new business.