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Article | 4-minute read

Your business plan blueprint

Business planning

As we have seen, changes to market conditions can drastically affect your business’ direction or offerings. That’s why it’s important to create an effective business plan so you can give your business the best chance of success. Each element of your business plan will help to form your business plan blueprint for the future.

What do I need to consider when creating my business plan blueprint?

Description of your business

You need to describe your business when planning to build a prosperous future. Begin by asking yourself, "What business am I in?" Answer this question with details about your products or services and the markets you intend to target.  What makes your business unique?


Goals and objectives

Carefully defined written goals tell you where your business intends to go and by when. They increase the effectiveness of your building blocks.

Objectives are the actual steps that your business will need to take to reach each goal. They tell you how to get where you want to go, making the construction of your business more efficient.


Price positioning and strategy

How are you going to position your product or service in the market? Will you price low and compete on price with the aim of selling large volumes, or will you position your goods as luxury items advertised exuberantly? Your customers will strongly believe in getting what they pay for, so it is important to be consistent with your price positioning.


Core competitive advantage

A core competitive advantage will help your business differentiate its goods or services from those of your competition. Compare your business to your competitors; look for how your offering stands out from the crowd and why customers should choose you.


Cash flow forecast

It's vital to have an idea of your financial liquidity over a certain time period, say 12 months. Get a plan underway by detailing your cash on hand, expected receipts each month, expected payments each month and anticipated balances at the end of each month.

Ensure that you include every item and take into account seasonal changes in sales. In addition, plan multiple scenarios such as an optimistic sales forecast and a pessimistic sales forecast.



There are some laws and regulations that your business needs to know about, including consumer laws, health and safety, employment and environmental laws. Read more about legal essentials for business


Market research

Market research should be part of assembling your blueprint. Whether you choose to get customers' reactions to your products through a short survey or encourage them to fill out an elaborate questionnaire, quality research can help you understand what your target market wants and enjoys about your offerings.

Both primary research (surveys, interviews and speaking to customers) and secondary research (government statistics, trade publications and information that's already been gathered) can be useful for improving your business.


Skills and experience of staff

Planning for a successful business requires the foresight to envisage what skills and experience your staff will need in the future.


Marketing plan

Now that you understand your product, financial objectives and goals, positioning strategy, and competitors, you should develop your marketing strategy. Depending on your target market, consider using social media, print and radio/advertising, trade shows, publicity and building a website.


Ongoing development strategy

Your business plan blueprint may be most useful when you first establish your business, but failing to review and improve your strategy as your business moves forward is a crucial error.

For your business to continue to develop and grow, you'll need to persistently check its foundations and structure while looking for areas that could do with a little refinement.


Next steps


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