Good business planning is critical to the structuring of a successful profitable, enterprise.
Getting your business plan right can be the difference between not only a good and bad
results but also between good and great results. So how do you get it right?

A good starting point is to ask someone who’s been there and done it well – a mentor who
can help you identify the roadmap to success.

Without an efficient business plan to follow, you may not have a successful business. Business
decisions are often complex and it is important to get advice and support from expert
sources. A good mentor can be invaluable to you, helping to give advice and new
insights that can accelerate your business growth.

Where do you start? Here are some key points you need to follow.

1. Visualise what you want.

Visualise your business model in a logical way. Strat with ‘why’ you do what you want to
achieve with your business. Once you understand your ‘why’, you will find it easier to
structure a business model that works for you more efficiently and get better results
faster.

2. Figure out how to make money

Will you offer a service, charge a consultation fee for professional and expert advice or
trade a product?

Financial structuring is key to determining your cashflow and the feasibility of your
business – whether you will make your desired income or not. If you cannot plan how
you will make profit in the early stages of business, you will find it very difficult to grow
revenue in the first 12 months and survive.

3. Establish who will buy your product or service

Define your customer segments and investigate whether or not they will part with their
hard earn cash to buy what you are offering. Will you sell globally or locally, to

individuals or families? Once you have your consumers correctly identified you may
successfully target this market and test how effectively your business model works.

4. Complete a competitor analysis – are others making money?

Illustrate your company’s position within the industry. Benchmark competitors to
establish areas in which other companies are performing well and apply this to your
business model. Analyse areas in which competitors are not doing well and where you
can improve on their model.

5. What makes your business different?

What is your unique selling proposition (USP)? It is vital to differentiate your service or
product as unique compared to those of your competitors, then utilise this as a
competitive advantage. Verify the value proposition your business will offer your
customers to ensure you have a company that generates sales.

6. Just do it

Go out and sell and test your theory in various markets. This is the true test for your
business model. From these trials, adapt your service or product to consumer needs and
alter your pricing to the appropriate equilibrium for your market and cashflow. Trial and
error is key to modifying your business plan at an early stage.

mentoring

Example of business model testing

For example, a client at Grofuse, Paul, wanted to construct and develop a redefined
business plan for an online internet security awareness consultation service delivering
expert advice and training in IT security.Paul said:

“One of the best sessions I have had to date is with Denis Finnegan. He helped me with a
lot of items that I did not see. Strong emphasis and straight talking in helping me and my
business, 100% recommend.”

Paul paid for five structured consultation sessions with Grofuse Digital Director and
Growth Consultant Denis Finnegan to develop his business model through Business
Continuity Vouchers funding from his Local Enterprise Centre.

After researching Pauls’ “why” for starting this business, Grofuse researched the market to create a business model that works for both Paul and his potential market. Denis
helped Paul to create a detailed business plan which outlined strategies on pricing, target markets, marketing (including website and digital growth activities) and revenue
targets.

In summary, Paul was able to redefine a significantly improved business plan to ensure a structured income. This also helped energise the client to go and test the market and go for it.

If you would expert guidance and mentoring for your business plan and advice on available funding, contact our team today to assist you with your application.  NI/GB +44 2871 228820 ROI: +353 1 247 5294