How to Create an IT/Software Business Plan in Microsoft Word
According to SelectUSA, 40% of the global IT market is in North America, specifically the United States. Hundreds of thousands of IT services companies thrive in the U.S., making it one of the most competitive markets in the industry. That should give any business leader a reason to strategize carefully before the worst comes to play. Whether you're a startup trying to break-even or a veteran in the game, you might find the following tips useful for creating your business plan:
1. Get Rid of the Fluff
These are business documents made for a professional audience. As much as you want your plan to sound good, wordy sentences and too much jargon can be glaring to readers. Instead, focus on keeping it clear and concise. If you want to be creative with infographics, keep them to a minimum.
2. Be Logical
Never attempt to write a business plan with a clouded mind or a biased mindset. Note that business plans also cover your marketing plans, sales plans, and other related sectors, which can create a domino effect on most, if not all, of your company's operations.
3. Keep It Real
There's no harm in being ambitious, but boundaries exist for a reason. Being overly optimistic can be dangerous in most circumstances, as it keeps your mind focused on the destination but not on the road to get there. Take the time to map out a schedule that will keep you guided. Whatever goals or budget you've set out in your business plan, make sure that they're achievable and feasible.
4. Gather Facts to Supporting Your Claims
Only include statements based on facts. These could be articles, statistics, research papers, and other documents that add to the credibility of your business plan. Also, be sure to verify your sources before using them to back up your claims.
Who Creates the Business Plan?
It's only reasonable for company leaders to have the task of creating a business plan. Apart from the entrepreneur, it can be anyone from the team that has enough knowledge and expertise in the subject. Other members of the team may also assist in gathering information and providing input that may be useful.
Why Is It Important to Have a Business Plan?
Business plans allow you to define the overall goals of your business and the steps you need to take to attain them. By spelling these out on paper, you can keep everyone on the same page and guide your team in making rational decisions.
What Is the Most Essential Part of a Business Plan?
The Executive Summary of your business plan is the first, and oftentimes the only, part of the plan that investors and stakeholders read. It provides an overview of the entire material by conveying information in a way that it's easy to digest.
How Many Pages Should a Business Plan Be?
The number of pages would depend on the objective of your plan and your audience. Refrain from adding too many or too little sections in the document by focusing on subject areas that are valuable to your readers.
Why Do Business Plans Fail?
Not every plan you make will work out the way you expect them to. There are different factors that may influence the outcome of your plan, which may involve the actual planning process and the execution of these strategies.