Framing The Objectives of Your Business
It starts with an idea, a vision, a passion, a mission. It’s your desires to give back, to contribute, to help change happen or to master your own life as an entrepreneur. When writing a business plan clearly capturing and expressing what your objective is critical in the beginning stages of establishing trust with your reader. It will set the tone and it will make or break the rest of your business plan. Investors will decide whether to or not to continue reading your plan based on what they see from your central & foremost objective, your Why statement for your business, your business manifesto.
The Objective within a Business Plan should be captured throughout it. It should be inspirational. I often like to tackle this two times. At the initial stages when I first speak to a client and then review it with them at the end based on our findings and research. It allows for clarity. The Objective you write should give the reader an idea of why you have chosen to go in this business venture and what you hope to accomplish.
What is your reasoning for going into business in that industry?
Best Tips when writing your plan
There are many of you that hate writing your business plan. Hopefully these next few questions will help make it easier to guide you through the process of answering the objective question.
The objective of your business plan answer the big WHY.
Why are you doing this and what’s in it for those involved and/or those affected.
Answer the following questions to create your Business Objective.
- What is the need that your business exists to satisfy?
- State the noticeable opportunity in the marketplace. Clearly define the need and/or the problem that you are responding to with this particular business.
- How will your business satisfy that need?
- What will your company do to solve that need?
Things to consider: Starting & maintaining a business is difficult so you better have done your research. You can’t just assume your product will sell, you’ll have to know both the why & the why me?
Now let’s take a look at Executive Summaries.
[…] Objectives 1.2 Mission 1.3 Start-up Summary 1.4 Company Ownership 1.5 Company […]
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