HOW TO WRITE A BUSINESS PLAN: A COMPREHENSIVE GUIDE

BUSINESS PLAN WRITING BY UNEMPLOYED PROFESSORS

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Read on below to learn more about business plans and how UnemployedProfessors can help you complete your business plan!

WHAT IS A BUSINESS PLAN?

A business plan is a either a real world or hypothetical written document in which the author outlines a plan to use principles of business and/or leadership so as to make profit. Writing a business plan is typically premised on identifying an opportunity in the business world, and then developing a strategy that will be germane to making the most of this opportunity. Applying business, leadership, accounting and supply chain principles to the opportunity, writing a business plan involves matching strategy with an opportunity in a formal written document.

There are two main types of business plan assignments. The first of these involves writing a business plan from scratch in the area of your choosing. The second of these involves responding to a hypothetical scenario and responding to it on the basis of what you have learned in your business course. If you are writing a business plan from scratch, you have more flexibility in choosing an industry of your choosing. This said, be careful inasmuch as choosing an industry that you are passionate about might be more difficult than choosing another industry. In contrast, and if you are writing a business plan based on a scenario, remember that your professor will likely be looking for certain key elements of class material in the plan.

When you are writing a business plan, the goal of your business plan might vary. While business plans are typically oriented towards earning as much profit as possible, writing some business plans might instead focus on increasing organizational ethics or corporate social responsibility. You must thus fully understand the nature of the goal of your hypothetical business when you are writing a business plan. While most business plans continue to focus on the importance of deriving maximal profits from a business opportunity, some business plans are now also premised on developing other structures of utility maximization such as ethical improvement or enhanced reputation through corporate social responsibility.

Ultimately, a business plan assignment will be predicated upon the specific parameters that have been provided to you by your instructor. The best approach to writing a business plan is to focus on that which your instructor is looking for. Given that the rubrics associated with business plans will often be very detailed, it is important that you check off every potential element of the rubric when you are writing a business plan. This is especially the case if you are writing a business plan based on a case study. If you are writing a business plan from scratch, you will likely have more flexibility in terms of that which you need to touch upon in your plan. Either way however, your business plan must explicitly justify all of its components for it to be graded highly.

HOW TO WRITE A BUSINESS PLAN?

Generally, a business plan will begin with you identifying an opportunity in the market and developing a strategy that you believe will allow you to best achieve the objectives which you set out in writing your business plan. If the market opportunity is given to you through a case study or business problem, you should then begin developing a goal and a strategic plan to achieve it. If, in contrast, you are writing a business plan from scratch, you will have to first identify an opportunity, then identify a goal in relation to it, and only then begin developing strategy. Your approach to developing and writing a business plan will thus depend heavily on the specific scenario you are writing in relation to.

As you move forward in writing a business assignment, you must develop strategies which link the opportunity which you have discovered in the market with your tangible goal. In so doing, it is important to justify the strategies that you will be using so as to obtain top marks. When writing a business plan, professors tend to prefer if you use multiple types of strategies in different areas, like the supply chain, marketing, research and design and others, so as to build a holistic business plan. Regardless of the strategies you use and the areas they are in, it is important that you ensure that all of your strategies are aligned with your core goal.

Moving forward, it is very important, if requested, that you provide forecasts of your business’ likely success. This can be based on benchmarking analysis that assesses how similar firms have performed in analogous contexts or can be based on hypothetical data regarding how you believe your firm will perform given the conditions that you have created in a novel case study. While these metrics and complex econometric analysis tend to be more frequently required in higher level classes than in lower level ones, writing a business plan with type of forecasting data will gain you points even if it is not a mandatory part of the rubric you are following. As professors tend to value critical thinking, engaging in such forecasting even if it is not mandatory will be rewarded by your instructor.

Finally, the most important element of writing a business plan is justifying all of the elements of your business plan in a manner that is internally consistent, and wherein every element of the plan is tied to achieving the strategic objective and business opportunity that you have identified. Because writing a business plan is associated with tying a goal to a strategy in the context of an opportunity, all elements of your business plan must be justified. This means that you must explain the logic of all of the components of your business plan. In this respect, justifying the inclusion of each component of your business plan is critical for achieving the best possible grade. Even if your professor does not think your business plan is realistic, you will receive a good grade if you write a business plan in which all strategies are justified and internally consistent.

HOW TO FORMAT A BUSINESS PLAN?

Unlike essays or smaller-scale researcher paper, business plans must typically be written on the basis of the style guide provided by your institution. As a first step in formatting your signature assignment, you must absolutely find out what your university’s business plan formatting style is. Most universities will make such a style guide available online or through the business school. If you do not comply with the requirements of your university’s business plan formatting guide, your college or university may reject your business plan and either make you lose a large number of points or delay your completion of the course it is for. It is thus imperative that you ensure you are respecting your institution’s business plan formatting guidelines as you are writing and editing your business plan so that you can finish your class on time and with a great grade.

WHAT IS THE DIFFERENCE BETWEEN A BUSINESS PLAN AND A BUSINESS RESEARCH PAPER?

There are two main differences between writing a traditional business research paper and writing a business plan. The first difference is that, unlike a traditional business research paper that is written in the third person, you will be using the first person extensively throughout your business plan. The second difference, which explains why you will be using the first person perspective so extensively, is that a business plan requires that you describe how the actions that will be taken in building the business relate to both yourself and the business environment. Unlike a business research paper, which is almost exclusively focused on scholarly literature, a business plan has very important components tied to personal and strategic reflection. You must take these into account and use them in combination with the first person perspective when you are writing your business plan if you want to be successful.