Business Plan (6) – Success Factors

In Part 6 of our 8-Part Guide to Writing a Business Plan, we look at ‘Success Factors’. This section is very important as it provides a summary explaining why the plan will succeed.

9. Success Factors

This section is very important as it provides a summary explaining why the plan will succeed. You could have a good marketing plan, an excellent management team, sufficient capital and a strong product, but what makes all the things you have to offer different.

You need a unique selling point or points for your plan. What do you have that will make it succeed?
These factors could be very different, for example:

  • Strong initial advertising
  • The ability to offer low prices
  • Quality of service
  • A product or products with their own unique selling points
  • Pre-agreed channels and volumes
  • Capacity to innovate or modify products quickly
  • Exclusive distribution channels

All businesses, from fruit shops to car manufacturers, cafes to banks have their own success factors and in many cases there is only one factor that creates this success.

For a hairdresser it could be the quality and price, or just the quality; for easyJet it is the price; for Rolls Royce the quality and status; for a builder a specialist area of expertise. The secret is to identify these points and then to highlight them.

TIPS

  • Write only the important points.
  • Get to the point and be brief, each sentence is important. If a sentence does not hold important information, delete it.

Go to Part 7 – Financial Analysis & Finance

Go to the Guide to Writing a Business Plan Index

Last updated: 23rd June, 2022

Tide Business Bank Account - £50 welcome bonus!

Exclusive for Bytestart readers + 12 months' free transfers. Find out more.

Combine all of your old pensions into one simple online plan

Sign up in 5 minutes - over 600,000 users, including the Bytestart team!

Superscript no-ties business insurance - pay monthly

Tailored just for you + pay monthly. You could be covered in just 10 minutes.

FreeAgent Online Accounting - 55% off - ByteStart exclusive!

Brilliant software. Get 55% of your first 6 months, then 10% for life.

Related articles

  • business plan environment competition

    Business Plan (4) – Environmental, Company and Competition Analysis

    In Part 4 of our 8-Part Guide to Writing a Business Plan, we look at the environmental, company and competition analysis parts of the business plan.

  • business plan introduction

    Business Plan (1) – Introduction for small business owners

    Our 8-part guide on how to write a business plan serves as an outline for anyone who is thinking of starting their own business, or improving an existing business.

  • business plan conclusion

    Business Plan (8) – Conclusion and Appendices

    The conclusion should reiterate the opportunity, highlight the key strengths of your plan, summarise your vision, and remind the reader why your business is in a position to successfully execute the plan.