Focus on your goal and audience before you start writing a business plan. When writing a business plan, the purpose and audience are critical factors in your approach and strategy.

For example, when you write a business plan to raise money from investors or banks, you should plan to emphasize how the firm will maximize returns and minimize risk. If it's for internal use only, then your goal could be to make it a simple and practical guide that's easy to use when making sound business decisions.

Research your industry in-depth and write a draft of the industry overview. Take time to study the industry history, competition, current climate, and trends.

It's important to write a business plan that is supported by documented research from credible journals and publications. Research should cover areas such as: your personal industry experience and insight; field research from industry experts, customers, competitors, and suppliers; and published industry information.

Analyze your collected data and draw conclusions. As you write a business plan, you'll need this analysis to write a competitive profile and contingency plan. Begin drafting these sections and continue to flesh them out as you gather more insights.

Get help writing a business plan from your financial team. Work with an accountant or financial executive on the financial section of the plan. It's important to write a business plan with credibility in order to close the deal.

If you're writing a business plan that will be presented to bankers or investors, it's critical to garner credibility by using a financial expert that can help provide realistic numbers and assumptions.

Write the Executive Summary. When you write a business plan, it's easier to summarize the key points and bottom line in the Executive Summary as the last step, after you finish drafting the other sections.

Review and edit your draft. With multiple rounds of careful editing, you can write a business plan that is professional, clear, and compelling.

Ask partners and associates to help with proofreading and providing feedback. If you write a business plan that will be presented to raise funds, consider getting a graphic designer or marketing expert involved to add visual polish and perfect presentation to the final product.

Test and adjust your plan regularly. After presenting or implementing your business plan, you should continue to update it as a living document to make it a useful and effective guide.

Writing a business plan is an ongoing process, not a final event. As industry and business conditions change, you should continually edit it to reflect the latest situation and strategies. A successful business starts with a good plan. Be clear, specific, and realistic for maximum effectiveness.