subject: CRAFTING A SOLID BUSINESS PLAN: [print this page] CRAFTING A SOLID BUSINESS PLAN: CRAFTING A SOLID BUSINESS PLAN:
Business plan is a crucial document for all types of businesses, not only to impress potential investors and lenders, but also for the future success of the business. In order to get success it is necessary that the business plan should fit your exact business needs. Without a well-written and professional business plan it is impossible to show angel investors that you are worthy of financial support.
Following are some tips for crafting a solid business plan. If you follow the tips below writing a business plan is as easy as a pie:
BE PERFECTLY SURE OF WHAT YOUR BUSINESS IS SET OUT TO DO: It has been witnessed that there are many entrepreneurs who want to entre in the corporate world with the germ of business idea in their mind, but don't have a clear concept of what to do with businesses, when asked. Such entrepreneurs fail terribly when they submit their business plans to the investors and lenders. Investors and lenders are highly trained and come up with number of business plans they can weed out such vague proposals. Executive summary is the first and the most important section of a business plan that must be written in a way that it encourages the investors and lenders to read the full content of a business plan; the whole success of the business plan depends on this. Avoid irrelevant material and explain your entire business plan in brief in a way that the investors get convinced, it is half the battle won.
MAKE CLEAR PROJECTIONS AND BE REALISTIC ABOUT THE RISKS: Financial projections plays major role in making your business plan successful. When you are making projection, be realistic. It is always better to mention the risks in your business plan, as it will give realistic flair to your report. This will tell investors and lenders that you have the potential to face any pitfalls that might come in the way of success.
WRITE IN SIMPLE LANGUAGE: When writing a business plan keep in mind that your business plan is an important document that must be submitted in front of potential investors and lenders. It is not a blue print you are going to hand out to your engineers. Investors and lenders are not proficient at language. It is necessary to be very clear cut in your language; it's better to use bullet points when required.
