Following on from yesterday’s blog post detailing the common pitfalls and mistakes to avoid when compiling a Business Plan we’re going to finish off the piece today with a look at some of the remaining key points to consider.
Keep them Interested!
Regardless of whether the plan is being read by your local Bank Manager , Venture Capitalist or a ‘Business Angel’ type of investor, the important point is that you keep their focus long enough to get the key point of your message, focus and idea to them.
Chances are that the individuals above will read many plans, emails and general correspondence throughout the working day so make sure your Business Plan stands out! You’re writing for this target audience not yourself so put the pertinent details up front and make sure there is an index so that the key pages can be quickly and easily found. The opening paragraph needs to contain your ‘Mission Statement’ and to concisely describe what your idea is all about, this is your chance to entice the individual to continue reading so grasp it with both hands!
The standard Business Plan will contain maybe a dozen or so pages with a few of those detailing the financial forecasts, balance sheets etc and the rest will contain market research and an overview of the prospective market. Think out of the box a little bit and include visuals to better create the ‘picture’ or generate interest and enthusiasm for would be investors.
Business Plans may well be read online, so include links to videos, competitor sites….anything that breaks up the bodies of text. There are certain components that all Business Plans need, Financials, Market Research etc but how you display this to your reader is up to you. Index the financials and place them towards the back so they can be easily reached but the important information at the front may best be displayed in Graphs, Pie Charts or other visuals which are far more stimulating, a picture can after all, say a thousand words.
We’ll conclude this series tomorrow. If there are any questions you may have or anything you want us to cover please let us know.