July 7, 2012
Business Plan
You have taken the time and effort to develop a draft business plan, and now you are looking to move to the next steps.
Depending on how you developed your plan, whether you completed the draft independently or not, you may want to strengthen your plan before approaching necessary funding agencies, investors, or partners. You may just want to take steps to ensure you are implementing a stronger, more objective business plan that will have the higher probability of working for you. Here are some tips you may find valuable.
Business Plan Review
As much as you would like to state, that you have put in the greatest efforts to create the best plan, you need to be open to constructive feedback. Be willing to adapt and be flexible to adjust the business plan accordingly. When your draft is ready, provide it to friends, family, mentors, consultants and or specialists in your business field. Give the party the task of critically analyzing the business plan, but also to provide you with constructive feedback to make it stronger. With external feedback and recommendations, you will be developing a better business plan in a more objective manner. Ensure that you try to acquire the services of professionals (paid or unpaid) to assist in the process, as there are aspects of the business plan these professionals will target and provide recommendations on.
Don’t forget that if financials are your weak point, have an accountant or bookkeeper review those necessary financial projection documents, such as the projected income statement, balance sheet and cash flow statement. Some financial analysis should be completed and included within your business plan on those projections. Stronger financial statements and interpretation of those numbers will signal investors and lenders that you are serious and have done your homework.
As you may approach lending agencies or business grant and contribution programs, it is always a good idea to try to arrange a preliminary meeting to understand the requirements and criteria of these agencies and programs. To acquire a commercial loan for your business, you will need to know the specific commercial loan criteria. With a better understanding of what you need to meet, you can adjust that business plan and financial documents accordingly.Revising to Make the Business Plan Stronger
Following feedback, be keen to adjust the business plan. With that open mindset, take in that constructive feedback and turn the draft into a more polished document. Here are some common tips and feedback for business plan revision:
- Write a spectacular Executive Summary to catch the reader’s immediate attention
- Remove non-essential descriptions and sections
- Write clearly, with concise and “to the point” sections of the business plan
- Ensure that the narrative part of the document is error free
- Financial statements should be clearly laid out and error free
- Cite sources to support points and data references in the business plan
- Add appendices for accompanying documents
- Make versions of the business plan specific to agency or external party requirements
- Ensure you demonstrate meeting lending or program criteria
As a valuable additional step, have what you consider to be your final revised business plan reviewed again externally. This will help in catching any of those little errors and help you finalize the document.
Final Business Plan Ready for Submission and Presentation
With a complete business plan now on hand, you should understand your business front to back thoroughly. Be ready to make brilliant summary presentations on this business plan, as now you will be approaching lenders, partners and programs to seek financial or business support. You will want to make an impressive impact. Depending how you and the other party want to proceed on a presentation, be prepared to highlight the business case, through a visual PowerPoint presentation, or just through a powerful personal presentation with appropriate handouts. Whatever the case, always be prepared.
With a few added steps, you will achieve your goal of developing a stronger, more objective business plan to present to appropriate parties. Always remember that your business plan is your blueprint to implement your own successful project or business. The plan is a living, breathing document, and needs to be revisited, reviewed and revised frequently as markets and business environments consistently change.
More Reading on Business Plans:
- Business Intelligence – Keeping you Wired In
4 Key Sections of a Business Plan
- Business Issues Faced in the Summer Months
- Strategy Plan One: 5 Steps for Strategic Plans
- Business plan tips – About
Business Grants – 5 Steps in Navigating through the Process
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© 2012 Strategy Plan One
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