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Tips on Preparing a Business Plan That Gets Funded
Creating a business plan that gets funded relies on a good idea, a good strategy, and a good team to execute it. With these items in pace, the following are some tips to make sure the plan shows the best you have to offer.
The first and most important tip is to start the plan strong, with an executive summary which grabs the reader and shows them the key elements of how the business works, who the customers are, who the management team is, and how the company will run. The executive summary must be short, but must also be complete in its overview of the important contents of the plan. It should present a logical argument just as the plan does as a whole, even if the summary must show a simplified argument for the sake of space.
Show Management Team Strength
You and your partners may have years of work experience, but if it is not framed in a way that shows its relevance to the business you are launching, then it will be a liability to your business plan. The only team experience worth describing in the business plan is experience which builds the case for how you and the other managers will fulfill your roles for the company and successfully operate, market, sell, and launch. If there are necessary skills and experience missing from the team, present a plan for how you will hire or contract individuals to fill in those gaps.
Think Like a Funder
When creating your financial projections, think about how the funder will perceive them. What type of return are they looking for? Will your funder be more interested in dividends or the appreciation of their shares? Do lenders have certain requirements for assets and cash flow in the loan contracts you are likely to see? This type of general information is available if you speak with business plan consultants and entrepreneurs who have successfully launched businesses in the past. Armed with this knowledge, see if your financials meet the requirements that funders will have and whether you can better position yourself to be attractive to them, while backing up the numbers with reasonable assumptions at all times.
Finish Your Plan Today With Our Business Plan Template!If you want to create your own business plan quickly and easily, we now offer an easy business plan template that allows you to develop a professional business plan in hours or days, not weeks or months.
Visit this link to learn more: http://www.growthink.com/products/business-plan-template
OR, We Can Develop Your Plan For You
Our professional business plan consultants can create your entire business plan for you. We will make sure your business plan is sound and ready for investors so you can continue to focus on running your business.
To speak with a Growthink business plan consultant, call 800-506- 5728 or complete the form below.
Important: Growthink will never share or sell your personal information and we will keep all business information completely confidential.