1/14/2021 Tip: 3 Keys to a Highly Effective Business Plan | Growthink

1/14/2021 Tip: 3 Keys to a Highly Effective Business Plan

Today’s Quote

“Your financial future will largely be determined by one factor; the people you choose to connect with and the system you follow, if any, for success.”
~ Warren Buffett

 

Today’s Tip

Below are 3 tips to ensure your business plan is ready to penetrate the checkbooks of any funding source to which it’s presented. 

  1. Always remember that your business plan is a marketing document: You will use your plan to convince a lender or investor to write you a check not to tell a lengthy and/or boring story.

 

  1. Write with confidence, but be careful of superlatives: Your business plan needs to give investors and lenders confidence that you will be successful. However, at the same time avoid superlatives like “best,” “greatest,” “most powerful,” etc., unless you can back them up.

 

  1. Answer the key questions, but not all the questions: The purpose of your business plan is not to answer every conceivable question that an investor or lender might pose. Rather, you need to answer the key questions that will get them excited about your venture, and influence them to invest more time meeting with you to discuss investment possibilities.

 

Today’s Resource

Writing a business plan? Use this template…

Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives and business owners have come to me for help on their business plans.

Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.

And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.

Get the template here <—

 

Trivia

Today’s Question: The first paid radio commercial aired in New York City in 1922. How long was that commercial?

Previous Question: What entrepreneur, at the age of 27, became the youngest CEO to ever have his company ranked in Fortune magazine’s list of the top 500 corporations?

Answer: Michael Dell.

Rules are meant to be broken. And that’s just what most entrepreneurs do.

There’s no reason you can’t start a successful company at any age, young, old, or in between. Colonel Sanders started Kentucky Fried Chicken at the age of 65.

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