Business Planning is Critical – not just in the early stages, but throughout the life cycle of your business.
Keep It Simple
When preparing a business plan for your business remember – simplicity is key.
Yes, there has to be lot of detail and thinking around your business planning but keep the presentation simple and focused on key details especially when meeting with potential investors.
Maximum of 2 Pages
Keep it to two pages maximum, similar to an executive summary with detailed cash flow forecasts and other pertinent information as appendices that are ready to be presented.
What to Include
The critical ingredients for your business plan should be:
- The Problem you are trying to solve
- Details on founding team and their past successes
- Target market
- Market entry strategy
- Milestones already achieved – Revenue is a big one
- If you are raising capital, what resources/ funding you need to grow the business and specifics for what the money will be used for
- Cash flow forecasts (monthly)
Check Out Udemy
Here is a great resource: udemy to see what other pertinent items investors may be looking for in your business plan.
Be sure to get the opinion of any other trusted advisors you already have e.g accountants, your founding team, mentors etc.
To One last point – Name dropping works!
If you have a purchase order with a big brand or have a noteworthy investor already on board, make sure you mention it.