Here's a common question: do you put obstacles to success in your business plan? The answer is YES. You must acknowledge the impediments to your success, even if they're incidental, or aspects you don't feel entirely comfortable voicing publicly. In order to have a believable business plan, you need to have a carefully compiled list of strengths and weaknesses as well as a core understanding of the competitive forces you will face. Your credibility lies in part with the question of whether you've honestly surveyed your SWOT elements vis-a-vis the local market. Other points for your business plan:
• What obstacles are you least likely to surmount?
• What can you do to make a name for yourself regionally?
• What market contacts can you call upon to help make a name for yourself?
• What aspects of your bio or your team's background will impress a banker or investor?
Part of proving that you can be successful is showing that you will face competition but can outperform it by calling upon your strengths. Make this clear in the plan by highlighting in the pro forma how your business model enables competition even in a tight market. This should be reflected in a strong revenue forecast, a tight profit and loss, and a cash flow that stays positive, never feels unrealistic, and is tied to market figures that outside reviewers will find credible. Want a second set of eyes on your work, or prefer to outsource the entire headache? Call 877-453-2011 to speak with a MasterPlans consultant now.
