What are the keys to success in a business plan? There's always a section in bank-ready business plans where you outline your own business' keys to success, but you're probably wondering, how do I write a successful business plan? And that is a valid question, because there's a lot of debate and precisely what needs to be included and what lengths you should go to in your attempt to tailor your business plan to a specific audience. In general, business plans are most successful when they clearly articulate the market opportunity, your competitive differentiation, your strategy for gaining market share and retaining your customers. They also need to feature an integrated financial model that gauges your likely financial performance over a period of 3-5 years, depending on the funding source you will present to (most investors will require a 5-year scenario, whereas a 3-year pro forma will pass muster for SBA-backed loans/banks). Success in a business plan also depends on:
Can you demonstrate your likely break-even point and explain what the variance would be if you missed sales by 15-20%?
Can you show how many people you will employ and at what rates?
Can you identify your chief competitors, their sales, their weaknesses, etc.?
Can you honestly identify gaps in your management team and provide a plan and timeline for filling them?
You will also want to ensure that your presentation is reviewed by people who know what investors are looking for. Market research is important, but demonstrating that there is an acute market need matters even more. You have to make a convincing case that your service or product will succeed because there is a strong NEED for it in the market place. Need help articulating this? Or would you like assistance preparing a financial model you can have complete confidence in? Call MasterPlans. We have more than eight years of experience building successful business plans for clients of all sizes. Our in-house staff of experts can help you realize your dream. Consultations and quotes are always free of charge. 877-453-2011.
