Wondering about the idea behind living business plans? The concept that a business plan is meant to a static document -- produced in a vacuum and for the sole purpose of getting funding at one point in time -- is not entirely accurate. They can be produced this way, no doubt, but that doesn't make them very versatile. What if it's a couple years down the line and you need to present again for an expanded line of credit because business is growing so fast? Having a living business plan, one where (for example) the financial model has been built with embedded assumptions and driver tabs that you can easily adjust to reflect current market conditions, is a far superior idea. Your plan should:
• Have adjustable components throughout the financial model
• Cite industry stats from reliably updated sources
• Exist in an editable format, like Word and Excel instead of only InDesign
• Have a future services section where you can move pieces in and out
The business plan should be a document that an investor, banker, partner, or consultant can read and instantly understand how your company operates, the market opportunities it will find, the way you intend to market yourself, the team that will lead you forward, and the financial performance you estimate you can achieve. It's generally in the range of 25-30 pages and should be vetted by professionals before it is finalized. But as a living document, you should take care to always keep the source files open so that you can adjust their contents over time. Your needs and status will change, and your business plan should too. MasterPlans understands this and can help you adjust an existing plan or write a living business plan from scratch. Call our team of expert consultants today at (877) 453-2011.
