Looking for the experts' tricks to having the best business plan? To use a cliché, it's not rocket science – a plan that's concise, compelling, and creative will win the day – but there are definitely some shortcuts you can take and some points you should triple-check before submitting your plan to the bank or presenting to an angel investor. Remember that most of these individuals see hundreds of plans every month, and no matter how innovative you think your concept is, they're probably most inclined to say they've “seen it all before.†So how can you stand out? These basic tricks should help:
• Find current, relevant market data to support any broad-stoke claims you make
• Try to pin all assumptions to market “actuals†– these can derive from market research, your historical performance to date, or from competitors' numbers, where available
• Be realistic and make sure your projections are in line with market or industry averages
• Know a thing or two about your competitors – and show how you can outperform them!
Never say that you have no competition – this is a common mistake and it's been done to death. Every venture or concept, no matter how new, will be exposed to a competitive threat of some kind. And while you shouldn't dwell on these, make sure you lay them bare and explain what you'll do to mitigate them. The plan should also have a marketing section (though this can be brief) and a management bio piece. Another trick is noting that you might have gaps in your management team – better to disclose than to hide! Need more help? MasterPlans can review your draft or write an entire custom business plan for you, just like we've been doing for clients dating back to 2002. Call 877-453-2011 now.
