Business plans are so important to any organisation. They are used in so many different situations that you can’t put off developing the best business plan for your business. Used in situations such as securing loans, attracting investment, hiring staff and assisting any business partners, they offer so much to your business. However, developing a good one can be difficult. They need to include so much information displayed in the right way. Here are some of the expert tips on how you can develop the best and most presentable business plan for your organisation:
· Understand the Competition
People are impressed when you understand your environment. Don’t be afraid to name companies in your business plan and let people know the reasons why you differentiate from them. However, it’s important that you don’t “trash” them. You may have to deal with them in the future.
· Recognise the Audience
It’s important to have different versions of your business plan – depending on who you are giving it to. Have several versions of your plan. One for investors, one for banks, one for interviewees etc. as they will all have different needs from the plan.
· Make Sure You Can Back Up Your Claims
Having evidence/proof to back up any claims that you make in your plan is important. If you are claiming that you’ll be selling so many products in x number of months, you need the evidence to support this otherwise nobody will believe you. Parties such as bankers only want to see cold, hard facts.
· Be Cautious With Financial Projections
You may think that you will have X percent of the market share at the end of the year, but without any evidence to support this they are just wild claims. Always be conservative when it comes to any financial projections because there will be obstacles popping up along the way.
· Be Reasonable With Your Time/Resources
Becoming too optimistic when you are getting investment or support from respected outside sources happens to a lot of people. Remember to be practical with your resources and time – don’t change the way you’ve been doing business. These people are interested in you for a reason.
· Tell Them Why Your Idea Works
Letting people know why – with evidence – your product will work will help them buy in to what you are doing. Including things such as if people had a similar idea previously that worked, or a prototype in your business plan will ensure that they are more receptive to your business.