Writing a good business plan can mean the difference between succeeding and failing with your new business. Here are 3 tips for writing a winning business plan:
1. Spend extra time working on the executive summary.
Because bankers, government funding programs, and professional investors receive so many business plans, they usually do directly to the executive summary to get a big-picture idea of what your plan is all about. Make sure the Executive Summary catches peoples interest, and inspires them to read on.
2. Complete your business plan in full.
Many business plans are submitted with incomplete or missing information. Go over the plan a few times and make sure you haven’t omitted anything of importance. Even some business planning software will skip sections. Don’t leave anything to chance. A well-written and complete business plan maximizes your chance of success and improves the odds of getting the private or government financing you’re seeking.
3. Be able to provide more info or context as required.
Your business plan should have all the obvious answers the reviewer may ask. Remember that the person reviewing your business plan will ask questions and some may not be answered in the plan directly. Try to expect the unexpected, and be prepared for any curve balls thrown your way.