When you’re creating or running a business, the planning stage is just as important as the execution. This is why business plans are so important, as they essentially form the foundation of your business, help you to iron out your ideas, and get your business off the ground. The time when you really need a solid business plan is when you’re looking to obtain funding, either from the bank or from investors. You want to be able to impress and at the same time reassure them that your business is worth the investment, and create a business plan that makes them choose you over any potential competitors. Here is how to write a business plan that makes your business stand out so you can maximize your chance of growing a successful and profitable business.
Highlight your history of good business or judgement
Although your business plan outlines your future, that doesn’t mean you should neglect the past. How to write a business plan includes highlighting your experience with that service or product, times when you’ve exercised good judgement, and any personal attributes that will make you successful in your business. Show whomever is reading your business plan that you are stable, reliable, and that your business has a good chance of succeeding.
Keep the projections accurate
One of the most important things when learning how to write a business plan is to keep it accurate. It’s tempting to inflate the numbers, but you’re only setting yourself up for a fall if those numbers don’t materialize or if potential investors do the math themselves and realize that your financial projections are inaccurate. Keep your numbers detailed, carefully calculated, and make sure to plan for potential downfalls as well.
How to write a business plan that is detailed but concise
Nothing makes a business plan stand out more than detail. How to write a business plan includes proving to your business loan manager or investor that you’ve properly planned out your idea, that you’ve made contingency plans, that you’ve thought of all scenarios, and that your business will succeed. Keep it detailed yet also concise, and use plain language to keep it easy to understand.
Work with a business planning consultant
We can’t be masters of everything, so if you feel like your business plan could do with some improvement or if you need help putting it together, it’s wise to work with a business planning consultant rather than tackling it alone. We will make sure everything is accurate, you’ve included all the info you need, and that your plan stands out from the rest.
Looking for a business planning consultant or more advice about how to write a business plan? Reach out to us today.