In the recent years, the business plan concept has become more and more popular throughout the business world. Thus, this doesnΓÇÖt mean that everyone or anyone can do it or it is an easy task. Of course, this doesnΓÇÖt give it less importance, on the contrary. A great business plan is a valuable asset that you can use in more occasions. Every business starter knows or should know that the business plan is crucial for any future business.
There are multiple advantages in creating and dealing with a realistic business plan. The audience can be the employees, clients, suppliers, partners, you or potential investors. It is very important when trying to obtain external funding. Potential investors, whether they are banks, private equity firms, angel investors or venture capitalists, might be willing to invest in an idea and lend you the money that you need based on the strengths of the business plan.
So, before starting to write the business plan, choose your audience. You might write it only one time for all its readers, but it would be more easily to write a couple of them for every group in part. According to the audience of your future business plan, the messages that you want to send are the following: specify for the owners the plans and strategies; for the employees and investors you would want to include the profits that come from the growth of the company, but different profits for each group; for the banks show the evidence on the debt return. Also, donΓÇÖt forget to continue with this listing because there are many other points to be included in the business plan.
Determine what your target audience is and tailor your plan according to it. Also, donΓÇÖt overlook the fact that your audience only wants to know so much. Sometimes is better to keep it as brief as 10 pages because, for example, some venture capitalists appreciate concision.
Keep in mind that the business plan should also be understood by some key employees and suppliers so it should be easy to read and to understand in order to lay emphasis on the plans for aggressive marketing and sales that would direct the company to a substantial growth.
Furthermore, donΓÇÖt forget that a business plan will need changing and updating the same way your business does. Letting aside your intentions to use the business plan internally or for external purposes, this document should have an objective and be a truthful mirror of your business as a whole. Being unsuccessful in doing this might mean that others or even you will have impractical expectations of what can be accomplished.
As a conclusion, donΓÇÖt start your plan before choosing your audience and writing down key aspects of what you want to tell them by concluding it. Your business plan should contain everything about a business: mission, goals, SWOT analysis, marketing strategies, customer and industry analysis.