How long have you been working on your business plan? Are you still pondering upon what else should be included in it?
As you are reading this, your are only one step away from finally finishing your business plan.
In case it is ready, but you are not sure that it has bee tailored to attract investors, stop worrying, you can revise it right away.
Your business plan is your roadmap for success. It helps you outline your vision, describe the advantages and benefits of your product or service, make realistic financial projections and guides you through the business process. And, what is more, it helps you get the attention of business investors, proving that your business has great potential to generate revenue.
HereΓÇÖs the step-by-step review of your business plan. If you can tick the following points, then you are very close to an end:
An Enticing Executive Summary
Is your companyΓÇÖs profile clearly described? Are your target customers defined? Have you explained why you are uniquely qualified to succeed? Then you can tick this section and move further.
A Thorough Company Description
Have you included your companyΓÇÖs location, structure, and growth stage? Are your past business accomplishments listed?
An In-Depth Market Analysis
Have you illustrated the market share size, its growth rate and trends? Have you used pertinent research data?
A Clear Target Customer Analysis
Are demographics, psychographics as well as the needs of your target customers included?
A Proper Definition of Direct and Indirect Competition
Have you listed your competitorsΓÇÖ strengths? Have you emphasized the advantages of your product or service? Is it clear how you are going to overcome your weaknesses?
A Detailed Marketing Plan
Does this section of your plan include the Four PΓÇÖs, that is, products/services, prices, promotions and places/locations? Is the customer retention strategy highlighted? Are strategic partnerships mentioned?
A Cogent Operations Plan
Does this section comprise short-term processes, that is, everyday activities such as R&D, distribution or manufacturing? What about long-term processes or milestones such as service or product release dates, revenue and exit strategies?
A Quality Management Team Description
Have you emphasized the professional features of your team? Are their knowledge and business experience relevant to the chosen field?
Realistic Financial Projections
Can you estimate the exact amount of capital you are going to need for your company? What about your administrative costs and revenue growth? Can you make sales forecasts? Have you taken into account operating margins, market share, future alternative funding sources and exit strategies.
Do you make reference to supporting documentation throughout your business plan?Does your appendix include all the necessary documents, such as diagrams, surveys or customer testimonials to support the projections?
The Ideal Length