You have a revolutionary idea for a business, but what comes next? Business plans are paramount, even if you’re an established chartered accountant firm. But how do you create an effective plan?
Get the funding you need for your incredible business idea with this guide on how to create a plan investors will love!
Do your homework: organize all of your information beforehand
It doesn’t matter if you only have a few sentences, a list of bullet points, or an entire flowchart.
Make sure you have a clear picture of what you want to say before you begin constructing your business plan.
When it’s time to structure your plan, you’ll need a list of practical details including:
- Your market, including potential competition and your target audience
- Practical and realistic financial estimates for growth
- Straightforward details on how you’ll use funding
The last detail is particularly important. You’re asking for money, after all. Potential investors will need to know specifically where their funding will be going, and being as precise as possible will only make you look more professional.
You’ll likely need to justify every detail in your business plan, so be prepared to defend every aspect.
Familiarize yourself with traditional business plan structure
You should already have a definitive list of everything you want included in your business plan, so now it’s time to put it together. This is where the previous step, outlining, comes in handy.
Don’t stress, every successful business owner has been where you are now!
Gather your resources, information, and ideas, and hit the Internet to do some research.
Before beginning, you’ll likely want to look at some templates or find some examples. Seeing the work of others can make creating your own plan less intimidating.
Put yourself in your investors’ shoes
Imagine someone is coming to you with this business plan. Does the plan include all of the relevant information expected? Does it read clearly and easily? Is it structured in the correct format?
Before handing your business plan over, reread your plan with these three questions in mind. Then read it again. And for good measure, read it once more.
It may also be helpful to have a friend or coworker go over the plan with you. Never underestimate the power of proofreading.
Your finalized plan needs to be strong enough to convince your clients that taking a risk on your idea is worth it. Remember, this plan is reflective of you and your business, so view it from all angles possible and don’t be afraid to make changes when necessary.
Congratulations, you’ve now accomplished a task few others are brave enough to undertake!
With these tips in tow, you’re ready to present your business plan to investors and set the world on fire.
With a bit of confidence and the strategies listed above, your precision and clarity will pay off in the boardroom.
Did we miss anything? Have any questions? Get in touch and let us know what you think below!