Business Plan Examples

Four Ways to Improve Your Business Plan

If your brilliant idea for a new business isn’t getting attention from investors, it’s a sure sign that your business plan needs some tweaking. Remember that the decision to invest in or pass on your idea depends largely on how you present it. For new entrepreneurs who need funding to get started, writing a great business plan is a crucial part of securing money from professional investors. Even if you are still in the process of writing your business plan and haven’t yet approached investors, following a few simple tips can help you create the type of plan investors look for.

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1. Cut out unnecessary information.
If your business plan includes too much information, readers can easily miss the most important details. It’s hard to say exactly how long your business plan should be because only you know that. The length can vary from one type of business to another. The key to figuring out if your plan is too long is asking yourself whether all points in your business plan are necessary to give investors a clear understanding of your vision. Remove any irrelevant details and points that are speculative rather than factual. Investors want to see up-to-date numbers and statistics that can be backed up by current market research.

2. Format your plan correctly.
How you present the information in your plan can have a big effect on how investors respond to your ideas. If you wrote or are working on your business plan from scratch, it’s a good idea to compare it with sample business plan templates to make sure that you aren’t leaving out any important sections. Your plan should be formatted in a way that makes it very easy to find information quickly. For better readability, it’s a good idea to include graphics like financial graphs. They can break up the text and make the document more appealing.

3. Focus on both short-term goals and the big picture.
Many entrepreneurs make the mistake of focusing too much on the future and not enough on how they plan to get there. Investors want to hear ideas that can turn into big businesses in the future, but they need to know that you have what it takes to build a successful business from scratch. Make sure that your plan takes them from the first days of opening your business to how you see it in the future.

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4. Include detailed strategies that explain how you plan to deal with competitors.
Vague marketing ideas that don’t directly refer to competitors in your area can really hurt your chances of securing funding. When it comes to dealing with competition, your plan needs to include a clear and effective marketing strategy that will put your business ahead of similar local businesses. Do some research on businesses that are the most likely to be your main competitors. Explain how you will deal with them by presenting custom marketing strategies that are based on their strengths and weaknesses.


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