3 Ways to Sharpen Your Business Plan
When you stand at the crossroad of a new start-up or expansion your success of raising capital lies comes down to one thing: a solid business plan.
(After all, in many cases no funding means no business.)
Whether you are writing your own plan or working with a professional business plan writer, here are 3 ways to sharpen your plan and increase your chances of securing investment:
1. Quantify, Quantify, Quantify
Most business plans are filled with general statements. A better way to write this statement is to add concrete numbers. A quick trip to your calculator adds a heightened level of trust in the eyes your reader. But don’t stop just at revenues - go through your plan and include numbers wherever you can:
E.g. 1: “Mexican restaurants is a rapidly growing restaurant sector.”
>> “Mexican cuisine restaurants generated $41 million in the US last year and are projected a further 4.2% growth over the next five years.
E.g. 2: “Mr. Smith was manager in his previous position.”
>> “In his past position as plant manager Mr. Smith supervised a team of 10 staff, where his responsibilities included…”
2) Highlight Your “Commercial Viability”
Your job as an entrepreneur is to have passion for your product or service. After all, every reader wants to hear the story of your business and how you will serve your customers. However, the biggest mistake most business owners make is too much focus on the business concept, and too LITTLE focus spent on showing exactly how the business will be a financial success (AKA commercial viability.)
Every investor or bank loan manager is asking themselves whether or not your business would make a solid investment as they read your plan. Therefore your job is to leave them with a reassuring “Yes.”
But don’t just say it – prove it.
- Show where trends are moving in the right direction for your business.
- Show what gap you are filling in the market.
- Show a solid marketing plan that backs up your revenue projections.
Imagine what details you would want to hear if you were the investor, then include them.
3) Hire a Business Plan Professional
You probably don’t write business plans each week, so they aren't your specialty. Also, you’re competing for loans against business who ARE getting business plan help.
Therefore, as a Vancouver business you would benefit by going to your computer and searching “business plan help Vancouver.” See their samples. Ask about their track record of success. Years of experience.
Get this step right and stand out against other businesses who fight for loans and investment.