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Ask them to look for holes so you can adjust accordingly.Seeking input is a great way to get an objective view, so don’t forget this step; it’s way too important.Consider all the variables so you don’t rush into anything and test your assumptions.
A thorough discussion of the marketing strategies you intend to deploy should be a central focus of the plan.
Be specific about the means you will use to reach your target customers and the message you are going to present to the marketplace to convert prospects into paying customers.
Investors look at whether the management team presented a reasonable forecast for revenue and profit growth.
When they see projections that seem unrealistic and unattainable, the management team immediately loses credibility in their eyes.
As they read the business plan, investors make a determination of whether the company can earn a sufficient return on investment to make the investment attractive for them.
The financial projections provide clues about how well thought out the venture is.Likewise, if your product or service is not overly complex, your plan doesn’t have to be very lengthy.For example, a business plan for a hair salon is not going to look anything like a plan for a biotech research company.Venture capitalists and angel investors focus on four parts of the plan in particular.For a company to grow and succeed, it has to be offering its customers products and services that have clear, demonstrable--even obvious--superiority to what is available from its competitors.The management discussion has to go well beyond just a rehash of resume-type information.It must show how each team member’s background and accomplishments contribute essential elements needed to succeed with this new venture. Give the reader of the plan a clear indication that your team is a group of winners and people of good character -- with a strong drive to succeed.If you can show the reader that you already have customers lined up ready to purchase your products or services, this makes your case more convincing.Investors want to align themselves with management teams they believe have the capability of successfully executing the strategies outlined in the plan--and be good stewards of the capital the investors put into the company.In my experience, they are key to helping you think through your business and keep you on track.What I’ve learned as an entrepreneur and investor is that it’s important to outline your business plan carefully.