It can also help to convince customers, suppliers and potential employees to support you.
Business plans have long been a critical document for new businesses. If so, what best practices and data can help you create a winning document that will help your business get the funding you need and ensure your venture lasts?
A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.
Read about the finance options available for businesses on the Business Finance Guide website.
Too many founders have also tried to cram the equivalent of a business plan into a pitch deck, only to find it is a hindrance to getting the results they want.
Harvard Business Review (HBR) says “the real key to succeeding in business is being flexible and responsive to opportunities.
This is a brief 1-3 page document that sums up your business and plan, and gives viewers enough info to decide whether they want to see any more data or not.
Like a pitch deck, it it’s good enough it can be sufficient to get lenders and investors to choose to work with you, and work through the details in the process.
Entrepreneurs often have to pivot their business once it becomes clear that their original customer is not the right customer, or when it turns out that their product or service fits better in an alternate market.
Because of these realities, business plans written at the start end up nothing more than a fable.” Fortunately, crafting a business plan has become much simpler today.