Note: This is the first article in a 3-part series about Writing the Best Business Plan. There are countless articles, courses, outlines, and data available, both free and priced. The information available is indeed overwhelming, it is hard to know how to begin and things to trust! These articles are built to give practical, useful, and valuable advice regarding how to get it done.
The 3 Major Parts About “Why” To Write The Best Business Plan
Some successful businesses operate without having a written formal business strategy; those business entities had great planning of some kind, as well as other advantages. All executives, bankers, investors, and business leaders agree that all businesses really should have a proper business strategy.
What many start-up business ventures fail to recognize – and lots of entrepreneurs don’t know – is that there are several types of written business plans, created for well-defined purposes. Understanding “why” to create this document (its purpose) will result in knowing “what” sort of document ought to be constructed!
There are 3 Major points (or questions) to find out to be able to determine the sort of plan necessary:
1. Audience. Who is the Business Plan being written for as well as what purpose?
a. Is it to get an investor?
b. Is it to get a financial loan, SBA-backed loan, or any other commercial loan?
c. Is it simply for the company owner and serves as a guide?
d. Is it for multiple purposes, or be used for some ends?
2. Scope. How much info is required for each form of a strategic business plan?
a. If the purpose is to get a venture capitalist or to compete for investment finance, then this business strategy plan should be relatively short and needs to be designed being a “sales piece”, …Read More