Often the biggest decisions you`ll make for your business are amidst volatile periods of growth, decline, or even external crises. This requires you to make highly consequential decisions far more quickly than you may like. Without up-to-date planning and forecast information, these decisions may be less certain or strategic than they need to be.
This means having the right financial statements, forecasts, and a digestible explanation of your business model available for potential investors. Writing your business plan helps you put all of those pieces together and create connections between them to tell a cohesive story about your business.
This can be as simple as having a mentor or partner review elements of your plan, or conducting market research and speaking directly to your potential customer base.
The vision should include tangible goals such as profits and market share, but more importantly, it should focus on the intangible/unquantifiable long-term goals, such as your willingness to adapt, emerging business-trends, and an ever-present desire to `excel.`
If you are writing a business plan to get a bank loan or because you`re asking angel investors or venture capitalists for funding, you must include the details of what you need in the executive summary.
Things like: Could you grow faster with more money? What are your headcount assumptions? How much are you spending on marketing expenses? What are you assuming for payments and collections lags?