Likewise, your business plan should answer these questions during the short-term period, particularly one year; specifically, what your business`s goals are for the current year, and what is essential in order to make your first year a success.
The more you test and review elements of your plan, the better your plan and business will be. This can save you from spending days developing a strategy that just isn`t feasible.
First, you want your business plan to be read. No one is going to read a 100-page or even 40-page business plan. Sure, you may need supporting documentation for specific sections but you can include those elements in your Appendix.
Don`t bother to include terms of a potential investment, as that will always be negotiated later. Instead, just include a short statement indicating how much money you need to raise.
Writing a business plan is about establishing a foundation for your business. You`re not predicting the future, you`re working through the core strategy of your business that will help you grow. This initial document isn`t meant to be perfect but is designed to be reviewed and adjusted to help you identify and reach your goals.
Without a business plan as a baseline, it will be far more difficult to track your progress, make adjustments, and have historical information readily available to reference when making difficult decisions. Creating a business plan ensures that you have a roadmap that doesn`t just outline where you plan to go, but where you`ve already been.