When writing a business plan, have an end goal in mind. You need to ask yourself, Where do I want it to go? What will my business look like? Stated differently, how do you want your business functioning in the next five to ten years? This is your vision.
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.
The investment decision is about the content – the team, the market, the differentiators, the scalability, traction so far, validators, growth potential – not the presentation or formatting of the plan.
The executive summary of your business plan introduces your company, explains what you do, and lays out what you`re looking for from your readers. Structurally, it is the first chapter of your business plan. And while it`s the first thing that people will read, I generally advise that you write it last.
The pitch is a summary of the plan, organized according to highlights for investors, ideally a way to present your business in a structured way. The business plan is the bones of the pitch, like the screenplay, setting strategy, tactics, milestones, market, and essential numbers.
Now, you may not have every milestone or even specific steps in mind to reach your goals before starting. But that`s the beauty of working through your business plan. It will help you define metrics of success, flesh out your goals and further develop elements of your business to meet specific objectives. You just need a vision or even aspirational goals to start with to better hone in on what`s important.