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Investors, lenders, and others know that a market without competitors is typically a tiny and uninteresting market. And, of course, a healthy, growing market will always attract competition. So, unless you`re creating a new industry or a new market segment, you will have competitors. And, you`ll need to figure out how to beat them or at least to compete with them.

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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.

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But in real life, the plan related to seeking investment is a subset, a special case. Most real business plans are about managing a business and need a lot less description and research than the business plan related to seeking investment. In most cases, a lean business plan fits the business purpose best.

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Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. In fact, it`s very common for investors to ask for only the executive summary when they are evaluating your business. If they like what they see in the executive summary, they`ll often follow up with a request for a complete plan, a pitch presentation, and more in-depth financials.

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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.

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Highlight the key aspects of your financial plan, ideally with a chart that shows your planned sales, expenses, and profitability. If your business model (i.e., how you make money) needs additional explanation, this is where you would do it.

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