Writing a business plan may seem like a big hurdle, but it doesn`t have to be. You know your business—you`re the expert on it. For that reason alone, writing a business plan and then leveraging your plan for growth won`t be nearly as challenging as you think.
Are you still unsure whether a business plan is worth the time and investment? Can`t you just jump right into starting and running your business? You could, but you`ll be missing out on some key benefits that a business plan provides.
The best use of business plans starts with founders using plans to establish strategy, tactics, milestones, and (especially important) essential projections of sales, spending, headcount, startup costs, capital needs; it`s for the founders to know, first, what they plan to do.
There is value in doing an ample amount of preparation prior to creating a business plan: you construct creative solutions to complex problems. Make sure to take the time to do the job properly. Additionally, be sure to keep detailed notes on your sources of information and on the assumptions underlying your financial data.
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.
Because your executive summary is such a critical component of your business plan, you`ll want to make sure that it`s as clear and concise as possible. Cover the key highlights of your business, but don`t into too much detail. Ideally, your executive summary will be one to two pages at most, designed to be a quick read that sparks interest and makes your investors feel eager to hear more.