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.
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.
All business plans should be reviewed and revised at least monthly. The review should include looking for changed assumptions and analyzing plan vs actual results with management of the difference.
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.
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.
Did you know that the vast majority of business owners and entrepreneurs aren`t business experts? They don`t have MBAs or accounting degrees. They`re learning as they go and finding tools and resources to help them.