And each type of reader does have certain typical interests.
If you know these interests up-front, you can be sure to take them into account when preparing a plan for that particular audience.”For example, bankers will be more interested in balance sheets and cash-flow statements, while venture capitalists will be looking at the basic business concept and your management team.
At our Entrepreneur magazine Roundtable, financial pros offer tough talk about the business plans of first-time entrepreneurs: Related: What Investors Really Think About Your Business Plan Video: How Can I Hire Someone to Help Write My Business Plan?
Every business needs to have a written business plan.
You could discuss the mistakes that you've learned, list the problems that you’re hoping to solve, describe your values, and establish what makes you stand out from the competition.
When I started my payments company, I set out to conquer the world. By explaining why you care about your business you create an emotional connection with others so that they’ll support your organization going forward.
Related: Why You Must Have a Business Plan“The potential readers of a business plan are a varied bunch, ranging from bankers and venture capitalists to employees,” states Entrepreneur.
“Although this is a diverse group, it is a finite one.
“Consider spending twice as much time researching, evaluating and thinking as you spend actually writing the business plan.“To write the perfect plan, you must know your company, your product, your competition and the market intimately.”In other words, it’s your responsibility to know everything you can about your business and the industry that you’re entering.
Read everything you can about your industry and talk to your audience. A business plan, as defined by Entrepreneur, is a “written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.” However, your business plan can serve several different purposes.