Business plans are not just useful for finding funding for finance for a start-up business. A business plan can help monitor performance, prevent poor decisions and mistakes, and keep the start-up business on track for achieving long-term goals.
Though having a business plan does not mean that your start-up business is guaranteed to be a success, it is more likely to do so if you have one. Writing and updating your business plan will equip you with up-to-date knowledge of the market and your business. This includes its strengths, weaknesses, opportunities and threats. A plan for your start-up business will also give you a clear idea of what your goals are and what steps you can take to achieve them. Here are some tips for writing a successful business plan.
Give your start-up business plan Time
Make sure that your research is thorough. If you don’t, you risk leaving key facts and figures from your business plan, which will undermine its strength. Don’t rush yourself – give yourself the job of creating or updating your business plan with the time and attention that is necessary.
Don’t bury the weaknesses of your Start-up business
A sound business plan should contain a SWOT analysis. This highlights the opportunities your start-up business offers, as well as potential threats posed by its weaknesses. Honesty is the best policy. Demonstrating the weaknesses of your start-up business shows intelligence, honesty and awareness.
Be sure that your executive summary packs a punch
An executive summary should appear at the front of your business plan, conveying it in main points. If any key points and figures are missing from the summary, it will undermine the rest of the business plan.
It’s important that the executive summary is compelling to read. Think of it as the blurb of a novel. If it isn’t enough to hook the reader, why should they read the details? Make sure that your executive summary is enough to entice the reader into knowing more about your business.
Get the length of the business plan right
Some business plans are packed with too much information, when an experiences reader will head straight for the executive summary, and perhaps a few more pages. It is equally important to make sure that your business plan is not too short. Doing so will make it look like there isn’t much to say about what it is you are trying to propose. It is best to keep it between 10 and 20 pages.
Prove your start-up business to be an opportunity
If your start-up business cannot make enough sales, it will be unable to achieve long-term goals. A business plan should be able to see clearly where the sales will come from. If you have a younger
Get your numbers right
It is important for your business plan to include all key financial data, and all claims must be supported with data. Making assumptions based on hope or biased thought will show that the numbers don’t add up, causing your start-up business to lack credibility.
Be sure that your plan looks professional
If your business plan looks amateurish, the readers will not be impressed. Your business plan should be laid out in a clear and logical structure, and information should not be overbearing.
To help make the information easy to understand, it is a good idea to break up the copy with headings, subheadings, images and illustrations. Create a neatly structured PDF version to be sent via email and use quality paper for creating a hard copy.
Language is important
Grammar and spelling errors must not slip through the cracks of your business plan. All copy should be clear, crisp and concise and language should be professional, yet simple to understand. This means that all “corporate speak” and other jargon should be left out unless it is necessary. If it is, then it should be explained to the reader.
Update your business plan on a regular basis
Many can create a plan for their start-up business, but they are often forgotten until they suddenly need finance or funding. If you keep your business plan updated on a regular basis, however, it can become a useful tool that reminds you of your goals and strategy, so you can keep on track to business success.
For a business to become a success, it must also be financially efficient, and having an accountant to support you on your venture is certainly a step in the right direction. Contact Steven Glicher today for more information.