Tips for a Great Business Plan

Entrepreneurs should prepare a business plan regardless of their venture. Although an idea is what often gets investors interested, a business plan is definitely needed to get financial support from them. The simple act of writing down your idea and outlining how the business will operate can be helpful to ensure that you communicate your vision and that everyone is on the same page. It also helps you benchmark and check your progress as the company grows. A business plan is crucial to get support for your vision because it shows that you have thought through an idea clearly. Your business plan doesn’t have to be some manicured document in order to make it successful. Your business plan should be clear and provide a roadmap for your company. Without a plan, you’ll find it more difficult to communicate your vision and see a path to growth. 

Here are some business plan writing tips I’ve found useful during my career: 

Get rid of the unnecessary: You should always be as concise as possible and remove any filler language. Even if it sounds nice, fluff gets you nowhere and wastes space. Plus, no investors want to read a long business plan. Get to the point quickly. 

Be realistic: You should be honest with yourself in your business plan, which is why it’s important to consider challenges and opportunities. If you’ve got a strong idea, let it stand on its merit. 

Show you’re conservative: Everyone says they’re “conservative” in their business plans, but most aren’t. You should be. Use examples to demonstrate that you’re conservative in your approach and projections. 

Visuals are good: Whenever possible, and without overdoing it, use visuals in your business plan. Graphs, charts, and images can help bring your concept to life. Plus, it breaks up the text and helps a plan flow better. 

Be creative: Include a creative element in your business plan so you stand out and grab someone’s attention. You can use templates, but don’t look identical to a template. Do something unique to make the plan yours.