This series of posts has concentrated heavily on the idea that crafting a successful business plan is an art of communication. One does not simply check all of the boxes of required items to make a business plan an effective tool in your arsenal of fundraising. However, this post discusses a few very specific tips that can ruin an otherwise thoughtful business plan.
Be Complete, Accurate, and Thorough
- Include all relevant details
- Put them in the right spots (not all in the executive summary)
- Be credible (remember, this plan is going to be read by people who read business plans for a living. If you are truly talking to the right people, they are already going to know a tremendous amount about your market, your financials, and your strategy than you do…you better know what you are doing and your plan must be a strong reflection of your knowledge and skills.
- Don’t beat a dead horse
Be Crisp
- Use as few words as necessary to make your point
- Say exactly what you want to say
Target Your Audience
- Know who likes your product and why
- Know how big your market is, who the other players are in that market and how your solution STANDS OUT
- Know who will be reading your plan and what stage they are in the fundraising process
Plan Your Attack
- Know how you are going to get your first customers
- What needs to happen to build the business to support your 100th customer?
- What is your breakeven point?
- Show significant traction
Show Your Excitement
- Have a clear, compelling introduction
- Your plan/pitch should match your company’s voice, product, market, etc (pix, colors, format, quotes)
- Tell your STORY
- Exude Honest Energy
Young Entrepreneurs of America 