Maybe you have been operating without a defined business plan, maybe you haven’t revisited it in a while, or maybe you haven’t even launched your business yet. Wherever you fit, we have a couple of things worth taking into consideration. Of course, there is some checking and adjusting that will take place as your business grows, but here are a few baseline things to think on: Did You Read And Reread? This is especially important if you are taking on investors. They will be combing through your business plan and you need to make sure that there are no grammatical errors, the information is credible, and that your assumptions are reasonable. Asking a professional look over this for you is a good investment. He/she can give you suggestions and will provide a perspective different from your own.
Have You Identified Your Competition? Even if what your business offers is unique, the truth is that every business has some sort of competition. Consider if your business didn’t exist, where would that money be spent? That is your competition. Doing your research on the front end will help you with business growth strategies in the future. Make sure you clarify who they are and what makes you stand apart.
Have You Set Realistic Timelines? Be reasonable here and even conservative. Consider that if it has taken other companies 6 months to do what you are doing, chances are that is the amount of time that it will take you. When a deadline is unreasonable, it becomes unattainable, and an unattainable deadline is not a deadline at all.
Is Your Executive Summary Engaging? Use tables and colorful charts to summarize key data points to help you get your points across efficiently here. Add imagery to evoke emotion from the reader. Take a step back and ask, if someone read our executive summary, would they want to read more? This is your space to tell your audience why you believe your company will succeed. The Executive Summary is the prelude to the rest of your plan and should highlight key elements of the full plan.
Is My Business Plan Too Long? You want your full business plan to be a reasonable length. If you aren’t sure if your business plan is an appropriate length, read up here on the SBA’s recommendations on length.
At L.A. Financial Management, we are your one-stop-shop for businesses. We can help you create a business plan if you don’t have one, or revise if necessary. Contact us today to learn more about how we can support the growth of your business.