Business Plan Guidelines For Entrepreneurs
A successful business plan is one which convinces funders that the entrepreneur has both a good idea and the means of executing it
. These tips will guide you towards creating a plan which will achieve just that.Be As Clear As Possible
The language and ideas used within the plan should be as clear as possible. Complicated terms and wording do not make the plan seem more sophisticated, but, rather, make it more difficult for the variety of funders who will consider it to read. Any unusual terms you must use should be defined in the plan.
Have a Basis In Research and Data
A good plan bases its content in research and real data rather than the guesses and gut feelings of the entrepreneur. The sources of this data is shown to make it clear where information is from, so that readers do not assume it was made up by the writer.
Seek Strategic Fit
There should be a fit between the nature of the market opportunity (the industry, the competitive situation, and the customer demographics and needs) and the strategy and tactics chosen. The tactics should not always be the default for the industry if there are reasons to act differently. Furthermore, promotional methods should be chosen that are specifically expected to work best, rather than giving a long list of options to choose from.
Acknowledge The Cons and Counter With The Strategy
If there are drawbacks to any of the ideas in the plan, these should not be ignored. Rather, the problems should be specifically mentioned along with the methods to deal with the problems. This answers the questions of readers before they can even ask them.
Be Neither Too Conservative Nor Too Aggressive
The plan should be relatively conservative in its projections, out of the range of potential outcomes for the business. However, for investors to want to invest or for lenders to feel comfortable making loans, there must be profit in the business to make it a worthwhile endeavor.
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