In today’s business climate, you will need to have an exceptional business plan if you wish to raise financing for your great new business idea, or if you want to expand your existing company. Your business plan must not only clearly explain what your great business is all about, but it must realistically spell out the risks; your ability to pay the money back; and what experience your management has in overcoming obstacles and staying the course.
You will discover that all this entails a huge amount of information-seeking, fact-gathering, creative thinking and skilled writing. Ensure your financial assumptions are realistic and achievable. There must be no holes of logic in your arguments, and no mystery in how your numbers add up to success!
As well, your business plan will have to read well, be enthusiastic, show confidence in your ideas, and emit an indisputable sense of “I am going to make this happen.” Here are some guidelines to consider when writing your killer business plan:
1. Undertake all necessary market research before writing your business plan. Know your market intimately! Most successful entrepreneurs have an excellent handle on their market going in.
2. Ensure that your plan is aimed at the correct target with the right kind of ammunition. Is your audience a lender, a partner, the government or an investor? It’s important that your plan is targeted to your desired audience.
3. Make sure your plan is understandable to your audience; avoid using too much jargon; and present it in layperson’s terms. Your target audience may not be familiar with the technical jargon of the field.
4. Reflect professionalism throughout and have no spelling or grammatical errors. Have correct and accurate content, and maintain a positive but realistic attitude.
5. Don’t underestimate your competition. Do your homework and gather accurate facts and figures about them. Keep in mind they have been around for a while, and although you know you can do better, make sure you have learned from their mistakes and can overcome what they couldn’t.
6. Present a solid financial forecast using a standard format. Remember that all financial assumptions have to be accurate, realistic and achievable. Be ready to answer questions about your whole financial plan.
7. Undertake research on all the key areas that a business plan should include. Make sure that all sections are adequately dealt with, and remember that comprehensiveness is mandatory.
8. Last but not least, make your plan compelling. Keep in mind your business plan must attract attention and create sufficient interest to keep the reader motivated and interested right from the very first page.
9. Once you’ve finished writing the first version of your business plan, take a critical look at it as many times as necessary. Avoid presenting a draft version to your audience. If it is possible and feasible, get it reviewed by others and incorporate their feedback.
Keep in mind the above is just some advice to consider when writing a solid and professional business plan. If you want to crack the code of how to write a full and solid business plan, we recommend checking out Business Plans Canada’s Interactive Business Planner Software, an online, step-by-step guide to writing your business plan. In each step you will find information about what’s required, checklists, video tutorials and sample plans.