By Lydia F. Brown on July 11 2018 22:15:38
Even though the summary will be read first, it is easiest to write it last – providing an overview of the complete business plan. The aim is to draw the reader in, so what you include will depend on your audience. If you are seeking funding you need to really sell your business idea in the summary.
Business plans are decision-making tools. The content and format of the business plan is determined by the goals and audience. For example, a business plan for a non-profit might discuss the fit between the business plan and the organization’s mission. Banks are quite concerned about defaults, so a business plan for a bank loan will build a convincing case for the organization’s ability to repay the loan. Venture capitalists are primarily concerned about initial investment, feasibility, and exit valuation. A business plan for a project requiring equity financing will need to explain why current resources, upcoming growth opportunities, and sustainable competitive advantage will lead to a high exit valuation.
If you are seeking finance for your business, you will need to show banks and investors why they should invest in your business. Lenders and investors will only risk their time and money if they are confident that your business will be successful and profitable.
A business plan is a documented set of business goals, objectives, target market information and financial forecasts that you are aiming to achieve over a certain period of time. It is important to prepare a business plan when starting or growing your business and review it regularly to keep it up to date.
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