Do they grasp the key issues involved with your business? Great employees will appreciate how you’ve taken the time to assess your place in the market — as will lenders and investors when you need to raise money. You understand the benefits of having a business plan and you’re committed to writing one. Some elements belong in each one, and we’ll explain each of those below, but your presentation might be completely different.
Most importantly, think about who the audience is and what the goals are for the plan.
It’s vitally important to catch things early before you invest too much time or money.
6) Teamwork – Even solo businesses have team members, whether it’s a supportive spouse or a professional accountant or attorney.
Even if you’re approaching friends and family for money, people who won’t require you to have a plan, it will be helpful to write one.
Simply by going through all the necessary steps to put one together, you’ll wind up with a clearer idea of what you’re trying to accomplish and many of the challenges you might face along the way.
2) Research – The knowledge you’ll gain as you explore the industry you’re working in will be invaluable.
You’ll get a much better understanding of the niche you hope to fill and where you fit into the market.
No need to print it out on nice stock and put it in a beautiful binder.
You don’t even have to print it at all, if it’s on your computer.