Business Planning is the first and most important step in creating your business, as business plan consultants business planning is a skill we’re well acquainted with. Acceler8me understands that many business owners have trouble putting together a coherent business plan that truly encompasses all elements of their business which is why we’ve decided to put together our top tips for business planning.
Create a Business Plan for Your Business Not Your Investors
The first and most important point is you need to create a business plan that will act as a blueprint for developing your business, not something to wow investors and funding providers. It’s all well and good creating a business plan that looks great on paper but if it uses dubious data and details procedures that you have little intention of implementing there will be consequences. Firstly most investors can see through this kind of fluff and secondly if you get the funding but your plan is inherently flawed your business will have little chance of succeeding.
But Don’t Forget to Sell Your Business
Whilst you’re business plan should be created for your business, that doesn’t mean you should avoid pitching your business. Business is all about selling yourself and you need to make sure that every piece of data used and every graph created reinforces the reasons why your business is a good idea. When you state that your business sector is experiencing high levels growth explain how your business will capitalise on that growth. When your explaining your growth projections, justify why specifically your business will achieve those targets. When you talk about your competition make sure you illustrate why your business is unique and will overcome the challenges that your competition are facing.
With so many features that can exist within a business it’s easy to get bogged down in unnecessary details that will turn investors away from considering your business plan proposal. Investors like to look at businesses that are lean with minimal fluff. A business plan is not a time to demonstrate your skills and knowledge of technical terms, it’s a time to demonstrate to investors and funding providers that if they invest in your business there will be a benefit to them. The focus of your business plan should be on sales revenue, growth forecasts, return on investment and most importantly your unique selling position.
Acceler8me offers business consulting services to our clients to find out more please contact us.