Ideally, a business plan is the intersection of everything inside the business (costs, products, services, personnel, etc.) and everything outside the business (competition, market trends, political forces, etc). Forces inside the company meet those outside the company and a business plan is born. (Watch a video on how to build a business plan that gets funded)
Many entrepreneurs put too much emphasis on the inside forces and ignore the outside. No business is an island; no company operates in a vacuum. Even as you are tackling all the tiny details that need to be included in your plan, be sure to keep a grip on the big picture.
A winning business plan:
- Outlines goals,
- Clearly communicates strategies
- And establishes plans for both the best and worst case scenarios (as well as any and all scenarios in between) that might befall your company.
Seasoned entrepreneurs and investors know to expect the unexpected and at the same time anticipate the challenges inherent in each particular business.
A good business plan can help you determine what you need to make your business a success – from personnel to financing, location to advertising. But to truly make your company succeed, you must pay attention to what you find during plan preparation. Be thoughtful. Don’t do the plan, figure out you need $300,000 and then try to wing it on $150,000. Be realistic in your planning, then be just as realistic in following the plan.
In great business plans, you not only sell your business concept, you sell yourself. Your entrepreneurial spirit and passion are critical factors to a potential investor. Communicating your team’s experience, abilities and track record will take you even farther. The key is showing how your experience and abilities will support your business and help it to excel.
Learn More About Writing Business Plans
To win in business requires a winning business plan. From focusing your vision for the business to using your completed plan as a tool, this book shows you how to prepare a winning business plan. This book reveals winning techniques and strategies. Learn how to:
- Attract the funding you need
- Identify strengths and weaknesses
- Deal with competition
- Understand your financials
- Use your plan in competitions around the world
Rich Dad/Poor Dad author Robert Kiyosaki says, “The first step in business is a great business plan. It must be a page turner that hooks and holds a potential investor. Garrett Sutton’s Writing Winning Business Plans is THE BOOK for key strategies on preparing winning plans for both business and real estate ventures.”