As Entrepreneur notes, it’s “also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road.” That’s important to keep in mind if you’re self-funding or bootstrapping your business.
But, if you want to attract investors, your plan will have a different purpose and you’ll have to write a plan that targets them so it will have to be as clear and concise as possible.
Also, don’t forget seemingly minor details like your location strategy and licensing agreements. (Infographic)A great business plan will always include a strategic and aggressive marketing plan.
This typically includes achieving marketing objectives such as:“Each marketing objective should have several goals (subsets of objectives) and tactics for achieving those goals,” states Entrepreneur.“In the objectives section of your marketing plan, you focus on the ‘what’ and the ‘why’ of the marketing tasks for the year ahead.
Because of this expectation, investors want to know everything about your business.
To help with this process, document everything from your expenses, cash flow and industry projections.
In the implementation section, you focus on the practical, sweat-and-calluses areas of who, where, when and how.
This is life in the marketing trenches.”Of course, achieving marketing objectives will have costs.
The best option is to write the plan yourself as you know your business best.
Also, if you are responsible for writing the business plan, you could identify certain challenges and find solutions to them, it will also ensure that you know every single aspect of the business, which is critical when meeting with potential investors.