A Business Plan is one of the most important documents you can have in your business. Ideally, it’s best to prepare and draft your Business Plan right at the start as you’re planning your startup. There are certain issues that all Business Plans should deal with, so make sure you check them out. But there are also ways to make your Business Plan stronger and more compelling – read on to find out!
Here are five tips to draft a fantastic Business Plan:
1. Be Clear and Concise
Keep your Business Plan clear, concise, and focused.
Avoid jargon and overly technical language. Investors, lenders and stakeholders should be able to understand your plan without confusion.
Use bullet points, headings, and subheadings to break down information into short/digestible sections.
2. Market Research
Thoroughly research your target market and industry.
Insert data and insights into your Business Plan that demonstrate a deep understanding of your market’s needs, trends, and competitive landscape.
Use real market data to support your assumptions and projections – this is not an appropriate place to “fudge” the numbers.
3. Value Proposition
Clearly define your unique value proposition (UVP) or unique selling/service proposition (USP).
Explain what sets your product or service apart from the competition and why customers will choose you.
Highlight your strengths, such as proprietary technology, your skillsets, any exceptional team members, and strategic partnerships.
4. Financial Projections
Develop realistic and well-supported financial projections. Include income statements, balance sheets, cash flow statements, and a break-even analysis.
Investors, lenders and stakeholders need to see that you’ve thought through your financials and have a clear path to profitability.
Get financial help here if you need it!
5. Draft a Strong Executive Summary
Start with a compelling executive summary that provides an overview of your business plan. This section should grab the reader’s attention and provide a snapshot of your business, including your mission, market opportunity, unique selling points, and financial projections.
Make it engaging and concise, as it’s often the first part investors, lenders and stakeholders read.
The trick, however, is to write your Executive Summary last, so it captures everything accurately from the rest of the Business Plan.
Conclusion
We hope these tips have been useful for you.
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About the Author
Rachelle Hare – Managing Director and Principal Practitioner of Blaze Business & Legal
Rachelle Hare
Rachelle Hare is a highly experienced Construction Lawyer and Contract Lawyer, with over 23 years of experience in Tier 1 and Tier 2 Construction Firms, Top Tier Private Practice and Government.With 23+ years of experience as a Senior Lawyer, Strategic Contracting Adviser and Management Consultant in Construction Law, Contracts, Major Projects, Commercial Advisory, Compliance, Procurement, Contract Management and Risk Management, Rachelle has the rare skills to offer you seamless business advice and legal advice to help support your organisation.
As well as a Lawyer and Business Adviser, Rachelle has also acted as a Strategic Procurement Adviser, Compliance Manager, Strategic Risk Adviser and Commercial Manager.Rachelle owns Blaze Business & Legal, a combined Commercial Law Firm and Business Advisory Firm located in Brisbane, Queensland, Australia. Blaze Business & Legal assists a broad range of clients in the Construction Industry and related industries, and advises owners, contractors, subcontractors, NFPs and other organisations on a broad range of Construction Law, Commercial Law, Business Advisory and Management Consulting issues in Brisbane, Queensland and around Australia. Rachelle also owns Blaze Professional Learning, where she offers practical contracting skills, hands-on experience in drafting and working with contracts, and industry insights to help Professionals upskill and advance their careers with real-world skills.
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