How to Prepare to Write the Best Business Plan (5 Major Points)
Note: This could be the second article in the 3-part series about Writing the Best Business Plan. There are millions of articles, courses, outlines, and knowledge available, both free and priced. The knowledge available is indeed overwhelming, that it must be very difficult to know where to start and things to trust! These articles are designed to give practical, useful, and valuable advice about how exactly to accomplish it.
The 5 Major Points About “How” To Prepare To Write The Best Business Plan
In Part One, we looked over purposes and types of formal strategic plans; the reason dictates the kind of document to create. All executives, bankers, investors, and business leaders agree that all businesses really should have a formal business plan that is tailored to the desired purpose and result.
Many new business organizations – and lots of entrepreneurs – don’t realize the best way to properly prepare to write down an effective plan. The rule of thumb is: “Proper planning prevents poor performance!”
There are 5 major items to consider in preparing to write down an elegant business strategy:
1. Purpose
Who could be the Business Plan being written for, what’s the proper scope, and what’s the desired result? These points were covered in Part One of this informative article series:
- a. Is it to attract a venture capitalist? The plan must be a “brief sales piece” geared directly towards questions an investor asks.
- b. Is it for the bank loan, SBA-backed loan, or another commercial loan? The plan should then cover the information a banker will want.
- c. Is it only for the business enterprise owner and also to serve as a guide?
- d. Is it for multiple purposes, as well as to be utilized for various ends? Consider a “parent” plan or targeted plan(s).