11 Feb 2013 | Servcorp
Creating an impressive business plan is definitely required to get financial support from investors, for a good idea is what makes them interested.
A plan will help entrepreneurs to benchmark and check their progress as their company grows. This simple act of writing down their idea and outlining how the business will work can be a very big help to ensure that they communicate their vision with everyone else. Creating a business plan is crucial when getting support for their business vision, for it shows that they have thought through an idea clearly and not just speaking it off the cuff.
Good entrepreneurs write their entire business plan on a paper so they can recognize an opportunity, test the idea to find out if it will work, and to see if the vision, the financials and the strategy will sync in together. Remember that your business plan should be clear and provides a roadmap to success for your company, for without a plan you'll find it harder to communicate your vision and probably get mislead to the road to glory.
Here are four guidelines that you can follow to create a great business plan:
Be Sensible and Practical: You should be honest with yourself in your business plan. It's important to consider challenges and opportunities. If you've got a strong idea, let it stand on its merit. You must also be financially realistic and practical to the available resources – if you don't have much capital to provide such office resources, you can think of ways on how you can manage to survive with just limited resources. For example; you only have limited work stations but you want to spend your capital on hiring more people. One way to make this happen is to implement time shifting duties. An alternative route would be to hire workers with cheaper salary overseas. Nowadays, utilizing a team of telecommuters is possible through outsourcing firms or specialized companies offering virtual office services.
Show conservativeness: Many entrepreneurs say that they're conservative in their business plans, but most are not. A good entrepreneur must know how to be. You can show conservativeness by using examples to demonstrate that you are, in your approach and projections.
Get to the point: Be concise as possible, remove any fluffy language even if it sounds nice. Fillers will lead you to nothing. Get to the point quickly for no investors want to read a long business plan.
Be creative - Visuals are Good: Include a creative element in your business plan, so you can grab some investors' attention. Add visuals in your business plan without overdoing it, like graphs, charts and images. Bring your concept to life.