datachannel.org –The Skinny Business Plan. Your business plan may need to be restructured. Experts agree that the document does not need to be a long one, with endless descriptions of products and detailed financial projections. Your business plan should be concise and to the point.
You will have to provide more information if you want to attract investors. But if your goal is to keep your employees, partners, and yourself on track, and prepare for the future then you can simplify.
Here are some business experts who tell us which features of business plans are crucial and which can be ignored.
“There are business plans that can be used for external purposes, but you should also have an internal business plan. This is Steven Raz‘s co-founder and managing partner at Cornerstone Search Group . A search firm that specializes in biotechnology and pharmaceutical executive searches, Cornerstone Search Group . It should not exceed 10 pages and should be compelling enough to grab your attention.
Christian Seale, chief operating office of Equitable Original , stated that you must have an executive summary. This will give you a hook and makes it easy to read. The responsible certification program was created by Equitable Origin to promote higher standards in social and environmental reporting, transparency, and greater accountability in oil and natural gas exploration and production.
He said, “You should briefly summarize the problem or opportunity and explain how your company’s products or services will address it.” You should also briefly describe the people and skills that are needed to make this happen.
Experts said that the condensed business plans should include a description and description of the product. Mark Cracknell, cofounder and executive director at Kondoot.com said that this should be supported by a brief analysis on who the current competitors are and how the product will differ from other offerings.
Experts say that while you must make your case for your product, many business plans become bloated with market research pages. Seale stated that while this is important when you are looking for investors, it should be kept to a minimum in order to keep the business plan manageable.
Financials can be included, but don’t overdo it. Instead, present the relevant information in colorful charts and brightly colored formats. Raz stated, “In this document, you aren’t reaching only financial people or potential investors. So make the information easily accessible.”
A more concise business plan can leave out a detailed analysis of expenses. Cracknell stated that it is difficult to estimate exact expenses for unknown growth factors depending on the product or industry. Cracknell stated, “If figures or amounts are not easily determined with reasonable accuracy, it is best to leave them out.”
Cracknell said that it was important to include a brief history of the founders and origins of the company. He said, “You must communicate how the business came to be and what the future holds.”
The slimmed down business plan should also include sales and marketing strategy. “This is fluid. But putting it down in writing helps you stay focused.” Beth Goldstein, president and CEO of Marketing Edge Consulting Group, said Beth Goldstein. She also directs the $50K New Venture Competition at Boston University.
A finite, defined outline of key actions with specific dates is the best way to create a business plan.
Nicholas L. Turner is co-chief executive of Kaye/Bassman International Corp. which offers executive search and strategic recruitment services.
According to him, many entrepreneurs find it difficult to create a formal business plan. He stated that too many details will not get the job done. You will also feel limited in your ability to be an entrepreneur. I say adapt the plan to your needs, not the plan to you. The objective of a business plan is to be used, not to achieve it.
Turner stated that the only reason you would do it is to get funding. If it is legitimate funding, Turner recommends hiring a professional company.