Failing to plan is planning to fail. Before you can kick start your business, you need to have a list of set goals, the term duration that you want them to be achieved, the tools needed to facilitate the smooth running of the business, and the people behind the running of the business. All these requirements can be summarized in a business plan. A great business plan should be able to set the tone you want your business and greatly help with the messaging of the brand.
A business can be at a high risk of failing in the initial stages if it does not have a solid business plan. To ensure that you have created a strong business plan that will impact on the success of the business, Martin Sumichrast advises on some tips that you can use to make your business plan great. Some of these tips are:
A. Make The Presentation Easy To Read And Understand
Your business plan should have clear headings, paragraphs and illustrations that should not only be readable but as well keep the reader glued to the document till the end. While coming up with a great business plan, you should avoid using the terms in your industry. Remember that not all readers are conversant with your field of industry. If you have to use some of the terms in your industry, put an explanation on the plan so that the reader may understand it easily. Also the usage of acronyms in your industry should be followed by an explanation. Failure to explain the meaning of these terms may make the reader lose the interest in the document.
B. Clearly State The Objective Of Your Business
Business plan is not only helpful in guiding you on how to run the business but it is majorly used when you are looking for funding from potential investors. These readers would want to see a clear objective of your business and the potential investors need to see to it that the business has a reasonable return on investment. For financiers, they want to see the ability of the business to repay within a reasonable period.
C. Your Business Plan Should Have An Appropriate Length
Business plan is an official document and when presenting it to the potential stake holders, they do not want something that might take so much of their time given that they have a lot of business plans that they have to go through. The most important part of a business plan, the executive summary, should not be more than 3 pages and the whole plan should not have more than 25 pages. If there is additional information that you would like to include in your plan, Martin Sumichrast suggests that you can put it on the appendix part of the document