A Strong Business Plan Will Help Attract Lenders And Investors

No business can effectively operate nor attract the funds needed to survive prosper and grow without a good business plan. A good plan is a management tool that shows where your business is going, and just how you plan to get there, and is a necessity for attracting lenders, investors, partners and key personnel, plan outlines vary but they all must cover certain key areas, such as: Executive Summary, Business Description, Marketing Plan, Financial Plan, Management Team, and Appendix.

Moreover, there are many kinds of software on the market that can help you write you write a good plan, but you must still input the data needed to write your plan into the software. The output of the software can never be any better than the data you put into it and you must manually put that in yourself. Here are four steps to help you write a strong business plan:

1. Put all of your plan data and information into several good old fashion file folders and label each folder so that you know what is in it. This data and information will include such materials as marketing methods you will use, market research, management team bio’s, financial statements, profit projects and other similar items.

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Business Plans – How to Start Writing a Plan For Your Business

Your business map should expand your mind and get you thinking about what your business is going to look like and what you’re striving to achieve. This small business map should really get you excited and motivated to make it all happen.

A business map (i.e., business plan) is your 9 to 12 month map of what you want to accomplish in business.

Usually, business maps contain many items, but remember you’re not going to do them all at once. You’re going to do them over a period of time – just as Rome wasn’t built in one day, your business won’t be built in one day. Just keep clearly and strongly focused on what you want to accomplish and stick to your goals at all times.

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Why Business Plans Are BS For Business Owners

Once upon a time…

Sam was worried about his electrical supply business, and rightly so.

The initial burst of growth over the first three years of the business had halted in the fourth year and in the fifth his sales and profitability were now going backwards.

Fast.

» Read more: Why Business Plans Are BS For Business Owners