Rules for writing a business plan.
Keep your plan short.
There are two reasons for this
- First, you want your business plan to be read (and no one is going to read a 100-page or even 40-page business plan).
- Second, your business plan should be a tool you use to run and grow your business, something you continue to use and refine over time. An excessively long business plan is a huge hassle to deal with and guarantees that your plan will be relegated to a desk drawer, never to be seen again.
Know your audience.
- Write your plan using language that your audience will understand.
- For example, if your company is developing a complex scientific process, but your prospective investors aren’t scientists (and don’t understand all the detailed scientific terminology you want to use), you need to adapt.
Don’t be intimidated.
- The vast majority of business owners and entrepreneurs aren’t business experts. Just like you, they’re learning as they go and don’t have degrees in business.
- Writing a business plan may seem like a difficult hurdle, but it doesn’t have to be. If you know your business and are passionate about it, writing a business plan and then leveraging your plan for growth will be not nearly as challenging as you think.
- And, you don’t have to start with a full, detailed business plan that I’m going to describe here. In fact, it can be much easier to start with a simple, one-page business plan—what we call a Lean Plan—and then come back and build a detailed business plan later.
The following should be included in a business plan…
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