Business Plan Success Steps For a First-Timer

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Author: Eric Powers

Author: Eric Powers

When writing your first business plan (and perhaps what you hope is your only business plan), you will naturally be a bit unsure about how to proceed. Although a wealth of information about business plan writing is available, knowing how to focus your writing to be most successful in convincing funders will still be difficult. There is so much to cover in a business plan that it is easy to get lost in the details.

Use this framework to take a step back and be sure that you are creating a believable story in your business plan.

Convincing Opportunity

Your interest in the business and your background aside, a funder should be able to look at the information you have researched about the market (the industry, competitors, and customers) and see a clear, unsatisfied customer need which competitors, for whatever reason, are not well poised to act upon. Furthermore, the solution to the need must be valuable enough to custaomers that they would pay for it (or that other parties would pay to share the attention you get, as in the case of advertisers on a website).

Decisive Strategy

The business strategy must be clear in the plan and keep the specific opportunity, strengths and weaknesses of competitors, and customer values and behaviors in mind. The marketing strategy should choose specific tactics which are expected to be the most successful in reaching, convincing, and retaining customers. The operations strategy should seek efficiencies and the ability for the business to scale up with increased volume, while not cutting corners on areas where the company creates competitive advantage.

Means to Take Action

The company must show that its human and financial resources will be appropriate to take action on the strategy outlined. This includes a management team and staff who will be up to the task at hand, and cash to cover immediate startup expenses and shortfalls for the early stages of operations.

Attractive Financial Returns for Funders

Higher returns are required by investors or lenders who take on greater risk, so it is simplistic to say that returns to funders must always be maximized. The financial returns should be shown through the financial statements and perhaps through an exit strategy which allows the company to be liquidated through a strategic sale, additional round of financing, or even an initial public offering.About the Author:

Eric Powers is associated with Growthink, a business plan consulting firm. Since 1999, Growthink has developed business plans for more than 2,000 clients. Call 800-506-5728 today for a free consultation with a Growthink business plan writer. Or, if you're writing your plan yourself, Growthink also offers a business plan template.

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