- Ultimately view the business plan as a motivation for you to continue. You need to convince yourself that this will work and a business plan is one way to do this
- Write your business plan yourself. No-one knows your business better than you. There are various business plan templates available on the internet. However, the areas where you need help – make sure you get it. Use consultants and experts where necessary but don’t outsource the whole process
- Put the time in. Spend significant time on the business plan
- Business plan must be clear, well arranged and not too long. Supporting info can be presented in the appendix
- Write a good one-page executive summary. There is a good chance that the potential funder won’t even read any further if this is not compelling
- Who’s your customer? Clearly identify your target market
- ID it. Clearly identify the need for this product/ service
- Give them the facts. Use facts and figures where possible, specifically in the Industry Analysis
- Don’t over-emphasize the technical aspects of the current product or concept. Make it easy to understand and focus on the future growth strategies and implementation
- Make it shine. Polish your oral pitch to dovetail with your business plan
- Don’t fake it. Never make false claims or misrepresentations
- Do a ‘due diligence’ on your funder and tailor-make specific elements of your business plan to their needs. Go to their website; study their investment criteria; understand their investment process; look at their investment portfolio; read some press releases and articles; ask around if anyone you know has dealt with them before
- Contact the potential funder before just sending off a business plan to someone’s inbox. A personal referral is even better
- Update your business plan regularly. Do this as your thoughts, business activities and market insights evolve
- Have a clear ‘shopping list’. What you want to do with the funding, and the timelines involved
- Who do you trust? Let someone who you trust read through the business plan for feedback and advice
