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      HBD Venture Capital: Do’s and Don’ts of the Business Plan

      ExpertHub Staff by ExpertHub Staff
      Nov 12, 2009
      in Business Plan Advice
      75
      HBD Venture Capital: Do’s and Don’ts of the Business Plan
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      RelatedTopics

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      1. 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
      2. 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
      3. Put the time in. Spend significant time on the business plan
      4. Business plan must be clear, well arranged and not too long. Supporting info can be presented in the appendix
      5. 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
      6. Who’s your customer? Clearly identify your target market
      7. ID it. Clearly identify the need for this product/ service
      8. Give them the facts. Use facts and figures where possible, specifically in the Industry Analysis
      9. 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
      10. Make it shine. Polish your oral pitch to dovetail with your business plan
      11. Don’t fake it. Never make false claims or misrepresentations
      12. 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
      13. Contact the potential funder before just sending off a business plan to someone’s inbox. A personal referral is even better
      14. Update your business plan regularly. Do this as your thoughts, business activities and market insights evolve
      15. Have a clear ‘shopping list’. What you want to do with the funding, and the timelines involved
      16. Who do you trust? Let someone who you trust read through the business plan for feedback and advice

      Dos-Donts-Meeting-with-Investors-Starting a Business

      ExpertHub Staff

      ExpertHub Staff

      ExpertHub’s award-winning team of Staff Writers deliver unique, insightful and curated content from successful business leaders, authors and subject matter experts. This highly-experienced team understands the information that business readers are looking for, what’s unique and impactful, and how to distil key ideas into actionable insights.

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