It's difficult to project an aura of confidence if there are grammatical or mathematical errors, or if the plan is otherwise poorly presented.
Numbers should be double-checked by someone with professional experience and the actual writing ought to be assigned to someone within the company who has experience writing business plans or farmed out to a professional writer who can better present the message.
While the emphasis of your business plan will vary according to your goals, when you write a strong business plan you provide your business with a key element for success.
Business plans are equally important to small or big businesses.
Business plans should include: The plan you present to investors should track the three objectives of a business plan mentioned above (communication, management, and planning), and highlight the strengths of your business model and the niche in which the business will operate.
Particularly true of business plans aimed at attracting capital investment, your business plan should be polished and professional.Looking for Capital Investment If the primary objective of writing the business plan is to attract investment capital, then the plan should reveal your vision of the company alongside a healthy dose of salesmanship to convince investors that your plan is feasible and will be profitable.You have to show investors that you are an expert in your field, or that you at least have a solid grasp of the industry (this is where heavy numbers and analysis come into play) and how your company can excel in that business climate.You should consider seeking advice from mentors -- business people who have experience and can shorten your learning curve -- if this is your first time.And while it is not necessary to hire an attorney when drafting a business plan, it's usually beneficial to have an attorney help you in the beginning stages of starting a business.It highlights obstacles to avoid, allows for efficient use of resources, organizes a company's financial information in order to anticipate the expenses and profits of the business, and helps you focus your marketing efforts.Learning how to write a business plan will pay dividends down the road, and may help you secure funding.Stay on Target If the business plan is intended primarily as a tool to keep your business on target (i.e., you are not seeking outside investment), most of your energy ought to be spent analyzing and predicting financial information.You're not pitching the business to yourself, so you can dispense with most of the salesmanship, but keep it professional since you may be showing your plan to contractors, employees, customers, etc. As long as the financial projections are accurate and you competently describe your business operations and goals, you'll be in good shape to keep your business on the right path.It acts as a tool to manage, monitor, and evaluate your progress, as well as allowing you to modify plans as your project progresses.Finally, the business plan is a planning tool which acts as a roadmap through different phases of your business, taking into account potential hurdles and how best to overcome them.