Your new business plan will come together more efficiently and productively if you have gathered your thoughts well and researched a little bit. In other words, if you have done your homework. Here at Wise Business Plans, we will always get your input and craft a custom business plan that includes all the market research pertinent to your particular circumstances, but there are a few things you can do to be better prepared for your first meeting with us.
Sit down and write a detailed outline summarizing the history and personality of your business. Your business’s story, if you will. Find out who your local competition is and identify their strengths and weaknesses. Their history could become your future.
One major element of great business plan preparation is tailoring the plan for a specific audience and telling them what they need to know. By categorizing the plan to each target you wish to attract, you will be speaking directly to new customers, or bankers and investors. Regardless the audience, ensure that you have included detailed cost and projections that are measurable and realistic. Especially in the case of lenders, they’ll want to know that you’ve considered the practicality of your plan and aren’t relying on wishful thinking.
It’s important that you summarize your ideas, this helps show that you are thinking critically about the steps you have to take to ensure success. Additionally, lenders and potential partners alike have no interest in flowery phrases or winding word patterns. It will also help your business plan planners and writers to understand your ideas better and not have to interpret them for themselves.
At this point, you’ve probably done enough research to cover the bases. You’ve considered the financial risks, you’ve identified your intended audience, and you know exactly what you aim to accomplish. Maybe you’ve even read the business plans of similar businesses.
Remember, our experts have been where you are hundreds of times and they’ve encountered almost every surprise. They can give you solid advice on what to remove, rework, or reinforce. Also, they can ask the types of questions that your audience might ask, and get you thinking about how to answer those questions. Thus, you’ll be one step ahead in research and response, giving your plan the potential to move quickly from planning to execution.