Written business plans are unlike other types of business presentations.
Contrary to popular opinion, they are very different than oral
presentations, or even online business plans. Each type of business
plan accomplishes certain things along the way.
So what does the written version accomplish?
Most importantly, it demonstrates your ability to communicate effectively
in written form. This is no small accomplishment. Slews of
would be entrepreneurs can't write their way out of a Wheaties box.
Sloppy sentence structure and messy organization are so common that it is
almost expected. Finding an entrepreneur who really can communicate
in writing is a major accomplishment.
This isn't such a big deal if you are looking for $10,000 to expand your
flea market business.
But it is a very Big Deal when you are looking for $10 million to start a
new business.
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So pretend that you are looking for the $10 million. How would you
present your business then? A bit of dash perhaps? Maybe solid
information? Maybe a style that does justice to your business.
Look at the business plan you wrote last year. If this weren't your
business, how likely would you be to read it? Honestly.
Well, investors feel that way about every single business plan that comes
across their desk. The ones that capture their imagination, and
investments, are the ones that command attention.
Use written business plans to sell you and your business. You are not
just introducing your business. You are selling it. You are
selling its past and its future to investors and lenders who can truly
determine that future.
Rather than taking an outline and filling in the blanks, do a bit more to
demonstrate your ability.
Create a Commanding Opening Line
What's the one thing you would like to shout from the rooftops about your
business? That's your opening line, no matter whether it is about
your people, your product, your sales, your press or even you.
Create a Structure That Makes Sense
Few businesses can create written business plans from an outline and make
that business sound real. Most will focus on one or more elements of
the business. Chose the element(s) that are most important to your
success and focus on those.
Then shift the standard outline around so that the most important stuff
shows up in front.
Keep It Short
Twenty pages is the magic number. It can get bigger than that, but
not a whole lot. A 200 page written business plan is way out of the
ball park.
Keep It Sweet
Just the facts, m'am. Write and re-write until you have a smooth
flowing, short document. The more you can use bullets and lists, the
better. We've all been spoiled by the internet, and there are a lot
of bullets and lists and very short paragraphs on the internet.
Know Why You Are Writing Your Business Plan
To get money? No. Not even close. Nobody is going to
read your business plan and hand you a check.
No, written business plans are designed to get you a sit down meeting with the
principal. That's all. Pique their interest. Tease them
a bit. Get enthusiastic. But get that meeting.
Follow Up
Just sending the business plan and hoping for a call won't cut it.
Pick up the phone and call. If you get rejected 500 times, that's
fine. That's one less rejection before you find your investor.
So make the call.
