6 Things to Check Before Submitting Your Business Plan
Writing a business plan is no small feat. Whether you’re presenting to a bank, an angel investor, a venture capitalist, or entering a business plan competition, make sure you double check that you’ve done these six things before sharing your plan with lenders, investors or judges:
- Did you complete every section? Business plans have a fairly standard outline because funders and investors expect to see certain elements. It might sound simple, but make sure that you didn’t leave a section blank by mistake, as that can communicate laziness to a lender or investor. LivePlan has a lender- and investor-approved outline for you to follow.
- Have you completed your full financials? Having full financials is expected. Your full financials tell the story of your growth path through numbers. Be sure to include your assumptions behind your financials.
- Is your plan concise? No one has time to read a 50-page business plan, and you probably don’t want to write one. Keep it to-the-point, and be sure to populate your executive summary.
- Did you pay attention to spelling, grammar, and punctuation? Small things really do make a difference, so dot those i’s and cross those t’s.
- Is your plan realistic? Make sure your calculations, goals, and predictions are practical, and that you back-up your plan with good market research.
- Have you entered your Milestones? LivePlan makes it easy for you to add milestones you’ve accomplished, as well as milestones you’re shooting for. Be sure to add what you’ve accomplished to date as this communicates confidence to lenders and investors.