Whether you are in the process of securing more funding for your business or you are just trying to build an effective business, a solid business plan is one the best weapons you can have in your arsenal.
Several businesses have failed just because the owners failed to come up with a business plan to guide them, while others are still struggling because of the same reason.
In this article, we take a quick look at the three most important rules you should follow while crafting your business plan.
Keep it short and straight to the point
Every good business plan is usually short and concise. The reason being that it is a document that you want people to read. Not many people have the patience to read through a 150 page or even 50-page document.
Another reason why it needs to be short is that it is a document that you want to refer to at all times to run your business. If it is too long, you would be reluctant to regularly check on it and make modifications.
Write for your audience
When you author your business plan, do that for your audience. For example, if you are a programming company and you are designing a complex program that your investors who have no programming background would understand, try to explain your concept in the simplest of languages for them to understand.
Keep the explanation of your products simple and direct using words that would easy for everyone to understand. Also use the appendix of your business plan to explain the most complex terms you may have used.
Don’t let the feeling of being inadequate to stop you
Many successful entrepreneurs that you see around you are just as inadequate and inexperienced as you are. They don’t have business degrees and some have no prior experience in the kind of business they are currently running. They are all learning on the job.
Writing a business plan for the first time may feel overwhelming, but that doesn’t have to be the case. With the knowledge you have about your business, and your passion, you wouldn’t find it as challenging as you think.
You can also start with a simple One Page business plan and expand on it as you go on.