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Everyone Needs a Good Business Plan

Mention the need for a business plan to the uninitiated, and they will likely give you a lot of reasons why they don’t need one. But anyone who has successfully completed a business plan knows it is a healthy learning process that enables you to manage risk and confidently start or grow your business.

Keep the body of your business plan brief. Attach important detail and supporting information in the appendices. In the body of your plan, make reference to the appendices so your readers will know where to find details.

Write for your average reader. Don’t try to baffle your reader with big words. Explain any terms that might be confusing. Break the complex down until it becomes simple.

Clarify your assumptions for the reader. You will be doing some guessing. If you’re assuming an interest rate of 8 percent, say so. Use only the safest assumptions, and use them sparingly.

Support your narrative and financial assertions with relevant documentation. There are a number of possible appendices that might add to the credibility of your business plan. For example, if your resume will help your reading audience to understand why your experience qualifies you to own and operate the . . .Continue reading Everyone Needs a Good Business Plan