Originally published: 15/06/2017 10:00
Last version published: 15/06/2017 10:22
Publication number: ELQ-14457-2
View all versions & Certificate
Last version published: 15/06/2017 10:22
Publication number: ELQ-14457-2
View all versions & Certificate
How to build a successful Business Plan: Top 10 Don'ts
Top 10 Dont's when drafting a Business Plan for your Investors during your fundraising
Introduction
What are the top ten dont's of a business plan? The following methodology outlines in 10 steps, 10 points you have to avoid doing when drafting your business plan for your investors.
- Step n°1 |
Business Plan Document ≠ Business Plan
Don't confuse a business plan document with the plan. That's just output of the plan. It's a snapshot of the plan as it existed on the day you printed it. Every new document output will be a slightly different plan.
- Step n°2 |
Keep your Business Plan Streamlined
Don't make it any bigger than needed to actually manage the company. No extra editing, no sweat, no scary term-paper-like task until you actually need to show it to outsiders. Keep it streamlined: bullet points, lists, projections. - Step n°3 |
A good plan is never finished
Don't wait to do anything until it's finished. A good plan is never finished. If your plan is finished, your company is finished. - Step n°4 |
Formal Polishing is not your priority
Don't do the formal polish and edit and descriptive sections of a document until you actually need to show your plan to somebody outside the company. That's just extra work. Wait until you actually have the business plan event, which is needing to show the plan to an outsider as part of seeking investment, commercial loan, partners, or new employees.
