If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.
Business plans and pitch decks are two different things. Yet, one is for presenting and specifically for getting funding from angels and VCs.
Like a pitch deck, it it’s good enough it can be sufficient to get lenders and investors to choose to work with you, and work through the details in the process.
The big problem with business plans is that entrepreneurs often get bogged down in them.
Business plans have long been a critical document for new businesses. If so, what best practices and data can help you create a winning document that will help your business get the funding you need and ensure your venture lasts?
A decade ago anyone you approached with a business idea without a plan would have laughed and shooed you away.Just don‘t let this part of the process slow you down.No matter how you do it, and who you’ll show your plan to, make sure to have someone with experience review it for you."Business plans have long been a critical document for new businesses. If so, what best practices and data can help you create a winning document that will help your business get the funding you need and ensure your venture lasts?Harvard Business Review (HBR) says “the real key to succeeding in business is being flexible and responsive to opportunities.Entrepreneurs often have to pivot their business once it becomes clear that their original customer is not the right customer, or when it turns out that their product or service fits better in an alternate market.Getting lost in rehashing and dragging out a business plan for a year or more can cost your startup the optimal moment to get to market and the best funding opportunities.Too many founders have also tried to cram the equivalent of a business plan into a pitch deck, only to find it is a hindrance to getting the results they want.We look for functional prototypes and customer development and most importantly, scalability.Can you scale customer acquisition cheaply and measurably?Because of these realities, business plans written at the start end up nothing more than a fable.” Fortunately, crafting a business plan has become much simpler today.There are plenty of data sources to back up assumptions and to complete research.