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5 key things investors search in your business plan

Imagine you've got an innovative business idea and have decided to start your own business! you'll need to find a right person to invest in your startup! before taking thew first step you should write a business plan which functions as a road map to your startup journey and would attract the investor's eyes. But how can your business plan grab their attention?   

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Common mistakes in business planning

As writing a business plan  is time-consuming, entrepreneurs has a reason for not completing one. But it is not the only alibi. Most of the entrepreneurs don’t believe the business plan will be useful and they are not sure where to start, and so on. Not making a business plan is a fundamental error for an entrepreneur. In fact, when reviewing an unsuccessful venture, many find their biggest mistake was not taking the time to think through what it would take to make their venture successful. While a complete, well-developed plan is the goal, an incomplete business plan is better than no plan at all. Even an incomplete plan will move you in the right direction and provide something to which others can respond. Readers of your plan will be able to see what is missing and can point out flaws in your logic if they have something to evaluate.

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Writing a Business Plan: 10 key Qs

Don't you know if you really need a business plan? This article would help you kill your hesitation and make the best decision. Before starting to write a business plan and in order to help identify problems with the development and application of a powerful one, take a self-test and ask yourself the following ten questions. This simple exercise will bring to focus indications of your state of planning.

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Win Your Investors’ Trust!

When you start your own small business, you are confronted by challenges on different levels. You must convince the investors to accept to back your small business. You need a backer – an angel investor or a venture capitalist. To land that backer, you need a business plan, which helps your business achieve the backing you seek.

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Deadly Excuses for Not Writing a Business Plan

Most successful companies have some form of plan. A good business plan works from a model, which is using good information and mathematical assumptions. The information and assumptions used depend on the goals and desires of the entrepreneurial team starting the company.

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External use of a business

A business plan is a tool with which your essential qualitative and quantitative company information can be documented for investors in a compact form, information regarding existing growth or risk potentials, beyond annual financial statement and report. As an entrepreneur, you should know more about the goals, concepts, and instruments of an effective business plan to gain investors trust and convince them back your startup.

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Coffee shop business plan

So, you want to open and run the coffee shop you’ve always dreamed of! You may have been fantasizing about your ideal coffee shop all the time in a way that you are sure about the color of handkerchiefs you will use there!

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What should I put in my marketing plan?

It is ‌ worth writing down your marketing plan even if you don’t need it to impress a potential investor or bank manager. The process of creating it will help you  arrange  your thoughts and justify your decisions.

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How to evaluating your business plan

Now, your business plan is ready, you have selected your KPI (key performance indicators) and you are ready to perform to your business plan. You should not put your plan aside but you should evaluate your progress on a regular on a regular basis, at least for each board meeting. There will for sure be lessons to be learned for the next time you have to write a business plan.
 
If you needed to draw up a business plan for a specific purpose – probably to obtain internal or external backing – the
chances are that you will need to do so again one day. That may be in a couple of years’ time, if things go either badly, and there’s a need for restructuring, or extremely well, and you need further growth capital. Or perhaps you will be looking to expand through acquisition or alliance. Or it may be in 5, possibly 10 years’ time that you need to dust off your business plan and write another.Whichever, you may well have to do this exercise again. So it would be good to find out what you did right and what went wrong this time.

The way to do that is through a structured evaluation process. This is best done after at least three years but can be done sooner if a new business plan is needed within that period.
The evaluation should be carried out by someone independent of the initial business planning exercise. No vested interests should be at stake. It should focus on examining the outturn against the KPIs forecast in the plan.
 

The important points in the evaluation process are as follows:


■ KPIs – you might choose to compare the actual costs of rental of premises compared with the forecast, but you won’t compare the costs of paper clips. Select here only those parameters that have a significant bearing on the outcome of your financial forecasts.

■ Reasons – if things turned out significantly different, why? Was this the result of external forces, or were they in areas within your control?

 Lessons – next time round, what should you do differently in the planning process? How can your forecast be made more accurate? What extra research or analysis would be beneficial?

 
The main point of the exercise is, of course, the final column. What lessons can be learned for next time?

Monitoring your business plan can be regarded as an option. Evaluation should not be. It is not a time-consuming process. It can be carried out in just a few days. And the lessons may be illuminating and extremely useful for the next time you’re asked by the boss to prepare a business plan – by the end of the week!

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Basic Tips in Writing a Mission Statement

Now you are ready to write your business plan. You may ask yourself "where should I start?" The answer is: You can start anywhere you like, but start building your plan from the heart is better, which implies that the heart comes first. And usually, it does.Your Business Identity, Your Market, and your Strategic Focus build the heart of your plan. The mission statement is of the very first parts of your business identity. Let’s discuss what Mission statement is and how we can write a winning one.

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