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| Start and Finish Your Plan Properly |
6. It’s research time
Now is the time to think like a lawyer and build a case for your business plan. Your objective is to compile information and research to support the claims and assertions you make in your plan. Visit the library and ask the librarian if they know of any sources of information that can help your cause. Call your local and national industry associations and track down annual reports for companies in your industry. Request product and service information from your competitors. Try to talk to anyone and everyone that might be able to help you collect information for your business plan.
7. Start thinking about the numbers
It is desirable to begin developing your pro-forma financial statements at this point. If you start any sooner, one of two things is likely to occur: 1) Your numbers will be based on pure fantasy and you’ll have to change them anyway, or 2) You’ll attempt to write your plan, do the research, amend your plan and complete your financial statements all at once – and none of it will get done. If you prepare your financial statements at this stage, your numbers have a much better chance of matching and supporting the text in the body of your business plan. For example, if you mention a specific marketing medium in your marketing section, you'll need to include the corresponding costs somewhere in your financials.
8. Write a final draft and finish the numbers
Sometimes finishing your business plan can appear to be the most difficult. But if you follow the steps leading up to this one, success is just around the corner. Be sure to avoid the mistake many business planners make at this stage – it is important to check, double-check and triple-check your writing for grammatical and spelling errors. Think of it this way – bankers and investors will suppose that you will manage your business and protect their money with the same level of care and attention that you demonstrate in your business plan. Go all out and create a document that sends a powerful message about the quality of your work.
9. Set a deadline
To make sure that you complete your plan, set a deadline for yourself that you can’t ignore. It is advisable to call up few people you respect and ask if they would be willing to read your plan and offer suggestions. Make this arrangement with someone whom you are not particularly close with, possibly a professional acquaintance, so it’s more difficult and uncomfortable to call and delay. Ask for advice and make it clear that honesty is what you are after. If you don’t explain this up-front, you may hear “looks good to me” – what essentially means a waste of time for both of you. If you feel tears coming on as they serve up their advice – things are gong well. Take detailed notes and refrain from crying until after the phone is back on the receiver.
10. Polish your plan to perfection
The comments you receive from your readers will help you to strengthen the sections of your plan that need attention. Track down any additional information you may need, add in the ideas that your readers offered and clarify sections or points that were not clearly conveyed. Put together an appendix if necessary, create a clean cover page and table of contents and include a non-disclosure form. At last, prepare a one-page executive summary that summarizes the highlights of your entire business plan and place it up front. Walk into your local print shop like you own the place and professionally print and bind as many copies of your plan as you need. Congratulations – you’re the proud owner of an excellent business plan.
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