Whether you are a budding, new or an established entrepreneur, it goes without saying that you need corporate finance. After all, how much will you shell out from your pocket? Having said so, you require a robust business plan to attract finance.
When you put everything down on paper, you can actually see in black and white whether your idea has the potential to raise funds. Did you know that a business plan doubles the probability of securing capital and grow your business?
So, if you are wading in the dark trying to put a business plan together, here are some tips that will help to create one.
Focus on the Executive Summary
Investors and financial institutions get many business plans. Usually, they read the executive summary first to decide whether the plan is worth their time. If you are keen to catch their eye, work on the executive summary like there is no tomorrow! Remember, if you don’t grab the interest of the investors when they read the executive summary, you will have to go back and re-do the business plan.
Make a Problem-Solution Statement
What customer pain points is your product or business addressing? The investors would look for a specific problem and solution statement. So, be sure to include it since it gives a purpose to your business.
Create a Holistic Business Plan
Make an effort to get your data in place while making sure that the data is genuine. Also, do not forget to include a SWOT analysis. You will be surprised to learn that there are many business plans that never see the light of day because they leave out important sections or parts. So, check and then re-check to ensure you have no left out anything from the plan. This will ensure you enjoy a better chance of securing the investment you are looking for.
Investors are not going to hand you money just like that. After reading your plan and finding it interesting, they are likely to ask more questions. You may have to revise the business plan again.
While there are several business plan templates available online, they may not cater to your specific needs. In order to understand what makes investors tick and write an effective business plan, a corporate finance course would come handy. It will give you the necessary introduction to corporate finance that you need.