There is a general idea about how to make a business plan, making the appearance of business plans to remain the same for all times. But the accetance or otherwise of a business plan surely depends on your ability to add certain components of a good business plan.
Since most business plans are part of fund raising requirements for new businesses and because your business plan will be reviewed by those you seek fund from, it is best that you stick to the known conventional business plan and the normal decision making components of a good business plan, ,if not your reviewers may see no reason to go ahead with the review.
You Should Write Your Executive Summary Properly
The executive summary of your business plan carries the very first impression of your proposal and as such should be written very well. If it fails to capture the attention of your reviewers they may not read all of your business plan. All words in your summary must be important ones that succinctly explain your overall plan in an abridged form, accurately describing the nature of your business.
If what you have by way of executive summary is impressive you are surely getting the reviewers on the side of your presentation by laying before them in black and white why your proposal is of benefit to the general public.
A very good executive summary is how to make a business plan that gets approval. A well written analysis of the potentials of your target market, the amount of capital you are looking for to take advantage of the market, expected proceeds from sales projections and your repayment plan therefrom are all the hallmarks of an excellent executive summary.
Introduce Your Business
This section is all about providing more information about your company: The registered name, business premises address and more description of the nature of your business. Your readers will not bother to solve your riddles, so write simple and easy to understand statements of facts that need no thinking to understand. Come down to layman’s level if your business is a technical type.
Clearly Analyze Your Market
This is where your reviewers will quickly appraise your knowledge of the market and business for which you are looking for funds. If you have done your homework, your analysis of the market will glow before them like a sun in splendor. Here you are just adding more shine to what you said at the executive summary. It is your marketing plan that you present here.
Funding, Your Source Of Expected Income And Your Financial Contribution
Your expected income from expected demand in your target market, a well researched market info that brings about clear competitive edge for your products or services against competitors, the marketing strategy and packaging and advertising and the policy of your company are what you put in this section. Also, you have to include your own monetary contribution in this section.
Finally, you present your reviewers with your management team – that is your organizational structure according to your type of company. If you are about starting a limited company, your key staff resumes must be included for your audience to see the calibre of men you have put in place. Here you must make sure that only people with relevant qualifications are presented as members of staff. This is how to make a business plan that works.