First impressions matter. Essentially, your business plan is the first impression you and your business will make. It needs to have all the important information to help investors make an informed decision, while at the same time not overloading them with unnecessary details. Whether you’re taking your side hustle legit or you’re set on being the next Michelle Mone, it’s an all-important document in your corporate arsenal.
Using a business plan template can assist you in properly developing your plan and getting rid of unnecessary fluff and nonsense. There are a multitude of options available online. Some are free, while others can be purchased. While the free options can suffice, you pay for what you get, and if you’re trying to get investors, shouldn’t you be equally as invested in your business?
Let’s take a look at some of the reasons why a good template is essential to the success of your pitch, and by default, your business.
A Good Foundation
If you don’t know where to start, a template will form the basis to work from. It will outline the basics and offer guidance on what you need to highlight. From this, you’ll be able to expand on certain areas using the main areas of focus you want investors to be interested in.
It’s also a great way to ensure that the presentation of your idea is formal and a good representative of what your business is setting out to achieve.
You Can Personalise It
Just because the basis is there, it doesn’t mean that it’s set in stone. You can amend a plan to meet the specifications of your business.
Some industries require more information than others. You may need to expand on income reports, product details or potential financial projections.
Staying level-headed during these tweaks is important as you need the content to remain relevant and straightforward. If your business plan makes sense without it, then you probably don’t need to include it. If you feel strongly about something but aren’t too sure whether it’s necessary to elaborate on, draw up a separate document that you can hand out, should investors bring it up.
Better to be prepared than look dumbstruck by a simple question.
It Provides Structure
Some investors will be interested in a specific area of your business. A properly structured business plan will allow them to jump straight to the section and find out everything they’d like to know.
Think of your plan as a road map of your business. It needs to be easy to navigate, so keep it simple and easy to understand.
Everyone Is On The Same Page
Yes, pun intended. Your plan provides a script for investors to follow and helps them to pick up any information they may have missed during the presentation. This way, everyone is following the same train of thought – and nobody will be left behind.
You Look The Part
A well-designed template creates a professional impression and makes investors more inclined to listen to what you have to say.
You wouldn’t go to a hairdresser sporting a horrible cut and dye job, so why should investors spend their time and money on someone who couldn’t invest the same in their brand?
Always consider the way you’d feel if roles were reversed. Sure, you would probably be empathetic of the poor person pitching, but certain predetermined factors could sway your decision. The same can be said for your investors.
Get To The Point
A good business plan template will assist you in getting to the point a whole lot quicker. Don’t drag it out; it is what it is. Trying to fluff it up will only make it look unprofessional and like you’re trying to overcompensate for something.
Yes, your potential investors have the right to know everything. But keep it simple, you don’t want to lose them halfway through.
Another thing to remember is that if all goes well, there won’t only be one pitch or proposal. So, make notes as you go along and adjust your plan accordingly.
Identify Strengths And Weaknesses
As you make your way through your business plan template, you’ll find yourself having to answer difficult questions. You’ll need to confront the potential challenges that may arise on your journey to success.
You must identify these as they allow you to mitigate the impact they’ll have on your business. By examining all angles, investors will see that time, effort and research that has gone into compiling the document. And they’ll see that you have prepared for every eventuality, reducing the chances of nasty surprises in the future.
Future Goals Are Identified And Met (Hopefully)
A business plan template should accommodate your business goals and aspirations. As such, it should give you a checklist of things you’re looking to achieve, and your end goal.
Even if you receive funding, keep your business plan on hand. This way, you can refer to it and make sure that you are following the path initially set out.
Update Your Roadmap As You Progress
You’ll be able to update and amend your business plan template to be in line with your current needs. You’ll know exactly where to look and what to include, making life a whole lot easier when it comes to requesting future funding.
It also makes it easier for anyone within your business to update your template, or even create a new business plan should the need arise.
The Ultimate Business Plan
Studies have shown that a well-researched plan makes your startup far more likely to succeed. It seems simple, and to some extent it is, but you need a template to build your presentation’s foundation on.
You want to be taken seriously and considered for funding opportunities; your business plan needs to be able to portray this. Of course, copying it word for word may make it obvious that you’re using a template.
Always feel free to make alterations if you think that it looks too much like it’s been copied and pasted. Trust me, taking a well-thought-out, professional template and making it your own will set you up for success.
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