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Business Plans - The Rules of Business Plans (Funding Plans)

Business Plans - The Rules of Business Plans (Funding Plans)

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Published by Martin Vika

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Categories:Types, Business/Law
Published by: Martin Vika on Jun 14, 2012
Copyright:Attribution Non-commercial

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07/01/2014

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 ==== ====Find a plan from our easy A2Z listing...http://lnk.co/I1NYN ==== ====In our efforts to find out why 99% of business plans are typically rejected, numerous venturecapitalists, investors, bankers, and investment bankers have let us in on the things they look for.When the following rules are broken, it becomes a simple thing for the professionals to spot, thushelping them save time by quickly weeding out the business plans they will dump.Follow theserules and give your business plans a better chance of being seriously looked at.Rule 1: Thebusiness plan is the most important document in a business.The business plan, whether on paperor in your head, guides the company. It provides the basic framework of communicating the goalsof the organization. Few documents are as important to the future of theenterprise. Unfortunately,few documents are also as ignored and ill prepared.Rule 2: The value of a business plan is directly proportional to its use.The more a business plan is used throughout the organization, the more chance the business hasof meeting its goals and succeeding. Everyone in the organization should have access to it tohelp them make decisions that are consistent with the direction the company wants to go. Corollary 2A: The only ones who will use the business plan are those who believe it. Corollary 2B: The first one to believe the business plan is the one who writes it.Rule 3: A business plan is first and foremost a guidance document.The purpose of the businessplan is generally misunderstood. Entrepreneurs think it is a document that is written once in orderto attract an investor. Once the business is funded, they think the business plan is no longerneeded.The reality is that the business plan should be used as the guiding document of the business. Itshould be reviewed regularly to help refresh people as to the goals of the company. Theprojections in it should be used to regularly compare expectations against what actually happensin the company and its marketplace to evaluate progress and determine "course corrections."Rule 4: The business plan does not run the business.While the business plan is an importantguidance document, people, not the document, run the business. As time goes on, more accurateinformation becomes available, new avenues become apparent, and new goals get set.Rule 5: The business plan is a dynamic document, not a static document.Because things changeduring the progress of a business, the business plan should regularly be adjusted to reflect thosechanges. New goals get set, new markets open up, some markets close, etc. A maintainedbusiness plan allows the company to keep important information in the forefront as well assimplifies the process of attracting additional capital if needed.Rule 6: The business plan must be as complete as possible.This rule is important in maintaining auseful document, whether using it to help guide the company or using it to help attract capital.Rule 7: The business (funding) plan must be preceded by an executive summary.In the cases where the business plan is used to attract capital, it must be preceded with a well-written Executive Summary. Investors will not read the entire business plan at first. Without awell-written and concise Executive Summary, the plan doesn't have a chance.

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