3 Signs Your Business Plan Is Absolute Garbage
Category: Business Planning
Tags: business plan, business planning, professional business plan
Beginning a small business in Canada is one of the most exciting and also most challenging things you can do in your life. Any entrepreneur, young and old, will tell you that their business has gone through great times and really hard times. It is inevitable in business. However, if you have determination and persevere your business will prosper.
One of the most important things you have to do as a business owner is create a professional business plan. A business without a plan is like trying to bake a cake without a recipe: a disaster. A plan sets in motion the course of your year in order to lead your business to success. A Business Plan is also integral to applying for any type of funding (whether through the Bank, Private Investors, or the Government) and also to let your employees strive towards a common goal. There are so many business plans out there that are absolute garbage, and yours may be one of those! HereÂ’s how to tell if it is, and how you can fix it!
The first sign that your business plan is absolute garbage is that it is TOO long with far TOO many words. This is a common problem because entrepreneurs want to make sure they get in every detail within their plan. While being detailed is very important, if your business plan is far too wordy and too long, who is going to want to read it? Keep things simple and straight to the point. You want your business plan to be pleasing to the eye and be able to read in less than ten minutes. So if yours is too long, have an editor go through it and get rid of any unnecessary words. Sometimes point form can be your best friend.
The second sign to knowing your business plan is a piece of garbage is that someone reads it and has a lot of questions about exactly what it is you do. This is a big no-no! Anyone who reads your business plan should have a clear idea exactly what your business is and what you are selling without even speaking to you in person. Many funding applications do not require an in person or over the phone interview, so your business plan must have all the information necessary. Make sure your plan is very clear and concise, that even someone not in business could understand it.
The third sign your business plan is absolute garbage is that there is no detailed budget attached to it. Your financial information is the most important piece of your business plan, and without it you are guaranteed to fail. Make sure you have thought about any cost associated with your business.
If you want to revamp your business plan or build a new one from scratch try our Business Planner tool. You will only need to fill in the blanks, and we will create a professional business plan for you with everything you need!
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