Business Plan Advice for Small Businesses

Calendar April 27, 2010 | Posted by jeannembrown
A good small business plan will raise money, recruit partners, establish your marketing strategy and more.
Of course you should work with a business plan writer or you could write it yourself. Either way, Tim Weaver, an SBA lender with decades of experience in Southern California, says that plans created in BusinessPlanPro are typically pretty good.

No matter who writes your plan, be on the lookout for these common business plan pitfalls.

Trying to Please all Readers
You cannot expect a business plan to appeal to every possible audience. Focus one industry or one problem. An over-reaching business plan can spook investors.
Looking Boring
If the reader gets two pages into your plan and is bored, it’s over. Spend some money on a good writer and graphic designer for your logo. And always write the Executive Summary last after you’ve really studied your plan. It is important to have the reader interested right from the the professionally designed cover and compelling Executive Summary.
Being Too Optimistic
Although it may seem impressive to project huge potential for your business, this doesn’t impress banks or investors. Unbridled optimism make you appear unrealistic.
Ignoring Competition
Even a totally original product or service will face competition from different solutions to a problem, or different ways that customers might spend their money due to a poor economy.
Repeating Yourself
Keep your plan’s message consistent, but avoid repeating ideas. Once again, a writer that can transform your plan with creative language and relevant imagery will be worth the extra expense over doing it yourself.
Using Jargon
Not everyone in business is familiar with your industry’s jargon. This is especially true in IT, science and engineering. Rely on general terms that most everybody will understand.
Being Inconsistent
Make sure that information in your plan is consistent from section to section and that every fact you state is verifiable.
Not Proofing your plan
Presenting a business plan that has not been proofed, or vetted by a colleague who provided feedback,
can result in obvious and embarrassing errors. However….
Incorporating Too Much Feedback is not OK
While your colleague may have identified some probable investor concerns, but don’t bend over backwards or be too cautious. Your business plan should be a persuasive pitch.
Following the Herd
Don’t create a business plan that reads like every other plan that’s out there. If you submit a plan that promotes your enthusiasm and your personality, you will be more confident when you get your 30 minutes to present it….and that’s the topic of tomorrow’s blog……Presenting your Business Plan in 30 minutes or less.

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