4 Tips for Better Business Plan Preparation

  • If you are writing a business plan, consider these four suggestions to improve the process:

    Know Your Capabilities

    During the process of preparing a business plan, you should step back and evaluate your skills for preparing the plan. You should be aware that the process of creating your business plan includes phases of research, strategy, fiscal planning, writing, and revision. If you are weak in one of these areas, consulting and professional help are your best options. Getting help from outside will cost you some cash (which might be limited especially during the startup phase), but it's a price you can't avoid if you need help in these areas. Additionally, hiring a professional business plan writer and consulting services may assist your business in securing funds and completing a business plan from scratch.

    Using a template

    If you decide to proceed without consulting with a business plan writer or adviser, you should at least use a business plan template or learn how to write a business plan. With a good template, you should be able to create a comprehensive business plan and financial model to help you begin and stay on track.

    Feel free to Share

    During the course of developing your business plan, don't hesitate to talk with friends, family members, and mentors about your ideas. No one else will hear your thoughts and provide opinions so you're creating your strategy in a vacuum. If you have another pair of eyes or ears reviewing your business plan, you can learn about your own concepts in a more realistic way.

    Set Goals and Track Progress

    After summarizing your segments and mapping the development process of the business plan in general, you should take the time to set a schedule and set time-bound goals for the plan's completion. How long you plan to spend on creating your business plan will largely depend on whether you are working on it full-time or part-time. Your goal should remain constant, however. It might be easier to complete the seemingly daunting task of writing a business plan if it is broken down into smaller, more manageable sections.