The business plan, the sesame that opens the doors to many areas when one embarks on entrepreneurship, should be the subject of a detailed analysis of his behavior in his writing. If special work has been done on certain parts, this is often because it concerns the entrepreneur’s field of expertise. He will have a natural tendency to refine it, for others he will pay less attention to it and his argumentation can be easily disputed. The public, be it bankers, business angels, a competition jury… always sees the flaws in the business plan and will therefore ask the questions that get you into trouble.
Some parts of the business plan are set aside by entrepreneurs who think they don’t make much sense. All parts of the business plan are important, and some may be more important than others depending on the purpose of the business plan.
A business plan for investors: don’t neglect the team
If you’re writing a business plan to get financing, pay attention to the “team” section. It’s not a matter of “copying/pasting” your respective resumes. You need to show investors that you are a complementary team and most importantly a team that has the skills to carry out the project.
If you do not have all the necessary skills, explain how you are going to work around the problem. For example, if your project needs to develop a mobile app, you’ll need a developer on your team. And if you haven’t worked with a developer, you have few solutions to tackle the problem: outsource the development part through a freelancer or agency, or outsource it by hiring a developer.
Why is this so important for a financier?
Before investing in a project or a concept, investors mainly invest in a team. Because it is the team that will lead the project. That’s why you need to take the team part off your hands and make sure investors can trust you!
A business plan for your team: strategy first!
If you are writing a business plan to convince one of your employees or just to serve as a guideline, this time the not to be neglected parts are those related to strategy. For a business to work well, the partners must share the same vision. There may be differences on some points (which will be discussed and voted on later), but in general the vision should be the same. Otherwise you risk getting into conflict situations that could lead to the departure of one of the partners.
The business plan makes it possible to ensure that the partners have the same objectives. So you might as well take the opportunity to clarify everyone’s vision. When writing a business plan, you are forced to think about any difficulties you may encounter, and most importantly, how to get around them.
A business plan to win a contest: bet on your concept
If you want to write a business plan for the purpose of entering an entrepreneurial competition, this time it is your concept (and often its innovative nature) that you should focus on. Indeed, while this isn’t always the most important criterion, the concept you have can tip the scales one way or another. To win a contest, you have to ‘pitch’ your project. This means that you explain your concept in a clear and precise way in a few minutes. You will need to show the audience that you meet a need and you will also need to explain how you are meeting it. All in a synthetic and above all… understandable way. Depending on the competition, however, the rule remains to stick to the criteria and insist on the good parts. For example, some competitions favor innovation, other job creation, other feasibility (market study), reproducibility, etc. In this case, focus on the criteria that the jury members will observe!
A perfect business plan focuses on all components and does not omit any. But depending on the ultimate goal of the business plan, there are parts that need to be explained a little more. Some parts are important in all business plans, this is the case for example for the financial part which is analyzed by the financiers as well as by your partner or even the jury of a competition.