Most entrepreneurs newly starting a business tend to be uptight about spending money because they are on a tight budget.
They try to carry out all the responsibilities attached to starting a business on their own, especially if they do not have a co-founder.
It is therefore not unusual to see an entrepreneur trying to draft a business plan without consulting experts that could prepare a better plan.
After drafting the business plan, it may look perfect in the eyes of the entrepreneur, the friends, and family, or even associates.
But then, what of that of the eyes of bank executives, angel investors, and the venture capitalists? If you needed funds and needed to seek out loans and investors, would your business plan be able to get their attention?
Why your business plan isn’t as impressive as you think
Considering the time and effort you invested in writing your business plan, you’ll surely want to shut down anyone that says it doesn’t meet the standard.
However, the truth remains that when your business plan is not appealing to those that can help improve your business, there is nothing much you can do that to do a business plan makeover.
Why is your business plan not looking right? Here are some valid reasons:
Less analytical, more salesy
Your business plan is not a marketing brochure to compel investors to come and pump funds into it. When you write your business plan in a way that screams, “I have a great business idea” or “My business is the solution to end world poverty” you are only going to irritate the investors instead of impressing them.
Investors are looking for business plans written with an objective mind. One which says, “Yes, I trust my ideas, but here are the CHALLENGES the business is likely to face, and here is how we will manage them.”
Investors need to see the facts and figures, financial projections, risk analysis and management, and most importantly, revenue generation.
Exaggerated features of products and services
Every business idea has a product or service to offer, which help improve the lives of its target market uniquely.
It is okay when you try to convince investors that your product or services are the ultimate solutions to provide a better life for the consumers.
But when you fail to back it up by facts through a marketing strategy, the unique skill set of your management team and then a competitive and risk analysis, your business plan is dead on arrival.
Failure to forecast
Investors are looking to invest in businesses they are at least 95 percent sure will bring high returns of investment.
They want to see a business plan that will expressly predict how the business is going to generate revenue that would be greater than the cash flow in say three to five years.
Your business plan needs to show you are aware of the steps that the business needs to take to experience business growth, especially in the revenue area.
Displaying overconfidence in business
Being confident that your business would be successful is a trait that endears entrepreneurs to investors, but when you go aboard with it, they become wary.
Investors know how risky starting and growing a business is, but you tell them that your business is risk-proof probably because you have the best product and services is not being realistic.
What investors want to see in your business plan is a thorough risk analysis, and how you intend to manage it with the funds, they will invest in the business.
Essential things your business plan must cover
A business plan firsts demonstrate you’ve done all your research to learn about what it takes to be an expert in your industry.
It means you are now aware of the challenges you will face trying to make your proposed business idea into reality.
When going through your business plan, there are some essential elements investors tend to focus, which are:
The problem your idea intends to solve: Your investors need to be sure that your product or services are designed to solve a real problem and not some imagined ones.
The solution and its benefits: You should explain how your products work and how it will benefit the customers differently from other products.
The industry and market sizing: This involves getting the facts right with the industry and mak=rket sizing. You can get credible figures from market research groups like Gartner or Forrester.
The business model: Investors want to know how and when they are going to reap their investment. You need to show them how the business will make money through the profit, revenue, and volume growth.
Competitive advantage: You should know your competition both the direct and indirect. You should also know the competitive edge your products and services have other theirs.
Why you should get a business plan makeover
If you are going to show your business plan to investors, you should make sure it is perfect to avoid losing out on a fundraising opportunity.
You also need a new set of eyes to spot any loopholes in your plan that might have been holding investors back from funding your business.
A business plan makeover will add spice and creativity to your otherwise dull business plan through in-depth research made easy by available and accessible resources.
What our business plan makeover services offer
Deciding to contact us for a business plan makeover is the best decision you can make.
Even if you don’t plan on raising funds from external sources right now, you might need to do so in the future. And in that case, you can always use the makeover as a framework to prepare a perfect business plan.
If you have written your business plan with little or no experience of what a plan should contain, then you most definitely need a makeover.
Here is what our business plan makeover services offer:
We would give your business plan a brand new theme which comes with the right appearance, structure, and of course, content.
Since our experts have written numerous business plans that have won funds from investors, we would ensure your business plan meets up to their standard.
We would spot any loopholes, including grammar and spelling errors that are capable of giving your business plan an unprofessional look.
Our business plan makeover services are affordable and have a quick turnaround since we have expert consultants on standby to attend to it immediately.
We also offer advice on how to research to get more accurate results while revealing hidden business perspectives about customer acquisition and overall business operation.
Contact us today to get a quote!