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You not only concentrate on financial matters, but also on management issues, human resource planning, technology and creating value for your customer.Having a business plan helps you to identify potential pitfalls in your idea.
Even excellent business ideas can be totally useless if you cannot formulate, execute and implement a strategic plan to make your business idea work.
If you're looking to raise funds from institutional investors and lenders, keep in mind that having a good business plan is extremely valuable.
My many years of experience working with startups, entrepreneurs, and venture capitalists has led me to conclude that business plans are largely a waste of time for the following reasons: Developing an engaging “pitch deck” to present your company to prospective investors instead of a business plan is the new norm.
The pitch deck typically consists of 15-20 Power Point slides and is intended to showcase the company’s products, technology, and team to the investors.
For additional advice, and a sample pitch deck, see How to Create a Great Investor Pitch Deck for Startups Seeking Financing and Want to Raise Financing for Your Mobile App Startup? It also gives you some momentum and traction and helps you recruit partners and employees.
Undoubtedly, version 1 of your product will not be as good as version 2 or version 3, but you need to start somewhere.Writing a good business plan, the Ernst and Young Business Plan Guide adds, can’t guarantee success, but it can go a long way toward reducing the odds of failure.This is also according to multiplestreams.org, even if you aren't looking for investment, your entrepreneurial plans will fall flat quickly without a plan to guide them.A business plan is a written document that describes your business.It covers objectives, strategies, sales, marketing and financial forecasts.Raising capital from investors is difficult and time consuming.Therefore, it’s crucial that a startup seeking funding absolutely nails its investor pitch deck and articulates a compelling and interesting story in the short time it has during the presentation. Having a prototype of your product makes it easier to sell your vision to investors.Creating a business plan involves a lot of thought.You need to consider what you want to do, and use that as a starting point. At its core, your plan should identify where you are now, where you want your business to go, and how you will get there.A business plan is a communication tool that you can use to secure investment capital from financial institutions or lenders.It can also be used to convince people to work for your enterprise, to secure credit from suppliers, and to attract potential customers.