There is little doubt that writing an effective business plan is crucial for the success of your startup. Converting business ideas and goals into writing not only helps in defining your business idea, but it also provides clarity as to how you can organize and execute your new venture.
Why make a business plan?
A business plan is more than an internal strategy document. It can be a powerful tool for achieving specific goals by showing to other people. The external audience for a business plan may not be clear in the beginning, but many entrepreneurs find they later use it for:
- a guide to orienting new employees.
- attracting potential business partners.
- raising funding from banks or private investors or the government.
- a pitching tool in selling the business.
To use the business plan for external audiences, you have to draft your business plan meticulously. It should contain all the important components that answer critical questions for future readers. Also, to make sure the reader actually reviews the business plan fully, it cannot afford to be drab and monotonous. Instead, it should be catchy and impressive enough to grab attention.
How to make a business plan grab attention?
There are several ways to make your business plan stand out. The following considers five effective strategies:
#1 Lure the investor with your solid past
Of course, you need money for your startup and your investors become the most important people for you at this juncture. So, your first step is to make them feel comfortable with your business idea to help them repose full trust in you. The most convincing way of doing so is to link your present business idea with your past expertise.
For example, if you had been a welder previously and now want to open your wrought iron products store, this will give credence to your idea and make your investors trust you. So, carefully draft your business plan and mention your past experience in the startup field to motivate your potential investors to invest.
#2 Make your business plan easy to read
Steer clear of big words and industry jargon that is difficult to understand by a layman. Your plan, drafted in simple and easy to understand English, will encourage your potential investors and others to read on.
Coupled with this is the important point of completing every section of the business plan. Try to avoid partially-filled pages, and provide as much detailed information about your business plan as you can. But, remember to make it a simple read.
#3 Don’t sell to the reader through your business plan
In most cases, shoptalk by the seller puts off the customer. Similar is the case if your business plan is aimed at selling your business to potential investors and others. Put your efforts in making your business idea appealing and educational so your reader feels informed and intrigued, not pressured.
If you put your ideas logically in your business plan and reveal what’s in it for your investors and others, it will certainly be warmly accepted. Remember, you are trying to explain your business, not sell it with hard sales tactics. Once your audience understands your business, then they will be able to consider supporting it.
#4 Back up your business ideas with hard facts
If you can provide evidence and supporting documentation for what you claim in your business plan, you will have investors knocking at your door. For this, you really don’t need to hire a field surveyor to research your product and give public feedback. A simple act of offering statistics and research outcomes for your industry, and explaining how your product or service intends to service this industry, is enough. This will allow you to paint a very positive picture to your potential investors and others about your venture.
One powerful way to help your potential investors and others to view your product or service is to offer your product or service for free in exchange for feedback. This can allow for valuable customer insights and direct information that can be included as proof of concept within the business plan. Reading about how other customers respond to the survey can also make your business plan stand out by giving a feel of your product or service to the reader.
#5 Use a pitch deck presentation to promote your product or service
When you want to make your business plan stand out, one of the most powerful ways to do so is to leverage it to create a simple pitch deck presentation. If you are new to the term ‘pitch deck presentation’, know that it is a brief presentation that often makes use of PowerPoint, Keynote or Prezi to provide a quick overview of your business plan. This type of presentation is primarily carried out either face-to-face or in online meetings with potential investors and others.
A pitch deck presentation quickly summarizes what your product or service is all about without wasting the viewers’ time. Since it is a visual presentation, it enables your target audience to grasp it better. However, be sure to make this presentation stand out and be interesting enough to hold interest. Starting by sharing a pitch deck can prime your audience for the full business plan review. It is quite simple to assemble as long as your full business plan is already complete.
Following these amazing ways to showcase your business plan is certain to attract potential investors and people who matter for setting up your startup. You can also invest in business plan consulting to make sure your business plan is written to the caliber to meet your goals. This will help you maximize your odds for success.