Thursday, 11 August 2011

What makes a business plan stand out?


·         Uniqueness of the product/ service offered- When presenting infront of a panel of investors, the entrepreneur must understand the uniqueness of his product or service.
·         Comprehensive financial forecast- You should know your numbers so that when questions are fired by potential investors, you are able to give a clear answer.
·         Highlight risks- This very critical as it shows that you are able to analyse problems and develop alternative solutions.
·         Impressive team- Show that the people involved in the operation of the venture are skilled for the jobs assigned to them and how effectively the team will work together.
·         Identify your market-A proper market research should be included  so you know who you are targeting for your product/services.
·         Do not exaggerate- Be realistic of when it comes to setting goals and numbers.
·         Simple- For a potential investor, a simple read is essential, you do not want to take up his/her time.
·         Avoid over-diversifying- Focus on the main purpose of the venture, as a new venture, one should not create multiple markets, just keep it simple and let your venture grow.
·         Plan for the future- Show plans for the future, create excitement on the project and what opportunities are out there and how your business plans to use them to their advantage.