Write an effective business plan
- Craft an impactful executive summary.
The executive summary is the most critical part of your business plan, so make sure it's concise and clear. Focus on explaining the problem you solve, how you solve it, your business model, and the unique value of your product or service. Keep it to around four paragraphs in length.
- Keep your business plan clean.
To make your business plan more effective, keep it short, simple, and easy to read. Stick to a maximum of 20 pages and assign one person to write it for consistency. Simplify your financial projections to two pages and highlight the key metrics and assumptions driving your projections.
- Include five years of projections. Most investors will want to see five years of projections to understand the scale of your business and determine how much capital you'll need. Make sure your projections are realistic and based on solid assumptions.
- Balance deliberate and emergent strategies. While it's essential to have a plan in place, don't be afraid to adjust it as needed. Respond quickly to new opportunities or challenges, even if they aren't part of your original plan. Use a deliberate approach to crafting your plan, but remain flexible and adaptable with an emergent approach to execution.
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