How to Write a Business Plan? Tips from London Business School
October 17 2007 | 2 comment(s)
One of the things that we've come to realize is that writing a
business plan that will successfully garner the attention of venture
capitalists is easier said than done. We see a ton of great business
ideas but if those ideas can't clearly be articulated then they can be
dead in the water.
So a tip from our judges is that startups must make sure the BP
has structure and there is a clear understanding of its purpose. Here
are a few good tips written by Dr Michael Hay, Professor of Management
Practice at London Business School:
"Your
business plan is a sales tool. It is essential that it looks good and
reads well. Professional presentation is critical. Beyond this you
should observe the following guidelines:
- The text should be cogent, concise and clearly laid out;
- Focus on key issues, avoid extraneous details. Knowing what to leave out is just as important as knowing what to include;
- State clearly what makes your product different or better and exactly where you intend focusing. Trying to do too much is indicative of a poor understanding of what you could do best;
- Formulate objectives that are unambiguous, consistent, credible and compatible with industry experience;
- Show that you really understand how your target market operates, what your customers want, how you will distinctively meet these needs and on what basis you will compete successfully.
- Display a clear understanding of your investor's needs and interests;
- Avoid complete infatuation with your product and how it will be produced;
- Demonstrate that the team you have assembled has the balance and the track record to exploit the market opportunity as well as the determination to stick with the venture;
- Openly address risks and problems, explaining how you intend dealing with them;
- Ensure that the plan is intelligible and complete in itself, having no need of additional data or explanation. Think also about who could most compellingly sell your plan in a ten-minute oral presentation.
Finally, never lose sight of your audience. Remember that there may not be a single, homogeneous audience. Tailor your plan to meet the needs of your different audiences. Write your plan for a specific audience, not for yourself. "
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Comments
July 13 2008 12:56PM by Brin
Hello, nice site :)
July 15 2008 01:27PM by Chris
Very useful advice.
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