Welcome to the third part of our “How to write a business plan for your small business” series. In the first part, we discussed how to prepare for business plan writing. Part 2 was entirely focused on the writing of your business plan. In Part 3 we will talk about how to format your small business plan correctly.
Now that we’ve covered the business plan preparation phase in Part 1 and the writing stage in Part 2, we can discuss the finalization stage of your business plan as part 3 of our “How to write a business plan for your small business” series.
So let’s dive in and get that business plan ready for your investors to see it.
1. Business plan appendix
Your business plan appendix is the final section of your business plan. It contains every additional information about your small business. This is because your investors will want to see some additional information before they decide to invest in your small business.
Everything that you’ve said and claimed in the previous sections of your business plan should be proven with a document in the appendix section. These documents can be your financial statements, reports about credits, business license, contracts, and resumes of your employees.
You should also add more details about the possible risk factors that are involved with your business. Every venture is faced with its own risk factors in the marketplace. This will show your investors that you’re ready for sudden events and shifts in your business and marketplace.
2. Review and editing
There shouldn’t be any spelling or grammatical errors in your business plan. Your investors’ time is too valuable for them to sweat over your grammatical errors. Having too much spelling and syntax errors in your business plan sections and next thing you know, your business plan goes straight to the bin meaning your business gets refused as an investment opportunity.
You should review your business plan numerous times before you decide what its final version will be. The content in the business plan should sound appealing to the reader, so make sure that you correct it if that’s not the case. Read the business plan aloud in front of your family or friends. This will help you to see if any sentences or content don’t sound right to people.
3. Cover page
Your business plan cover page gives identity to your business plan and as well as aesthetics. It instills professionalism in your investor’s eyes. Your document is unique and stands out from the other business plans because of your cover page design.
Every business plan cover page should always include the words “Business Plan” along with your company name, logo and contact information. It is all about simplicity.
You have a great idea for your small business? Don’t jump into waters without a business plan. Check out our 6-step approach to business planning.
So there you have it. Our “How to write a business plan for your small business” series has finally come to an end. You’ve just read part 3 and now you’re ready to format your business plan correctly. We certainly hope that you’ve gained knowledge about business planning and that you will implement it successfully to launch your small business.
Remember that creating a business plan is much more than a tool to raise funding from investors. It will also help you to put together all the pieces of your business and it will serve you as a guideline to monitor your business growth and to hold yourself accountable in the process.
Having a business plan is important because it will help you set realistic goals for your startup. It will serve as an excellent tool to secure investor funding. It will also serve to establish the financial forecasts for your business and ROI (Return on Investment). To be a strong candidate for receiving investment funds, you must prove that you thoroughly understand every aspect of your business. And to prove that you know how to create profit from it.
As a first-time entrepreneur that has a great new idea, we advise you to not jump into business waters without a plan. There are important questions that need to answer first before you even start the company. The BizzBee Solutions team of experts is here for you to help you. Together we can answer all those questions and guide you through the process of successful business planning.