What Makes a Business Plan Good?

A good business plan requires a bit of a balancing act. Business plans are by nature long and extensive. However, it is important that your plan is concise and easy to understand. No one wants to read a plan that has too much fluff or unnecessary information - especially not investors, who read hundreds of plans every month. You don't want a plan that takes five pages to make a point that could be made in one. At the same time, you don't want to leave out vital information. Your business planning team will keep the writing lean, while your personal planning consultant makes sure that nothing important is left out.

The main purpose of a business plan is stated in its name, but is sometimes forgotten. It is a plan, and is meant to be an outline of the path to business success. A good portion of the business plan is preparing for the future. And so it is essential for a business plan to be adaptable to changing situations. Some people make the mistake of rigidly sticking to their business plans as a step-by-step instruction manual. This can lead to difficulties in business environments which are prone to change. Thus, the business plan should be used as a guide as your business progresses.

It is also vital for a business plan to highlight the most important and unique aspects of a business. Specifically, the competitive advantage - what sets your business apart from existing competitors. A strong competitive advantage helps ensure that your business will thrive. Working together with the Custom Business Planning teams, we can help you determine and emphasize your competitive advantage.