The business plan, the sesame that opens the doors to many areas when embarking on entrepreneurship, should be the subject of a detailed analysis of its behavior in its authorship. If some parts are specially machined, it is often because it is the entrepreneur’s area of expertise. He will have a natural tendency to refine it, for others he will be less aware of it, and his argumentation can easily be challenged. The public, be it bankers, business angels, a competition jury … always perceive the mistakes in the business plan and will therefore ask the questions that put you in difficulty.
Some parts of the business plan are set aside by entrepreneurs who think they are not that meaningful. However, all parts of the business plan are important and some may be more significant than others depending on the purpose of the business plan.
A business plan for investors: do not neglect the team
If you are writing a business plan for the purpose of obtaining financing, then you need to pay attention to the “team” part. It is not a question of “copying / pasting” your respective CVs. You have to show the investors that you are a complementary team and above all a team that has the skills to carry out the project.
If you do not have all the necessary skills, then you need to explain how to solve the problem. For example, if your project needs to develop a mobile app, then you need a developer on your team. And if you have not partnered with a developer, you have few solutions to deal with the problem: Outsource the development part through a freelancer or agency, or insource it by hiring a developer.
Why is it so important for a financier?
Before investing in a project or concept, investors mainly invest in a team. Because it is the team that must lead the project. This is why you need to take care of the team part and ensure that investors can trust you!
A business plan for your team: Strategy first!
If you are writing a business plan to convince one of your employees or just to serve as a guide, then the parts that should not be neglected this time are those that relate to strategy. For a business to function well, partners must share the same vision. There may be differences on some points (which will be discussed and voted on later), but overall the vision must be the same. Otherwise, you run the risk of encountering conflict situations that could lead to one of the partners leaving.
The business plan makes it possible to ensure that the partners have the same goals. So you might as well take the opportunity to clarify everyone’s vision. When writing a business plan, you will be forced to think about any difficulties you may encounter and especially how you will get around them.
A business plan to win a competition: bet on your concept
If you want to write a business plan for the purpose of participating in an entrepreneurial competition, then this time it is on your concept (and often its innovative nature) that you need to focus on. While not always the main criterion, the concept you have may tilt the scale in one way or another. To win a competition, you must “pitch” your project. This means that you have to explain your concept in a few minutes in a clear and precise way. You will need to show the public that you meet a need and you will also need to explain how you meet it. All in a synthetic and above all … understandable way. Depending on the competition, however, the rule is still to stick to the criteria and to insist on the good parts. Thus, some competitions favor innovation, others job creation, others feasibility (market research), replicability, etc. In this case, focus on the criteria that the members of the jury will adhere to!
A perfect business plan focuses on all parts and omits none. But depending on the ultimate goal of the business plan, there are parts that need to be highlighted a little more. Some parts are important in all business plans, it is e.g. the case of the financial part, which will be analyzed both by the financiers and by your partner or even the jury in a competition.