Sep
9

Tips When Creating an Effective Business Plan

Tags: None | Posted by business@nfld.net | 0 Comments

The thought of creating a business plan can sometimes leave you feeling overwhelmed. However, in order to increase your likelihood of success, this task should not be ignored. Here are some tips to keep in mind when writing your business plan:

 

  • ~ Do your research! Always begin with market research. A well-developed idea will have supportable market data.


  • ~ Consider your audience! Keep in mind the purpose of your business plan, who will be reading it, and for what purpose (banker, investor, financer etc).


  • ~ When using acronyms (an abbreviation formed from the initial components in a phrase or a word), always spell out the actual words the first time it’s used. If your business plan requires a lot of acronyms, include a glossary at the end for reference.


  • ~ Always write in the third person – do not use “I” or “we.” Always use the name of the company.


  • ~ Focus on positive themes and benefits to your customers/clients.


  • ~ Avoid repetition! Don’t repeat content or duplicate sentences, even if the point you are making fits under several categories in your business plan.


  • ~ Use facts, numbers and sources to back your statements up.


  • ~ Use graphics, charts and/or tables to provide a visually attractive and clear business plan.


  • ~ Use clear, simple language. Avoid using technical terms that could cause confusion.


  • ~ Show how your business sets itself apart from its main competition.


  • ~ Review and edit each draft of your business plan multiple times before it is read by an evaluator, in order to eliminate any grammar or spelling errors.


The AXIS Entrepreneurial Coordinator is available to assist you with each step of your business plan. For further information, please contact Business@nfld.net