The format you present to potential investors is based on what type of investor they are. If they are an institutional investor, such as a bank, they will want to see your business plan in longform.
If the potential investor is a private investor they are more likely to request your business plan in Pitch Deck format.
Objective Viewpoint is Critical
When you’re done with your business plan, have someone who knows your business and the investment community read it over to make sure it’s clear, concise, and achieves the objective get investors interested in your business.
Another option, professional business planners can be an invaluable resource during the business planning process, providing an objective viewpoint, offering suggestions for improvement, and strategic advice.
You may also want to engage them to facilitate the whole business planning process, not only will this give you a third-party viewpoint throughout, but will ensure you can stay focused on your business while someone with expertise builds a business plan investors will be interested in.
Your Follow Up
The business plan is not a set-it-and-forget-it document, as your business grows and changes so too should your business plan.
Review and update your business plan regularly, at a minimum of once per year, to ensure it is current and accurate. This will also allow you to track your progress against your goals.
If you follow these steps, you’ll be on your way to writing a business plan that will get you the funding you need to grow your business.
Keep in mind that this is not a one-size-fits-all approach, so make sure to tailor your business plan to fit the specific needs of your business. And be prepared to answer any questions potential investors may have.
With a well-written business plan, you’ll be on your way to getting the funding you need to grow your business.