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Starting your business
Step 1: Make a plan PART 4 OF 6
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How to make your plan look good to banks or investors
The plan you use for internal purposes is probably not the plan you want to present to banks or investors. Your formal plan needs details and explanation to make it relevant to an outside audience. These details include:
- Brief resumes and photos of key executives.
- Color photos of products.
- Graphics, charts and tables that visually explain numbers and comparisons.
- Competitive threats and risks. What are they and how will you address them? You need an honest assessment and plan to overcome them.
- In addition to more details, your formal plan should be of higher quality than an informal plan. Quality standards include:
- High-quality paper and a professional-quality binder.
- A completely accurate plan. Triple-check all facts and figures. Run spell-check, and ask someone to proofread the plan for spelling, grammar and content.
- Standard business vocabulary. Don't use slang or industry jargon. Keep in mind that this is for a general reader who may not be familiar with your company or industry.
