Whilst many startups often get distracted by pitch decks and the 'lean canvas' model, all businesses can benefit from having a business plan. Having a strong, detailed business plan from the outset should not be underestimated.
WHAT DOES IT COVER?
A business plan is a comprehensive description of your business. It requires a clear articulation of your expected market and your potential competition. Think of it as an opportunity for you, as founder and director, to clearly articulate your goals, plans and visions.
A good business plan:
- provides you with an opportunity to test your business idea on paper;
- allows you to roadmap and timetable your goals and objectives; and
- provides a snapshot of your business which you can provide to banks, incubators, accelerators, VCs and other investors
WHY IS THIS IMPORTANT?
A well thought-out and executed business plan is a fantastic way to impress and attract potential investors. Used as an evolving document, it can ensure that you are actively keeping true to your original visions whilst still taking into account any pivots and changes in direction along the business development journey.