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Even your friends and family, or the most aggressive angel investors.Things have changed., a business plan is still a must for some scenarios and some reasons.
SCORE offers fillable worksheets covering these key pages in your business plan for your startup business: Summary A business plan still plays a critical role in launching a profitable and sustainable venture today.
New trends and the data show us that the best time to complete a robust plan may now come later in the journey than it used to.
Harvard Business Review (HBR) says “the real key to succeeding in business is being flexible and responsive to opportunities.
Entrepreneurs often have to pivot their business once it becomes clear that their original customer is not the right customer, or when it turns out that their product or service fits better in an alternate market.
If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.
Business plans and pitch decks are two different things. Yet, one is for presenting and specifically for getting funding from angels and VCs.
”An executive summary is a different document again.
It is a smart tool and essential one to have as a cover for your business plan.
This is especially true for those considering funding that involves commercial real estate or a SBA loan.
This is a brief 1-3 page document that sums up your business and plan, and gives viewers enough info to decide whether they want to see any more data or not.