6 Surefire Tips to Spruce Up Your Business Plan

A good business plan is a moneymaker. With it, you are able to convince a lending institution or investor that your business is worth taking a risk. The business plan is also the blueprint for your commercial strategy. Times change, and your plan may need to be amended to reflect new conditions. It shouldn’t be a problem because a business plan is rarely carved in stone. You can take some very proactive steps to be sure that your business plan reflects your current needs and any possible new direction.

Take a Look at the Deadlines

Your plan should have deadlines for activities. These may have changed since the first draft and you can readjust them forward.

Review the Goals You’ve Created

These cannot be independent of each other. The goals you have in the business plan should complement each other and interconnected in such a way that the success of one goal has a positive impact on another.

Have You Included Your E-Commerce Store

When you first wrote the business plan it is possible, you did not have an e-commerce presence established. Once you have set up your shopping cart on the web, it is a good time to revise the your plan to reflect the impact you expect cyber shopping to have on your business.

Review the Social Media Section

If you are not aggressively using social media for your business, you need to start doing it right away. The use of social media ought to be an integral part of your plan. Potential investors and lenders are going to be looking for that because it shows whether or not your business is staying up with the competition.

Put Your Business Plan on Slideshare

You can put at least the highlights of your business plan on a Slideshare presentation for Internet view. This idea is bigger than you think because of LinkedIn’s connection. LinkedIn owns Slideshare, and the former is the largest B2B social media network. You can use your LinkedIn account to attract investors and offer them the chance to view your plan without any problem.

Schedule a Review of Your Business Plan

Once you have spruced up your business plan you should schedule periodic reviews. This could be once a quarter or twice a year. The audit allows you to look more carefully and objectives and where your business plan is taking you.

This should not be an historical document. The business plan has to be a living entity. Fine-tuning it on a periodic basis is perfectly acceptable, and you can send updated copies to those places where you have submitted the earlier editions. Working on your plan is the same as doing some maintenance work on a luxury car. You want this business tools to be running efficiently and providing the kind of information you hope will gain the interest of investors and banks. Think of the whole thing as a tune-up job on that vehicle, which is driving you to the higher profits you would like to have.

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Malik Mack

Malik "Mr. EntrepreNoir" Mack is a serial entrepreneur based in Harlem, NYC. Malik owns and operates a few different companies but finds purpose in helping others develop their companies from the ground up. EntrepreNoir was created to spread that help across the world.