Business Plan Reviews

You don't want to get bogged down by the facts, but you should have some numbers, charts and statistics to back up any assumptions or projections you make.Well-prepared investors will check your numbers against industry data or third party studies--if your numbers don't jibe with their numbers, your plan probably won't get funded.8.

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For instance, I once met a conservative Midwest banker who funded an Indian-Japanese fusion restaurant partly because the plan was--like the restaurant concept--upbeat, trendy and unconventional.2. Once your writing's perfect, the presentation has to match.

Nothing peeves investors more than inconsistent margins, missing page numbers, charts without labels or with incorrect units, tables without headings, technical terminology without definitions or a missing table of contents.

But since there's no shortage of people looking for capital, they don't wonder for long--they just move on to the next plan.

Before you show your plan to a single investor or banker, go through every line of the plan with a fine-tooth comb. If your style is "confident," "crisp," "clean," "authoritative" or "formal," you'll rarely have problems.

Since a business plan is more of a marketing tool than anything else, I'd recommend minimizing the discussion of risks in your plan.

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If you do mention any risks, be sure to emphasize how you'll minimize or mitigate them.

One way to do this is to break your plan into three parts: a two- to three-page executive summary, a 10- to 20-page business plan and an appendix that includes as many pages as needed to make it clear that you know what you're doing.

This way, anyone reading the plan can get the amount of detail he or she wants.6.

You should research the locations and costs for real estate in your area, and make a careful estimate of how much space you'll actually need before presenting your plan to any investors or lenders.7. Just as it's important to tie your assumptions to facts, it's equally important to make sure your facts are, well, facts.

Learn everything you can about your business and your industry--customer purchasing habits, motivations and fears; competitor positioning, size and market share; and overall market trends.

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