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.
Like a pitch deck, it it’s good enough it can be sufficient to get lenders and investors to choose to work with you, and work through the details in the process.
The big problem with business plans is that entrepreneurs often get bogged down in them.
Getting lost in rehashing and dragging out a business plan for a year or more can cost your startup the optimal moment to get to market and the best funding opportunities.
Too many founders have also tried to cram the equivalent of a business plan into a pitch deck, only to find it is a hindrance to getting the results they want.
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.