Who is your business plan for? I know that sounds like a simple question, but it’s not really. As a business owner, it’s important to have a business plan that guides your operations. But sometimes you also have to produce one for other people. And those different audiences are going to want different things from your plan.
For example, if you’re trying to get a bank loan, the banker is going to want to make sure that all the numbers add up. They’re also going to want to see that you have clearly thought through what could go wrong and how you’re going to pay back that loan even if things don’t turn out quite the way you expected.
Conversely, investors are not going to be as interested in the numbers. What they want to see is a really clear explanation of what your business idea is, whether or not you have any customers, and what are the skills of the people behind the idea. And finally, if you are just writing this business plan for yourself, make sure that you spend the bulk of your time focusing on the action plans and the milestones that will tell you you’re heading in the right direction.
about the marketing minute
Each week, host Lorraine Ball shares just a few words on a marketing topic. She boils down creative ideas, practical tips, and decades of real-world experience into a mini podcast which is always less than two minutes.
Look for these mini bits of marketing inspiration every Sunday. Then come back and enjoy the longer interviews every Thursday.
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