So, should you always use every section of the Business Plan?
The short answer to that question is, “no”.
If you are writing the Business Plan for your own use, you need only complete the sections that give you clarity around the specifics of your project.
Before omitting any section, it is worth considering why you feel that component is not of use to you.
If it’s because of any of the following reasons, you may be selling yourself, and the success of your business, short:
- I don’t have the time
- I don’t know the answers
- I don’t know where to find the information
- I don’t want to think about it
If you are writing the Business Plan for submission for funding support from a bank or other financial institution, you will need to complete ALL the sections.
Indeed, you may even have to add some, especially in the Financials component. Your prospective lender may also want to see additional evidence around your personal and business financial status plus things like business licenses or registration documentation; or even the evidence to support any statistics you are quoting or forecasts you are making.
Finally, if you are feeling a little overwhelmed at this point, here’s my challenge to you: please stick with us till the end!
In the next lessons we’ll take you through each of the sections we mentioned in the last activity. We will show you step-by-step what they should look like and help brainstorm where you can find the information you need for each section. A lot of those I don’t objections will be answered.