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.
This is especially true for those considering funding that involves commercial real estate or a SBA loan.
This is a brief 1-3 page document that sums up your business and plan, and gives viewers enough info to decide whether they want to see any more data or not.
Traditional business plans can be big beasts of a project that suck time, money and mojo at a vital moment.
Don’t do it unless you know why and what you are trying to achieve with it.
Business plans usually look forward in time for a period of one to three years to a "planning horizon," which moves forward periodically with reviews and updates.
Business plans for different organizations will differ somewhat in content and structure, but most are designed to address two fundamental kinds of questions: Founders and owners typically develop an initial business plan before startup.”An executive summary is a different document again.It is a smart tool and essential one to have as a cover for your business plan.business plan is merely a "plan for the business," where the business may be a profit-making company, a government organization, or a non-profit organization.A business plan can also represent a product line, an individual product, a line of service products, or some other part of a larger business entity.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.We look for functional prototypes and customer development and most importantly, scalability.Can you scale customer acquisition cheaply and measurably?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.