5 Things Missing From Your Business Plan

5 Things missing from business plan5 Things Missing From Your Business Plan

Having spent several hours perfecting your business plan, polishing the cover and getting it ready to hand over to your lender, I can pretty much guarantee that your plan will be missing 5 things.

Without further ado, here we go with the first one…

Product Sample

If you produce, sell or make something then include a sample. Your plan will talk about what you do but take it a step further and include an actual sample. Sometimes this can be easier with some businesses than others, but remember that nobody ever said your business plan needed to be in a folder, put it in a box instead…

Key People CV

You have included your CV, listed your skills and abilities. You have listed the key people, probably noted down what they do and how they fit into the structure of your company. If they are that key to you then include their CV, this helps reinforce what you say and means your lender can more easily look them up on Linkedin.

Credit Reports

If your business plan is about securing finance then include a company credit report. Every supplier worth their salt will have done a credit check on your company. Be open and include it within your business plan, think of it as shouting about how proud you are of your business conduct.

Video

Yes, your business plan can include video. Your plan may be a paper document by their is nothing to stop you adding in a URL. This can be especially beneficial if you want to show something off, explain something difficult or introduce your staff, product line, premises etc.

This also shows that you are willing to adopt different communication channels. Believe me, not many people will do this, so be brave and be different.

Contracts

This could be anything from the lease on your office to a key customer contract. If it is essential or important to the purpose of the business plan then include it. I have seen everything from company vehicle lease contracts for a courier firm to professional body membership certificates.

It is all about reinforcing trust and respect in your business, it is also showing that you know where the key documents are…

 

There are other things to include in your business plan, but I reckon that even if you have had help in putting your business plan together then it will be missing a few of these.

By Dave Farmer

Dave Farmer is founder of Lime Consultancy, an award winning business finance specialist based in Sussex. Providing pragmatic commercial finance guidance and access to business funding.

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