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So What Actually Makes a Good Business Plan?

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A good business plan is not one that is very technical in nature. Many people think it should look very professional but in actual fact, a good business plan needs to be easily readable and understood. It is crucial that you are able to convey that you have a great idea, a properly thought out plan and show that you have a capable team that will be able to see it through.

The Business Plan is the hook that to lure your stakeholders to start a conversation. It should be interesting enough for them to come back for more, or to be keen enough to ask you for more details. So it is crucial to take note of a couple of things before you sit down and start running your fingers all over your keyboard.

1. Who is your reader?

  • Who is your audience(readers of the plan)?
  • How would investing in you or working with you benefit them?
  • What is their level of understanding of your technology? Do they need to consult experts or will they be able to grasp it on the spot?

2. Is my message being conveyed correctly?

  • We tend to think that business plans should be 100 pages long with tonnes of business jargon. Instead we should write it as simply as possible, so that anyone can understand.
  • Have I conveyed the problem and solution clearly?
  • Have I clearly conveyed my execution plans?
  • Have I been able to show that our team is capable and ready to execute the project?

A good business plan is one that is easily readable and is able to communicate important facts about the company simply and concisely. Neither does a good business plan need to be a very thick document like a textbook, which requires long hours to read and that you have to keep referring back to for a more complete understanding. It should be like a short story you can read from front to back in one sitting, after which you should quickly gain a clear understanding of the whole story line. – Mr Inderjit Singh: The Art and Science of Entrepreneurship

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