In my last post, I presented the concept that a business plan really needs to tell a story – if it does, then you are much more likely to achieve your objectives for actually writing the plan, such as to get funded, to get a new loan, to attract new employees, or whatever else your objective is for writing the plan.
Having many years of experience within the field of Public Relations, I can offer a unique perspective on how to accomplish this goal. Below are five strategies or approaches you can pursue to help best tell your story within a business plan:
- Start with a Great Title – every reporter that wants their story to actually be read knows the importance of having a catchy title. Newspapers, magazines and websites all know this and how important the title is … that is why they don’t delegate this task to reporters, and instead keep that responsibility with the Editor. Think like you are an Editor working for the NY Times … what are you going to include in the article of your business plan to get it read in the first place?
- Include an Executive summary – everyone is too busy to read every document and story we see that passes in front of us or in our inbox. We are simply inundated with things to see, read or participate in. If you have a great title and got my attention to make it to page 1, you best get me excited REAL quick, or else you might lose me forever. The executive summary should be hard hitting. The first paragraph or two should point out something new to me – some amazing fact, or stunning growth estimate that gets me engaged. Now I am primed to learn more about this market need and how your new business will address it, and do so with all deliberate speed.
- Provide Third Party Proof Points – at this point, once I have read your executive summary and I am now interested to learn more, you need to sell me that your story is legitimate. In other words, are you just making this sh@* up, or, have you done the diligence necessary to really validate that this need exists? Here your story can go into a bit more detail, as you have earned that privilege based on a great intro. Now is the need to document the market size and the challenge that now exists.
- Comparable Products or Services Don’t Work – here is where the story needs to explain that not only does a market need exist, but, no one else has figured out what you now know – the solution. Or, that you possess the unique skills and knowledge to address this market shortfall better than anyone else. The story needs to be why you are a “no brainer” choice, if your reader agrees that the market need does exist and that others haven’t yet addressed this need.
- Financial Model Supports the Story – here is where the “rubber” hits the road. You have gotten my attention as a reader, you have pointed out a market need and why you are the person best suited to address this need. Now, can you actually make money delivering upon this need? What do the numbers say? Here is where the financial model must provide the proof that an investor is seeking to see if your story really holds together. Based on the assumptions and market position strategies highlighted in the plan, does the financial model reinforce this story? If it does, then you have put all the “stars” into alignment and have best optimized your chances for success.
There you have it. Of course, they are no guarantees. You could have the best business plan writer with the best business plan, but it still may not get funded. But, if you have a great story to tell, can find suitable investors or other target audience members that are open to hearing your idea, and you keep at it, then your chances for success will go up dramatically! And, once you have heard all the “no’s” you will get to a “yes” in the end. Here is where the perseverance comes through and the “doing what it takes” mentality is needed to actually get your plan funded.
At that point, all the work will be worth it. Good luck!
Gordon Benzie is a marketing communications professional and business plan adviser that specializes in preparing and executing upon business plans and marketing strategies. Gordon can be found on Google+.