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January 9, 2009, Newsletter Issue #193: Finding the Plan That’s Right for Your Business
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Tip of the Week
Too long. Too short. Too formal. Too casual. Goldilocks would have problems finding the right business plan, and you may too. There are several types of plans, and all fit different needs. Review each one and decide what’s right for your business.
· Mini-Plan: Fairly short and to the point, a mini-plan doesn’t take too much time and research to put together, and can be a good way to get out an idea or concept on paper to see if it’s feasible. It’s not the best option for serious finance inquiries, as bankers usually want a hefty document to look over.
· Plan in Action: This is a work-in-process, and primarily serves to help you run your business. You’ll use this plan frequently in operations, and will update it often. There’s no need to include information on key executives or other information aimed at an audience outside of your business.
· Pretty Plan: This is the professional presentation you will give to bankers and investors. It contains all of the necessary elements, including financial statements and research.
· E-Plan: E-plans can be short or long, formal or informal, but rather than being printed, they are sent electronically. These are useful if you have business partners in other parts of the country or world.
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