It is a smart tool and essential one to have as a cover for your business plan.This is especially true for those considering funding that involves commercial real estate or a SBA loan.Entrepreneurs often have to pivot their business once it becomes clear that their original customer is not the right customer, or when it turns out that their product or service fits better in an alternate market.
A business plan is a written document that describes your business.
It covers objectives, strategies, sales, marketing and financial forecasts.
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.
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.
There are plenty of data sources to back up assumptions and to complete research.
There are plenty of great freelancers available online who can help handle time intensive parts of the process like research and formatting, and interactive pro-formas.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.Harvard Business Review (HBR) says “the real key to succeeding in business is being flexible and responsive to opportunities.A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.Read about the finance options available for businesses on the Business Finance Guide website.Business plans and pitch decks are two different things. Yet, one is for presenting and specifically for getting funding from angels and VCs.The other is more organizational an internal in nature.Yet, the point is that most aspiring business owners aren’t even trying to match up their goals with what they think they are supposed to be doing.You should have a plan in order to get yourself organized, to ensure you have some type of viable commercial potential, you have focus and hopefully aren’t going to run out of money or starve before you get going.Things have changed., a business plan is still a must for some scenarios and some reasons.Yet, some may also think that pitch decks and clever presentations may he displaced them.