Raising finance remains one of the biggest issues facing SMEs regardless of whether you are a start-up or an established business. One of the most important documents needed to raise debt or equity for is a business plan. Having been both a receiver and a producer of plans for over 25 years, there are a number of common mistakes I see in many of the plans that cross my desk.
Here are 7 tips to improve your business plan and ensure it has the best chance of raising the finance required.
Know your audience
Who are the customers?
Prove the business model
Markets and competition
Cover downside risks
The Forum's finance adviser Peter Black gives some advice on the essential things to cover in your business plan when seeking finance for your small business.