how to write a business plan narrative

The Daily MBA

Tips, Tools, and Techniques to be a Better Entrepreneur

Writing Your Business Narrative

November 29, 2009 Jarie Bolander

Photo by  rawpixel.com  on  Unsplash

People love a good story. We gravitate to stories because they are easy to understand and if told well, stick with us. A narrative is a powerful tool to tell your business story, without all of the complexity of a business plan. People tend to have a difficult time starting a business plan or even a pitch because the ideas rattling around in their gray matter are just not cohesive. Throw in the desire to get the business off the ground or fund it and most people just give up.

Writing a narrative about your business is the first step in formulating those random thoughts into a story that you can tell prospective investors and employees. It’s also a great way to get past the anxiety of looking at detailed rows and columns of numbers that really won’t make sense until you formulate the genesis of your business.

Table of Contents

First Things First

Before getting started on your business narrative, you need to brainstorm or free write. Doing this allows your brain to get geared toward creating a good narrative. So, before you move on, do one of the following exercises:

Exercise #1: Free write for 15 minutes, without stopping, about your new business idea. Just write. Don’t edit. Don’t correct spelling. Just write about it.

Exercise #2: For 15 minutes, brainstorm all the words and phrases you can think of about your business. Write them all down on a piece of butcher paper or record it.

Now that your brain is primed, it’s time to start structuring those thoughts into a narrative. Take another 5 minutes to circle or underline the main themes, words, sentences from the exercises about. These themes will be used to answer and expand upon the questions below. To better illustrate the process, I will build an example narrative in parallel along with you.

Question 1: Name Your Business

Naming your business is the first step in making it real. This is the main character of your story and the name should reflect the attitude of the company. Look at the items you circled in the brainstorming session. Are there any recurring themes or words? What jumps out at you? Try and incorporate that into your name. Spend 5 minutes to name your company.

Business Name: The Daily MBA

Question 2: Describe What the Business Does

Be as specific as you can when it comes to describing your business and what it does. The more specific the better. Being too general will defocus your efforts. Use action words or phrases that are easily understandable. Try to refrain from fuzzy words or muddled concepts. Again, make it simple.

What The Daily MBA does: The Daily MBA is about helping new entrepreneurs and managers navigate the complex world of business  Through relevant posts and topical discussions, The Daily MBA provides a fresh perspective on the day to day hardships that face entrepreneurs and managers.

Question 3: What Makes the Business Special?

Like any good character, your business needs to have that something special that resonates with readers/customers. This description needs to be written with vivid words that conger up feelings that people can relate to. Even though it’s a business, that personal touch will make it memorable.

What Makes The Daily MBA Special: The Daily MBA is written by a practicing manager and entrepreneur who knows firsthand how painful it can be to start and manage a business. His unique perspective allows for readers to connect with his point of view because he can empathize with their plight. The Daily MBA style is also informal and comes across more like a mentor or friend than a stodgy professor.

Question 4: What Market Does the Business Address?

Understanding your market space is vital to a successful business. Markets are complex, so it’s best to be as specific as possible in choosing what market you will address. You don’t have to be formal about it or even know the correct buzzwords. Just simply describe the market that your business addresses.

Markets Addressed: The Daily MBA addresses the management and entrepreneurship education market worldwide.

Question 5: Who Are Your Customers?

Customers are an important part of your marketing effort. You need to reach them in order for them to purchase your goods and services. The best way to think about this is to describe your ideal customer. Ideal customers may not exist but they are a great way to focus your products and services to customers that come close.

Customers: The people who read The Daily MBA are either in business or want to start a business. They have a natural drive to create products and services and tend to seek out advice. The ideal customer for The Daily MBA would be the new entrepreneur or manager that wants to start a business or manage their group better.

Question 6: What Customer Pain/Benefits Do You Cure/Provide?

Most customers only buy something they need (or want). These purchases are usually driven by solving a problem or curing the customer’s pain. These pain points are what drive your customers to seek out your products or services.

Customer Pain Solved: The Daily MBA provides a comprehensive resource that answers the questions entrepreneurs and managers have while also giving them a step by step way to succeed. Too often, new entrepreneurs and managers don’t have good mentors or resources to answer their pressing questions. Schools do provide some instruction but this is mostly theoretical.

Question 7: What are Your Long Term Business Goals?

It’s always a good idea to look ahead a bit to see where you want your business to go. When doing this, be pragmatic and realistic. Don’t assume your next gig will be as big as Facebook or Google. Rather, look at what you want to achieve and set realistic goals. These goals can be one, two or five years out. Whatever it may be, put it down.

Long-Term Goals: Within two years, The Daily MBA will be garnering 10,000 unique visitors a month, generating $5,000 dollars in revenue per month (via ads and related book sales) and be ranked as a top entrepreneur and management advice site.

Question 8: What Resources/Actions Are Need to Achieve the Goals?

Now that you have a long-term goal, you need to figure out what it will take to achieve it. This may be getting investors, developing products or services or hiring staff. This is critical since, without some idea on how to achieve your goal, you will flounder.

Resources Needed: To achieve our long-term goals, The Daily MBA needs to apply Inbound Marketing techniques to get found. Part of this strategy will be to guest blog, be an active part of the entrepreneur/management community, publish topical books, develop seminars, produce at least one original post per week and provide three to five commentary posts per week on topical business posts outside The Daily MBA.

Question 9: Summarize Why You Will Succeed

It’s always best to end with a summary of what the reader just read and come to some resolution. This pulls the narrative together and allows the reader to leave satisfied. The summary does not have to be long or fancy or even original. It can just be a compact synopsis of what you just said.

Summary: The Daily MBA is all about helping entrepreneurs and managers thrive in the chaotic world of business. It’s a content rich site that provides a needed resource for entrepreneurs and managers. Through original content, community stewardship and topical books, The Daily MBA will achieve upwards of 10,000 unique visitors and $5,000 in revenue per month within the next two years.

Assembling The Narrative

Now that we have the pieces (or bones) down, we can assemble the bits into a flowing narrative. To do this, you need to read your pieces again and edit them for grammar and content. Once you have something you think is pretty good, read it aloud to see how it sounds. The way the written word sounds is a great way to refine your voice. If it sounds weird, then it will read weird. You also want to ensure that it actually sounds like the way you talk. It’s okay to be informal as long as it’s clear and communicates your vision.

Once you have gone through the pieces, the next step is to assemble them together. Start with question #2 and string together your pieces into paragraphs. In the end, you should have between 3-5 paragraphs. Now that you have your business narrative, you can start to fill in the details and refine what you want to achieve. The narrative will be your anchor during the business planning process. It will provide the focal point when your plan starts to get messy or you stray from your desired objectives. Good luck.

Example Business Narrative: The Daily MBA

The Daily MBA is about helping entrepreneurs and managers navigate the complex world of business  Through relevant posts and topical discussions, The Daily MBA provides a fresh perspective on the day to day hardships that face entrepreneurs and managers. It is written by a practicing manager and entrepreneur who knows firsthand how painful it can be to start and manage a business. His unique perspective allows for readers to connect with his point of view because he can empathize with their plight. The Daily MBA style is also informal and comes across more like a mentor or friend than like a stodgy professor.

The Daily MBA addresses the management and entrepreneurship education market worldwide. The people who read The Daily MBA are either in business or want to start a business. They have a natural drive to create products and seek out advice. The ideal customer for The Daily MBA would be the new entrepreneur or manager that wants to start a business or manage their group better. The Daily MBA provides a comprehensive resource that answers the questions entrepreneurs and managers have while also giving them a step by step way to succeed. Too often, new entrepreneurs and managers don’t have good mentors or resources to answer their pressing questions. Schools do provide some instruction but this is mostly theoretical.

Within two years, The Daily MBA will be garnering 10,000 unique visitors and $5,000 dollars in revenue per month (via ads and related book sales) and be ranked as a top entrepreneur and management advice site.To achieve these long-term goals, The Daily MBA needs to apply Inbound Marketing techniques to get found. Part of this strategy will be to guest blog, be an active part of the entrepreneur/management community, publish topical books, develop seminars, produce at least one original post per week and provide three to five commentary posts per week on topical business posts outside The Daily MBA.

The Daily MBA is all about helping entrepreneurs and managers thrive in the chaotic world of business. It’s a content rich site that provides a valuable resource for entrepreneurs and managers. Through original content, community stewardship and topical books, The Daily MBA will achieve upwards of 10,000 unique visitors and $5,000 in revenue per month within the next two years.

Special thanks go to Joe Malo at Jan Medical for his insights and discussion about writing a good business narrative.

Additional References

Jason has a great post about questions you should ask if you are thinking of starting a business. This lends itself nicely to a business narrative and you should try and include the answers to Jason’s questions as well.

Your Business Narrative is your internal compass while your PR Narrative is your external one. Once you finished your Business Narrative, then take a crack at your PR narrative. It should be a lot easier to write and give you some useful insights into how you want the external world to view your business.

Also published on Medium .

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December 2, 2009 at 11:17 am

Great post.

However, I feel that “Name Your Business” should not be on top of this list. Ideally after the sixth point. I think it would make more sense naming your business once you have answered questions 3, 4, 5, 6 and 7.

Overall, I like your points very much.

December 2, 2009 at 11:21 am

Harsh- Thanks for the comment. You make a good point. You can change the name at anytime since the process is iterative. My thought was it was good to name it something first so that it feels a little more real. Maybe I should change it to a working name or make it optional. I need to ponder that a bit.

[…] much more likely to succeed. If this seems too overwhelming, then you might want to work on your business narrative first and then come back and work on […]

Every Company Needs a Narrative

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Companies are missing a big opportunity – to craft an inspiring corporate narrative.

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Writing Your Business Narrative: Tips for Business Owners

Last Updated:  

December 5, 2023

In the fast-paced world of business, where competition and new ideas meet, it's important to have an interesting business story. Your company has a story that goes beyond its goods and services. It has your unique journey to start your business, your goal, and your values. As a business owner, you can express yourself, set your brand apart, keep customers coming back, and get investors interested by learning how to tell a good story .

Key Takeaways on Writing Down Your Business Narrative

• Storytelling as a Business Tool : Understanding the power of a compelling narrative in business is crucial. It's more than sharing your journey; it's about engaging, emoting, and making an impact.
• Challenge for New Entrepreneurs : For beginners, especially those juggling entrepreneurship and education, crafting a captivating business narrative can be daunting. Seeking help, like writing services, can be beneficial.
• Learning from Professional Writers : Observing how expert writers simplify complex topics into engaging narratives can be instructive for business storytelling. These professionals demonstrate effective communication skills applicable to business narratives.
• Embrace Vivid Language : Utilise descriptive, emotionally resonant language to make your story compelling. Avoid vague terms, opting instead for specific, sensory-rich descriptions.
• Craft a Strong Opening : Your story’s beginning should be intriguing, thought-provoking, or surprising to immediately capture the audience’s interest.
• Structured Narrative Flow : Organise your story logically and engagingly, with clear sections and headings for readability and coherence.
• Highlighting Success Stories : Share customer testimonials and case studies to demonstrate the tangible impact of your product or service.
• Editing for Clarity and Impact : Refine your narrative by editing for simplicity, clarity, and coherence. Remove superfluous details to strengthen the narrative's impact.
• Self-Editing and External Feedback : Regularly review and revise your story, seeking feedback from peers or mentors to ensure it resonates with a broader audience.
• Story as a Business Lever : Recognise that your business story is a strategic tool, capable of influencing, uniting, and paving the way for success.

Complex Task for Beginner Entrepreneurs

The business offers several products and services. A strong corporate narrative can assist your company in navigating market competition. A compelling tale goes beyond your company's history. It may engage listeners, evoke emotions, and leave a lasting impact.

For small business owners who are just starting out as entrepreneurs while still going to school, the expectations can be too much to handle. During this active time, unexpected problems may come up, such as the need to improve writing skills. Help is available in surprising places, like writing services, that you might not think of at first. These services, which are usually linked to academic help, can be a real gem for business owners who want to improve their stories. 

Thinking about how writers work will help you define an engaging business story. These writers take their work seriously, and business writers can, too. In the hands of professional essay writer complex topics are skillfully simplified into engaging narratives, showcasing their prowess in language and storytelling. This demonstrates their writing and language skills. Both novices and experts in business might benefit from employing these experts.

Expert writers compose well-organised, convincing material and teach others how to write. Their attention to detail, clarity of speech, and ability to tailor words to varied demographics can teach business writers. Business students can learn narrative, communication, and how to tell a memorable story from expert essay writers.

Writing Techniques for Entrepreneurs

Business leaders can make an interesting story with the help of good writing. Companies that do well stand out when they write strong copy to get investors, customers, and workers. To make your company story better, we'll talk about some important writing tips.

Use of Vivid Language

When you tell a business story, language is like a pen, and vividness is like a paint can. If you want to be specific, use emotional words instead of general ones. To get people interested in your story, use strong images and sensory details. Instead of calling your product "innovative," talk about how it makes things better for people who use them.

Building a Compelling Opening

The first few words of your story will grab people's attention. In the beginning, make the reader think, get them excited, or grab their attention. If you're telling a story, surprising them, or challenging them, the first few lines of your essay should grab their attention.

Structuring Your Narrative

The story format helps your idea stand out. Make sure that your writing makes sense and flows well , taking the reader on a trip. After a short opening, you should make a list of thoughts or events that make sense. Headings, bullet points, and subheadings make writing easy to read and help people keep track of what's going on.

Example: "Introduction - Our Vision Unveiled | Section 1 - The Genesis of [Your Company] | Section 2 - Mission and Values | Section 3 - Overcoming Challenges | Conclusion - A Glimpse into the Future." 

Showcasing Success Stories

Success stories are the best way to get people to care. Show how your product or service has helped people through reviews, recommendations, and case studies. Spread the word about the successes of people or companies that worked with your brand to tell your story.

Example: "Meet Sarah, a small business owner who, with the help of our solutions, not only streamlined her operations but witnessed a 30% increase in revenue within six months."

It's more than just giving people facts; you want to make them feel, be interested, and remember you. As you get better at writing, your company story will go from being a bunch of words to a strong force that motivates, engages, and wins.

Editing and Refining Your Narrative

After putting together the main parts of your business story, you can start rewriting and improving it. Each word, sentence, and paragraph is carefully shaped to make sense and have the most effect, just like sculpture. How to make your story better and more interesting.

Stress the Importance of Editing for Clarity and Coherence

Editors make small changes to stories that make them stand out and make sure the grammar is right. Make sure that your writing is easy to understand and that each line adds to the story. Get rid of details and words that aren't needed. This will make your material easier to read and keep people interested.

Example: "As we edit, let's focus on simplifying complex language, ensuring that every word adds value to the reader's understanding of our journey."

Tips on Self-Editing and Seeking Feedback

Encourage business owners to use two ways to change. After making changes, read your story again. Find places where the story gets boring, repeats itself, or doesn't make sense. Next, ask your peers, mentors, or professional editors for comments. Outside views can give you helpful feedback and help your story connect with many people.

When business innovation meets storytelling, stories lead the way. To finish this article, keep in mind that your story is a business tool. Stories that are well-written can change people's minds, bring them together, and set them up for long-term success. Leaders in business can make an impact on the ever-changing business world if they learn how to write well and tell stories that people can relate to. Your story is more than just words; it's the heart of your business.

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How to Write a Business Plan for a Small Business

Noah Parsons

24 min. read

Updated September 2, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of writing a business plan

If you’re reading this guide, then you already know why you need a business plan . 

You understand that writing a business plan helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your business plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After writing your business plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

When writing a business plan, the produces and services section is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

When writing a business plan, the operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

The last section of your business plan is your financial plan and forecasts. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI to write a business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of writing a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Writing a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of writing a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan

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How To Write A Business Plan: A Comprehensive Guide

The Startups Team

How To Write A Business Plan: A Comprehensive Guide

A comprehensive, step-by-step guide - complete with real examples - on writing business plans with just the right amount of panache to catch an investor's attention and serve as a guiding star for your business.

Introduction to Business Plans

So you've got a killer startup idea. Now you need to write a business plan that is equally killer.

You fire up your computer, open a Google doc, and stare at the blank page for several minutes before it suddenly dawns on you that,  Hm…maybe I have no idea how to write a business plan from scratch after all.

Don't let it get you down. After all, why would you know anything about business planning? For that very reason we have  4 amazing business plan samples  to share with you as inspiration.

For most founders,  writing a business plan  feels like the startup equivalent of homework. It's the thing you know you have to do, but nobody actually wants to do.

Here's the good news: writing a business plan doesn't have to be this daunting, cumbersome chore.

Once you understand the fundamental questions that your business plan should answer for your readers and how to position everything in a way that compels your them to take action, writing a business plan becomes way more approachable.

Before you set fingers to the keyboard to turn your business idea into written documentation of your organizational structure and business goals, we're going to walk you through the most important things to keep in mind (like company description, financials, and market analysis, etc.) and to help you tackle the writing process confidently — with plenty of real life business plan examples along the way to get you writing a business plan to be proud of!

Keep It Short and Simple.

There's this old-school idea that business plans need to be ultra-dense, complex documents the size of a doorstop because that's how you convey how serious you are about your company.

Not so much.

Complexity and length for complexity and length's sake is almost never a good idea, especially when it comes to writing a business plan. There are a couple of reasons for this.

1. Investors Are Short On Time

If your chief goal is using your business plan to secure funding, then it means you intend on getting it in front of an investor. And if there's one thing investors are, it's busy. So keep this in mind throughout writing a business plan.

Investors wade through hundreds of business plans a year. There's no version of you presenting an 80-page business plan to an investor and they enthusiastically dive in and take hours out of their day to pour over the thing front to back.

Instead, they're looking for you to get your point across as quickly and clearly as possible so they can skim your business plan and get to the most salient parts to determine whether or not they think your opportunity is worth pursuing (or at the very least initiating further discussions).

You should be able to refine all of the key value points that investors look for to 15-20 pages (not including appendices where you will detail your financials). If you find yourself writing beyond that, then it's probably a case of either over explaining, repeating information, or including irrelevant details in your business plan (you don't need to devote 10 pages to how you're going to set up your website, for example).

Bottom line: always be on the lookout for opportunities to “trim the fat" while writing a business plan (and pay special attention to the executive summary section below), and you'll be more likely to secure funding.

2. Know Your Audience

If you fill your business plan with buzzwords, industry-specific jargon or acronyms, and long complicated sentences, it might make sense to a handful of people familiar with your niche and those with superhuman attention spans (not many), but it alienates the vast majority of readers who aren't experts in your particular industry. And if no one can understand so much as your company overview, they won't make it through the rest of your business plan.

Your best bet here is to use simple, straightforward language that's easily understood by anyone — from the most savvy of investor to your Great Aunt Bertha who still uses a landline.

How To Format Your Business Plan

You might be a prodigy in quantum mechanics, but if you show up to your interview rocking cargo shorts and lime green Crocs, you can probably guess what the hiring manager is going to notice first.

In the same way,  how  you present your business plan to your readers equally as important as what you present to them. So don't go over the top with an extensive executive summary, or get lazy with endless bullet points on your marketing strategy.

If your business plan is laden with inconsistent margins, multiple font types and sizes, missing headings and page numbers, and lacks a table of contents, it's going to create a far less digestible reading experience (and totally take away from your amazing idea and hours of work writing a business plan!)

While there's no one  right  way to format your business plan, the idea here is to ensure that it presents professionally. Here's some easy formatting tips to help you do just that.

If your margins are too narrow, it makes the page look super cluttered and more difficult to read.

A good rule of thumb is sticking to standard one-inch margins all around.

Your business plan is made up of several key sections, like chapters in a book.

Whenever you begin a section (“Traction” for example) you'll want to signify it using a header so that your reader immediately knows what to expect from the content that follows.

This also helps break up your content and keep everything nice and organized in your business plan.

Subheadings

Subheadings are mini versions of headings meant to break up content within each individual section and capture the attention of your readers to keep them moving down the page.

In fact, we're using sub-headers right now in this section for that very purpose!

Limit your business plan to two typefaces (one for headings and one for body copy and subheadings, for example) that you can find in a standard text editor like Microsoft Word or Google Docs.

Only pick fonts that are easy to read and contain both capital and lowercase letters.

Avoid script-style or jarring fonts that distract from the actual content. Modern, sans-serif fonts like Helvetica, Arial, and Proxima Nova are a good way to go.

Keep your body copy between 11 and 12-point font size to ensure readability (some fonts are more squint-inducing than others).

You can offset your headings from your body copy by simply upping the font size and by bolding your subheadings.

Sometimes it's better to show instead of just tell.

Assume that your readers are going to skim your plan rather than read it word-for-word and treat it as an opportunity to grab their attention with color graphics, tables, and charts (especially with financial forecasts), as well as product images, if applicable.

This will also help your reader better visualize what your business model is all about.

Need some help with this?

Our  business planning wizard  comes pre-loaded with a modular business plan template that you can complete in any order and makes it ridiculously easy to generate everything you need from your value proposition, mission statement, financial projections, competitive advantage, sales strategy, market research, target market, financial statements, marketing strategy, in a way that clearly communicates your business idea.

Refine Your Business Plans. Then Refine Them Some More.

Your business isn't static, so why should your business plan be?

Your business strategy is always evolving, and so are good business plans. This means that the early versions of your business plans probably won't (and shouldn't be) your last. The details of even even the best business plans are only as good as their last update.

As your business progresses and your ideas about it shift, it's important revisit your business plan from time to time to make sure it reflects those changes, keeping everything as accurate and up-to-date as possible. What good is market analysis if the market has shifted and you have an entirely different set of potential customers? And what good would the business model be if you've recently pivoted? A revised business plan is a solid business plan. It doesn't ensure business success, but it certainly helps to support it.

This rule especially holds true when you go about your market research and learn something that goes against your initial assumptions, impacting everything from your sales strategy to your financial projections.

At the same time, before you begin shopping your business plan around to potential investors or bankers, it's imperative to get a second pair of eyes on it after you've put the final period on your first draft.

After you run your spell check, have someone with strong “English teacher skills” run a fine-tooth comb over your plan for any spelling, punctuation, and grammatical errors you may have glossed over. An updated, detailed business plan (without errors!) should be constantly in your business goals.

More than that, your trusty business plan critic can also give you valuable feedback on how it reads from a stylistic perspective. While different investors prefer different styles, the key here is to remain consistent with your audience and business.

Writing Your Business Plan: A Section-By-Section Breakdown

We devoted an entire article carefully breaking down the  key components of a business plan  which takes a comprehensive look of what each section entails and why.

If you haven't already, you should check that out, as it will act as the perfect companion piece to what we're about to dive into in a moment.

For our purposes here, we're going to look at a few real world business plan examples (as well as one of our own self-penned “dummy” plans) to give you an inside look at how to position key information on a section-by-section basis.

1. Executive Summary

Quick overview.

After your Title Page — which includes your company name, slogan (if applicable), and contact information — and your Table of Contents, the Executive Summary will be the first section of actual content about your business.

The primary goal of your Executive Summary is to provide your readers with a high level overview of your business plan as a whole by summarizing the most important aspects in a few short sentences. Think of your Executive Summary as a kind of “teaser” for your business concept and the information to follow — information which you will explain in greater detail throughout your plan. This isn't the place for your a deep dive on your competitive advantages, or cash flow statement. It is an appropriate place to share your mission statement and value proposition.

Executive Summary Example

Here's an example of an Executive Summary taken from a sample business plan written by the Startups.com team for a fictional company called Culina. Here, we'll see how the Executive Summary offers brief overviews of the  Product ,  Market Opportunity ,  Traction , and  Next Steps .

Culina Tech specializes in home automation and IoT technology products designed to create the ultimate smart kitchen for modern homeowners.

Our flagship product, the Culina Smart Plug, enables users to make any kitchen appliance or cooking device intelligent. Compatible with all existing brands that plug into standard two or three-prong wall outlets, Culina creates an entire network of Wi-Fi-connected kitchen devices that can be controlled and monitored remotely right from your smartphone.

The majority of US households now spend roughly 35% of their energy consumption on appliances, electronics, and lighting.  With the ability to set energy usage caps on a daily, weekly or monthly basis, Culina helps homeowners stay within their monthly utility budget through more efficient use of the dishwasher, refrigerator, freezer, stove, and other common kitchen appliances.

Additionally, 50.8% of house fires are caused in the kitchen — more than any other room in the home — translating to over $5 billion in property damage costs per year.  Culina provides the preventative intelligence necessary to dramatically reduce kitchen-related disasters and their associated costs and risk of personal harm.

Our team has already completed the product development and design phase, and we are now ready to begin mass manufacturing. We've also gained a major foothold among consumers and investors alike, with 10,000 pre-ordered units sold and $5 million in investment capital secured to date.

We're currently seeking a $15M Series B capital investment that will give us the financial flexibility to ramp up hardware manufacturing, improve software UX and UI, expand our sales and marketing efforts, and fulfill pre-orders in time for the 2018 holiday season.

2. Company Synopsis

Your Company Synopsis section answers two critically important questions for your readers: What painful  PROBLEM  are you solving for your customers? And what is your elegant  SOLUTION  to that problem? The combination of these two components form your value proposition.

Company Synopsis Example

Let's look at a real-life company description example from  HolliBlu * — a mobile app that connects healthcare facilities with local skilled nurses — to see how they successfully address both of these key aspects.  *Note: Full disclosure; Our team worked directly with this company on their business plan via Fundable.

Notice how we get a crystal clear understanding of why the company exists to begin with when they set up the  problem  — that traditional nurse recruitment methods are costly, inconvenient, and time-consuming, creating significant barriers to providing quality nursing to patients in need.

Once we understand the painful problem that HolliBlu's customers face, we're then directly told how their  solution  links back directly to that problem — by creating an entire community of qualified nurses and directly connecting them with local employers more cost-effectively and more efficiently than traditional methods.

3. Market Overview

Your Market Overview provides color around the industry that you will be competing in as it relates to your product/service.

This will include statistics about industry size, [growth](https://www.startups.com/library/expert-advice/the-case-for-growing-slowly) rate, trends, and overall outlook. If this part of your business plan can be summed up in one word, it's  research .

The idea is to gather as much raw data as you can to make the case for your readers that:

This is a market big enough to get excited about.

You can capture a big enough share of this market to get excited about.

Target Market Overview Example

Here's an example from HolliBlu's business plan:

HolliBlu's Market Overview hits all of the marks — clearly laying out the industry size ($74.8 billion), the Total Addressable Market or TAM (3 million registered nurses), industry growth rate (581,500 new RN jobs through 2018; $355 billion by 2020), and industry trends (movement toward federally-mandated compliance with nurse/patient ratios, companies offering sign-on bonuses to secure qualified nurses, increasing popularity of home-based healthcare).

4. Product (How it Works)

Where your Company Synopsis is meant to shed light on why the company exists by demonstrating the problem you're setting out to solve and then bolstering that with an impactful solution, your Product or How it Works section allows you to get into the nitty gritty of how it actually delivers that value, and any competitive advantage it provides you.

Product (How it Works) Example

In the below example from our team's Culina sample plan, we've divided the section up using subheadings to call attention to product's  key features  and how it actually works from a user perspective.

This approach is particularly effective if your product or service has several unique features that you want to highlight.

5. Revenue Model

Quite simply, your Revenue Model gives your readers a framework for how you plan on making money. It identifies which revenue channels you're leveraging, how you're pricing your product or service, and why.

Revenue Model Example

Let's take a look at another real world business plan example with brewpub startup  Magic Waters Brewpub .*

It can be easy to get hung up on the financial aspect here, especially if you haven't fully developed your product yet. And that's okay. *Note: Full disclosure; Our team worked directly with this company on their business plan via Fundable.

The thing to remember is that investors will want to see that you've at least made some basic assumptions about your monetization strategy.

6. Operating Model

Your Operating Model quite simply refers to how your company actually runs itself. It's the detailed breakdown of the processes, technologies, and physical requirements (assets) that allow you to deliver the value to your customers that your product or service promises.

Operating Model Example

Let's say you were opening up a local coffee shop, for example. Your Operating Model might detail the following:

Information about your facility (location, indoor and outdoor space features, lease amount, utility costs, etc.)

The equipment you need to purchase (coffee and espresso machines, appliances, shelving and storage, etc.) and their respective costs.

The inventory you plan to order regularly (product, supplies, etc.), how you plan to order it (an online supplier) and how often it gets delivered (Mon-Fri).

Your staffing requirements (including how many part or full time employees you'll need, at what wages, their job descriptions, etc.)

In addition, you can also use your Operating Model to lay out the ways you intend to manage the costs and efficiencies associated with your business, including:

The  Critical Costs  that make or break your business. In the case of our coffee shop example, you might say something like,

“We're estimating the marketing cost to acquire a customer is going to be $25.  Our average sale is $45.  So long as we can keep our customer acquisition costs below $25 we will have enough margin to grow with.”

Cost Maturation & Milestones  that show how your Critical Costs might fluctuate over time.

“If we sell 50 coffees a day, our average unit cost will be $8 on a sale of $10.  At that point we're barely breaking even. However as we scale up to 200 coffees a day, our unit costs drop significantly to $4, creating a 100% increase in net income.”

Investment Costs  that highlight strategic uses of capital that will have a big Return on Investment (ROI) later.

“We're investing $100,000 into a revolutionary new coffee brewing system that will allow us to brew twice the amount our current output with the same amount of space and staff.”

Operating Efficiencies  explaining your capability of delivering your product or service in the most cost effective manner possible while maintaining the highest standards of quality.

“By using energy efficient Ecoboilers, we're able to keep our water hot while minimizing the amount of energy required. Our machines also feature an energy saving mode. Both of these allow us to dramatically cut energy costs.”

7. Competitive Analysis

Like the Market Overview section, you want to show your readers that you've done your homework and have a crazy high level of awareness about your current competitors or any potential competitors that may crop up down the line for your given business model.

When writing your Competitive Analysis, your overview should cover  who  your closest competitors are, the chief  strengths  they bring to the table, and their biggest  weaknesses .

You'll want to identify at least 3 competitors — either direct, indirect, or a combination of the two. It's an extremely important aspect of the business planning process.

Competition Analysis Example

Here's an example of how HolliBlu lays out their Competitive Analysis section for just one of their competitors, implementing each of the criteria noted above:

8. Customer Definition

Your Customer Definition section allows you to note which customer segment(s) you're going after, what characteristics and habits each customer segment embodies, how each segment uniquely benefits from your product or service, and how all of this ties together to create the ideal portrait of an actual paying customer, and how you'll cultivate and manage customer relationships.

Customer Definition Example

HolliBlu's Customer Definition section is effective for several reasons. Let's deconstruct their first target market segment, hospitals.

What's particularly successful here is that we are explained why hospitals are optimal buyers.

They accomplish this by harkening back to the central problem at the core of the opportunity (when hospitals can't supply enough staff to meet patient demands, they have to resort on costly staffing agencies).

On top of that, we are also told how  big  of an opportunity going after this customer segment represents (5,534 hospitals in the US).

This template is followed for each of the company's 3 core customer segments. This provides consistency, but more than that, it emphasizes how diligent research reinforces their assumptions about who their customers are and why they'd open their wallets. Keep all of this in mind when you are write your own business plan.

9. Customer Acquisition

Now that you've defined who your customers are for your readers, your Customer Acquisition section will tell them what marketing and sales strategy and tactics you plan to leverage to actually reach the target market (or target markets) and ultimately convert them into paying customers.

marketing Strategy Example

Similar to the exercise you will go through with your Revenue Model, in addition to identifying  which  channels you're pursuing, you'll also want to detail all of relevant costs associated with your customer acquisition channels.

Let's say you spent $100 on your marketing plan to acquire 100 customers during 2018. To get your CAC, you simply divide the number of customers acquired by your spend, giving you a $1.00 CAC.

10. Traction

This one's huge. Traction tells investors one important thing: that you're business has momentum. It's evidence that you're making forward progress and hitting milestones. That things are happening. It's one of the most critical components of a successful business plan.

Why is this so important? Financial projections are great and all, but if you can prove to investors that your company's got legs before they've even put a dime into it, then it will get them thinking about all the great things you'll be able to accomplish when they do bankroll you.

Traction Example

In our Culina Traction section, we've called attention to several forms of traction, touching on some of the biggest ones that you'll want to consider when writing your own plan.

Have I built or launched my product or service yet?

Have I reached any customers yet?

Have I generated any revenue yet?

Have I forged any strategic industry relationships that will be instrumental in driving growth?

The key takeaway here: the more traction you can show, the more credibility you build with investors. After all, you can't leave it all on market analysis alone.

11. Management Team

Here's what your Management Team section isn't: it's not an exhaustive rundown of each and every position your team members have held over the course of their lives.

Instead, you should tell investors which aspects of your team's experience and expertise directly translates to the success of  this  company and  this  industry.

In other words, what applicable, relevant background do they bring to the table?

Management Team Example

Let's be real. The vast majority of startup teams probably aren't stacked with Harvard and Stanford grads. But the thing to home in on is how the prior experience listed speaks directly to how it qualifies that team member's current position.

The word of the day here is relevancy. If it's not relevant, you probably don't need to include it in your typical business plan.

12. Funding

Funding overview.

The ask! This is where you come out and, you guessed it,  ask  your investors point blank how much money you need to move your business forward, what specific milestones their investment will allow you to reach, how you'll allocate the capital you secure, and what the investor will get in exchange for their investment.

You can also include information about your  exit strategy  (IPO, acquisition, merger?).

Funding Example

While we've preached against redundancy in your business plan, an exception to the rule is using the Funding section to offer up a very brief recap that essentially says, “here are the biggest reasons you should invest in my company and why it will ultimately benefit you.”

13. Financials

Spreadsheets and numbers and charts, oh my! Yes, it's everybody's “favorite” business plan section: Financials.

Your Financials section will come last and contain all of the forecasted numbers that say to investors that this is a sound investment. This will include things like your sales forecast, expense budget, and break-even analysis. A lot of this will be assumptions, or estimates.

The key here is keeping those estimates as realistic as humanly possible by breaking your figures into components and looking at each one individually.

Financials Example

The balance sheet above illustrates the business' estimated net worth over a three-year period by summarizing its assets (tangible objects owned by the company), liabilities (debt owed to a creditor of the company), and shareholders' equity (source of financing used to fund the assets).

In plain words, the balance sheet is basically a snapshot of your business' financial status by laying out what you own and owe, helping investors determine the level of risk involved and giving them a good understanding of the financial health of the business.

If you're looking to up your game from those outdated Excel-style spreadsheets,  our business planning software  will help you create clean, sleek, modern financial reports the modern way. Plus, it's as easy to use as it is attractive to look at. You might even find yourself enjoying financial projections, building a cash flow statement, and business planning overall.

You've Got This!

You've committed to writing your business plan and now you've got some tricks of the trade to help you out along the way. Whether you're applying for a business loan or seeking investors, your well-crafted business plan will act as your Holy Grail in helping take your business goals to the next plateau.

This is a ton of work. It's not a few hours and a free business plan template. It's not just a business plan software. We've been there before. Writing your [business plan](https://www.startups.com/library/expert-advice/top-4-business-plan-examples) is just one small step in startup journey. There's a whole long road ahead of you filled with a marketing plan, investor outreach, chasing venture capitalists, actually getting funded, and growing your business into a successful company.

And guess what? We've got helpful information on all of it — and all at your disposal! We hope this guides you confidently on how to write a business plan worth bragging about.

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How To Write a Business Plan

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Starting a business is a wild ride, and a solid business plan can be the key to keeping you on track. A business plan is essentially a roadmap for your business — outlining your goals, strategies, market analysis and financial projections. Not only will it guide your decision-making, a business plan can help you secure funding with a loan or from investors .

Writing a business plan can seem like a huge task, but taking it one step at a time can break the plan down into manageable milestones. Here is our step-by-step guide on how to write a business plan.

Table of contents

• Write your executive summary
• Do your market research homework
• Set your business goals and objectives
• Plan your business strategy
• Describe your product or service
• Crunch the numbers
• Finalize your business plan

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Step 1: Write your executive summary

Though this will be the first page of your business plan , we recommend you actually write the executive summary last. That’s because an executive summary highlights what’s to come in the business plan but in a more condensed fashion.

An executive summary gives stakeholders who are reading your business plan the key points quickly without having to comb through pages and pages. Be sure to cover each successive point in a concise manner, and include as much data as necessary to support your claims.

You’ll cover other things too, but answer these basic questions in your executive summary:

• Idea: What’s your business concept? What problem does your business solve? What are your business goals?
• Product: What’s your product/service and how is it different?
• Market: Who’s your audience? How will you reach customers?
• Finance: How much will your idea cost? And if you’re seeking funding, how much money do you need? How much do you expect to earn? If you’ve already started, where is your revenue at now?

Step 2: Do your market research homework

The next step in writing a business plan is to conduct market research . This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to gather this information. Your method may be formal or more casual, just make sure that you’re getting good data back.

This research will help you to understand the needs of your target market and the potential demand for your product or service—essential aspects of starting and growing a successful business.

Step 3: Set your business goals and objectives

Once you’ve completed your market research, you can begin to define your business goals and objectives. What is the problem you want to solve? What’s your vision for the future? Where do you want to be in a year from now?

Use this step to decide what you want to achieve with your business, both in the short and long term. Try to set SMART goals—specific, measurable, achievable, relevant, and time-bound benchmarks—that will help you to stay focused and motivated as you build your business.

Step 4: Plan your business strategy

Your business strategy is how you plan to reach your goals and objectives. This includes details on positioning your product or service, marketing and sales strategies, operational plans, and the organizational structure of your small business.

Make sure to include key roles and responsibilities for each team member if you’re in a business entity with multiple people.

Step 5: Describe your product or service

In this section, get into the nitty-gritty of your product or service. Go into depth regarding the features, benefits, target market, and any patents or proprietary tech you have. Make sure to paint a clear picture of what sets your product apart from the competition—and don’t forget to highlight any customer benefits.

Step 6: Crunch the numbers

Financial analysis is an essential part of your business plan. If you’re already in business that includes your profit and loss statement , cash flow statement and balance sheet .

These financial projections will give investors and lenders an understanding of the financial health of your business and the potential return on investment.

You may want to work with a financial professional to ensure your financial projections are realistic and accurate.

Step 7: Finalize your business plan

Once you’ve completed everything, it's time to finalize your business plan. This involves reviewing and editing your plan to ensure that it is clear, concise, and easy to understand.

You should also have someone else review your plan to get a fresh perspective and identify any areas that may need improvement. You could even work with a free SCORE mentor on your business plan or use a SCORE business plan template for more detailed guidance.

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The takeaway

Writing a business plan is an essential process for any forward-thinking entrepreneur or business owner. A business plan requires a lot of up-front research, planning, and attention to detail, but it’s worthwhile. Creating a comprehensive business plan can help you achieve your business goals and secure the funding you need.

Related content

• 5 Best Business Plan Software and Tools in 2023 for Your Small Business
• How to Get a Business License: What You Need to Know
• What Is a Cash Flow Statement?

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Business Narrative Report

Report generator.

How would you react if your boss told you a story ? Not just any type of story, but a story that involves the company’s business and how it runs? Would you be interested in knowing more about it or will you think about something else entirely? There is a way for your boss to gently tell you how the company’s business runs without having to tell you how it really runs.  A business narrative is like telling a story but through a business sense. To learn more about this, you can check out the information and some examples to go with it below.

 7+ Business Narrative Report Examples

1. business narrative report template.

• Google Docs

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2. Business Report Template

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3. Business Report Sample Template

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4. Business Narrative Report Template

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5. Officers Business Narrative Report

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6. Business Narrative Audit Report

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Size: 655 KB

8. Company Business Narrative Report

Size: 70 KB

Definition of Narrative

A narrative is an oral or a written story that depicts events worth telling. The process of telling a story with a series of events. The act of describing a series of events in the form of a story. The act of describing a story with events that happened. A narrative is simply a way to tell a story through a series of incidents. Describing what happened or narrated in a way that sounds like a story. In a simpler context, a narrative is a typical way to tell a story. This depicts events that may or may not happen. A narrative can either be a written document or an oral document depending on how it was told.

Definition of Business Narrative

To define the terms business and narrative in a simple way, it is telling a story in a business manner. A business narrative simply tells a story through the events that happened. This is a way to analyze, explain and evaluate the services and products the company sells. As well as to evaluate how the business succeeded or failed. Business narratives are usually used as pep talk to inspire employees to do better in the future. To show that in every business story, there are always risks. This is not to scare employees, rather it is to show them that with all that happens, there is a way to succeed. To encourage everyone to work together as a team and to succeed.

Definition of Report

A report is an oral or written account of something. The act of giving information to someone about a particular thing. An event or situation that is talked about by someone. The process of complaining to a person of authority over an incident that happened. Either by someone or something that may cause you to tell a story. To describe a situation or an event to a person with authority. A statement that may or may not be true depending on the situation and the evidence present. Information about something or someone.

Importance of a Business Report

The importance of a business report is to provide analysis on how the business is working. It shows a summary of how the business runs and tracks all the areas of the company. It is to check if all the issues regarding the company are in order. Business reports are also an important guide when it comes to decision making . This allows business owners the opportunity to analyze, investigate and evaluate any issues concerning the business. As well as being able to solve and nip the problem in the bud before it gets worse.

Tips for Writing a Business Narrative Report

Let’s move on to tips . Ever asked yourself how do you write a business narrative report? Is there a shortcut to writing this? Is there a format you need to follow as you write this? If you answered yes to the questions, you are not alone. There are others who would ask themselves the same question. Let me show you some tips that may help or guide you on writing a business narrative report.

• Draft your report
• Be specific
• Avoid using flowery language or difficult jargon
• State the positive and negative aspects
• Give credit where credit is due
• Write the final output and send

How is a business narrative report helpful?

A business narrative report gives the audience a view of how the company runs. It gives business owners an opportunity to reevaluate their actions into making it a better business. Narrative reports for businesses help tell a good or bad impression on the company and how it runs. This gives the owners an opportunity to fix things that need fixing. This is their roadmap.

What is a business narrative report?

A business narrative report is basically like telling a story in business. It provides information needed and required about the company and its way of running. This is also a business tactic to let their consumers buy from them. This report can also be used as a leadership speech to encourage employees to work harder and smarter.

Is a business narrative report only limited to the business world?

Anyone can use a narrative report, but a business narrative report is only limited to the business world. There may be a type of report you can use like that of the business narrative. However, the business narrative report is specifically designed for business.

Why do I need to avoid using difficult jargon when I write my report?

You need to adjust to your audience’s level of understanding. Using words that may not be very familiar would only lead to confusion. Use words that are easy to understand or general words that are used on a daily basis.

If you ever heard your boss say they are telling you a story , would you immediately think of a business narrative report instead? As we remember, a business narrative report is storytelling in a business sense. It is a roadmap for business owners to see where their businesses are flourishing and where they need to improve. It is also a way for them to analyze, understand and give their conclusions of how the issues are going to be solved.

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Prepare a report analyzing the trends in student participation in sports and arts programs over the last five years at your school.

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Write your business plan

Business plans help you run your business.

A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business.

Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment. Your business plan is the tool you’ll use to convince people that working with you — or investing in your company — is a smart choice.

Pick a business plan format that works for you

There’s no right or wrong way to write a business plan. What’s important is that your plan meets your needs.

Most business plans fall into one of two common categories: traditional or lean startup.

Traditional business plans are more common, use a standard structure, and encourage you to go into detail in each section. They tend to require more work upfront and can be dozens of pages long.

Lean startup business plans are less common but still use a standard structure. They focus on summarizing only the most important points of the key elements of your plan. They can take as little as one hour to make and are typically only one page.

Traditional business plan

Lean startup plan

Traditional business plan format

You might prefer a traditional business plan format if you’re very detail-oriented, want a comprehensive plan, or plan to request financing from traditional sources.

When you write your business plan, you don’t have to stick to the exact business plan outline. Instead, use the sections that make the most sense for your business and your needs. Traditional business plans use some combination of these nine sections.

Executive summary

Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company’s leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.

Company description

Use your company description to provide detailed information about your company. Go into detail about the problems your business solves. Be specific, and list out the consumers, organization, or businesses your company plans to serve.

Explain the competitive advantages that will make your business a success. Are there experts on your team? Have you found the perfect location for your store? Your company description is the place to boast about your strengths.

Market analysis

You'll need a good understanding of your industry outlook and target market. Competitive research will show you what other businesses are doing and what their strengths are. In your market research, look for trends and themes. What do successful competitors do? Why does it work? Can you do it better? Now's the time to answer these questions.

Organization and management

Tell your reader how your company will be structured and who will run it.

Describe the  legal structure  of your business. State whether you have or intend to incorporate your business as a C or an S corporation, form a general or limited partnership, or if you're a sole proprietor or limited liability company (LLC).

Use an organizational chart to lay out who's in charge of what in your company. Show how each person's unique experience will contribute to the success of your venture. Consider including resumes and CVs of key members of your team.

Service or product line

Describe what you sell or what service you offer. Explain how it benefits your customers and what the product lifecycle looks like. Share your plans for intellectual property, like copyright or patent filings. If you're doing  research and development  for your service or product, explain it in detail.

Marketing and sales

There's no single way to approach a marketing strategy. Your strategy should evolve and change to fit your unique needs.

Your goal in this section is to describe how you'll attract and retain customers. You'll also describe how a sale will actually happen. You'll refer to this section later when you make financial projections, so make sure to thoroughly describe your complete marketing and sales strategies.

Funding request

If you're asking for funding, this is where you'll outline your funding requirements. Your goal is to clearly explain how much funding you’ll need over the next five years and what you'll use it for.

Specify whether you want debt or equity, the terms you'd like applied, and the length of time your request will cover. Give a detailed description of how you'll use your funds. Specify if you need funds to buy equipment or materials, pay salaries, or cover specific bills until revenue increases. Always include a description of your future strategic financial plans, like paying off debt or selling your business.

Financial projections

Supplement your funding request with financial projections. Your goal is to convince the reader that your business is stable and will be a financial success.

If your business is already established, include income statements, balance sheets, and cash flow statements for the last three to five years. If you have other collateral you could put against a loan, make sure to list it now.

Provide a prospective financial outlook for the next five years. Include forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. For the first year, be even more specific and use quarterly — or even monthly — projections. Make sure to clearly explain your projections, and match them to your funding requests.

This is a great place to use graphs and charts to tell the financial story of your business.  

Use your appendix to provide supporting documents or other materials were specially requested. Common items to include are credit histories, resumes, product pictures, letters of reference, licenses, permits, patents, legal documents, and other contracts.

Example traditional business plans

Before you write your business plan, read the following example business plans written by fictional business owners. Rebecca owns a consulting firm, and Andrew owns a toy company.

Lean startup format

You might prefer a lean startup format if you want to explain or start your business quickly, your business is relatively simple, or you plan to regularly change and refine your business plan.

Lean startup formats are charts that use only a handful of elements to describe your company’s value proposition, infrastructure, customers, and finances. They’re useful for visualizing tradeoffs and fundamental facts about your company.

There are different ways to develop a lean startup template. You can search the web to find free templates to build your business plan. We discuss nine components of a model business plan here:

Key partnerships

Note the other businesses or services you’ll work with to run your business. Think about suppliers, manufacturers, subcontractors, and similar strategic partners.

Key activities

List the ways your business will gain a competitive advantage. Highlight things like selling direct to consumers, or using technology to tap into the sharing economy.

Key resources

List any resource you’ll leverage to create value for your customer. Your most important assets could include staff, capital, or intellectual property. Don’t forget to leverage business resources that might be available to  women ,  veterans ,  Native Americans , and  HUBZone businesses .

Value proposition

Make a clear and compelling statement about the unique value your company brings to the market.

Customer relationships

Describe how customers will interact with your business. Is it automated or personal? In person or online? Think through the customer experience from start to finish.

Customer segments

Be specific when you name your target market. Your business won’t be for everybody, so it’s important to have a clear sense of whom your business will serve.

List the most important ways you’ll talk to your customers. Most businesses use a mix of channels and optimize them over time.

Cost structure

Will your company focus on reducing cost or maximizing value? Define your strategy, then list the most significant costs you’ll face pursuing it.

Revenue streams

Explain how your company will actually make money. Some examples are direct sales, memberships fees, and selling advertising space. If your company has multiple revenue streams, list them all.

Example lean business plan

Before you write your business plan, read this example business plan written by a fictional business owner, Andrew, who owns a toy company.

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How to Make a Killer Business Plan Presentation (+Templates)

Learn how to make a business plan presentation with tips for slide design, structure, and engaging examples, as well as templates to bring your vision to life.

7 minute read

helped business professionals at:

Short answer

What slides should a business plan presentation include?

• Opening slide
• Your Unique Selling Proposition (USP)
• Business overview
• The challenge you're addressing
• Market analysis
• Your solution
• Marketing and sales strategy
• Goals and Key Performance Indicators (KPIs)
• Team composition
• Funding request and allocation

Your business plan presentation needs to be as strong as your idea

Having a well-crafted business plan is crucial, but if it's not presented effectively, it's like having a treasure map that no one can read.

Even the best ideas can fall flat if they're not communicated clearly, potentially burying your chance of getting your business off the ground.

Remember, presenting a business plan is more than just sharing facts and figures. It's about engaging your audience, whether they're investors or stakeholders, and making them believe in your vision.

But don't worry, you're not alone in this. This guide is here to help you master the art of business plan presentation. You'll learn how to structure your presentation, design slides that captivate, and conclude in a way that leaves a lasting impact and drives action.

Let's dive in!

What to include in a business plan presentation?

A business plan presentation is your chance to delve deep, showcasing not just the what and the how, but also the why of your business. It's your strategic playbook that can persuade investors, guide your team, and set the foundation for your business's success.

11 essential slides of a business plan presentation:

Opening slide: Set the tone with an engaging first impression.

Your Unique Selling Proposition (USP): Define what sets your business apart.

Business overview: Offer a concise snapshot of your company.

The challenge you're addressing: Describe the problem your business solves.

Market analysis: Demonstrate your understanding of the industry and market trends.

Your solution: Detail how your product or service addresses the problem you’ve identified.

Marketing and sales strategy: Outline your approach to winning and keeping customers.

Goals and Key Performance Indicators (KPIs): Specify your objectives and how you’ll measure success.

Team composition: Introduce key team members, their roles, and expertise.

Funding request and allocation: Explain your financial requirements and how the funds will be utilized.

Next steps: Guide the reader on the next steps after reviewing your plan, whether it's a meeting request, further discussion, or a specific action you want them to take.

What does a business plan presentation look like?

In today's fast-paced business world, static business plan presentations are losing their edge. Imagine having to constantly pinch and zoom on a mobile device just to see the details. It's frustrating and distracting.

People also get disengaged when faced with walls of text. They're there to hear a story, not read a novel.

Interactive presentations, on the other hand, bring your business plan to life. They encourage audience participation, adapt to the flow of discussion, and make complex ideas more digestible and memorable.

You can see what an interactive business plan presentation looks like below:

How to turn a business plan into a presentation

Transforming your business plan into a presentation is a crucial step in bringing your vision to life. It's not just about having a plan; it's about presenting it in a way that resonates with investors and partners.

Start by distilling the essence of your plan, focusing on key points like your mission, market analysis, and financial projections. Use engaging visuals and a clear narrative to make complex information accessible.

For detailed insights on how to write a business plan , check out our guide.

How to make a business plan presentation in 6 easy steps

Crafting a business plan is about blending vision and strategy into a narrative that captivates your audience. With Storydoc's AI business presentation maker, creating this narrative becomes intuitive and easy.

In the guide below, we'll show you how to turn your plan into an engaging presentation in 6 simple steps. Stick around to see how seamlessly Storydoc can bring your business story to life.

1) Describe your presentation’s objective

Kick things off by sharing with our AI the type of business plan you're looking to create. This is like setting the GPS for your journey, ensuring every part of your plan is aligned with your end goal.

2) Give an overview of yourself, your organization, and your offering

Introduce the essence of your business - who you are, what your company stands for, and the unique value of what you offer. This sets the stage for a personalized and relevant presentation.

3) Select a suitable design template

Dive into our collection of design templates and pick one that resonates with your business's personality.

4) Tailor your business plan presentation to your needs

Now, here’s where you add your personal touch. Fill in your details, tweak the design, and watch the magic happen as the template adapts to your content. This is where your business plan presentation starts to take on a life of its own.

Then, you can either upload your own multimedia elements or sit back as our AI assistant generates some for you.

5) Add personalized elements

Next up, sprinkle in some personalization. It works just like personalizing a newsletter - you can insert dynamic variables that automatically fill up with your recipient's data.

This level of customization not only makes your presentation feel tailor-made for each reader but also adds a layer of engagement. As a matter of fact, it can get 68% more people to read your deck in full , and share it internally 2.3x more often!

6) Review and refine your business plan presentation

Finally, take a step back and review your plan. Ensure it looks good, flows well, and clearly conveys your message.

The beauty of Storydoc is that it's a living document – if you spot a mistake or need to update information after sharing, you can. You're in control, ensuring your audience always sees the most polished and up-to-date version of your business plan presentation.

Business plan design principles to turn average into impressive

Designing a business plan presentation is about more than just putting words on a page; it's about creating an experience that captures and holds attention. In today's digital age, the way you present your plan can be just as important as the content itself.

Let's explore how to design a business plan presentation that stands out in the modern business landscape.

1) Move from static to interactive

Gone are the days of static, text-heavy business plan presentations. Today's plans are interactive, engaging readers with clickable elements, dynamic charts, and even embedded videos.

This interactivity not only makes your plan more interesting but also allows readers to engage with the content in a more meaningful way.

Here's a great example of an interactive business plan presentation:

2) Use scroll-based design

Forget the hassle of pinching and zooming on a PDF. A scroll-based design, similar to a modern website, offers a fluid reading experience.

It's straightforward and aligns with how we naturally consume content online, making your business plan presentation easier and more enjoyable to read.

Here's an example of scroll-based design:

3) Make sure your business plan presentation is mobile-friendly

With so many people reading on their phones, your business plan presenttion needs to look good on any device.

Responsive design means your plan is easily readable on a phone, tablet, or computer, ensuring that your message is clear no matter how your audience accesses it.

4) Shift from local files to online documents

Step away from traditional Word docs or PDFs and embrace online documents. They're great for sharing, updating in real time, and collaborating with others.

Plus, they're accessible from anywhere, which is perfect for busy investors who are always on the move.

For more information, check out our comparison of the best business plan document types .

5) Embrace visual storytelling

Use visuals like infographics and charts to tell your business's story. They can turn complex data into easy-to-understand, engaging information. A well-placed visual can often do a better job of explaining your points than text alone.

Here's a great example of visual storytelling:

Best business plan software

Selecting the right tool to create your business plan presentation is vital for any startup. To ease your journey, I've compiled a list of the top business plan software, each designed to cater to different needs.

From comprehensive platforms guiding you step-by-step to dynamic tools that add interactive elements to your presentation, there's something for every entrepreneur.

The best business plan software currently available:

LivePlan.com

BizPlan.com

Upmetrics.co

GoSmallBiz.com

Business Sorter

MAUS Master Plan Lean

For a deep dive into each tool and to find the one that best fits your business's needs, explore our detailed guide to the best business plan software .

Interactive business plan presentation templates

The pressure to get your business plan presentation right can be overwhelming. After all, in many cases, you only get one shot to impress.

These business plan presentation templates offer a framework that takes care of the structure and design, allowing you to focus solely on fleshing out your strategy.

Whether you're pitching to investors, partners, or stakeholders, these templates give you the confidence that your plan is presented in the best possible light.

Grab one and see for yourself.

Hi, I'm Dominika, Content Specialist at Storydoc. As a creative professional with experience in fashion, I'm here to show you how to amplify your brand message through the power of storytelling and eye-catching visuals.

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How to Write a Business Plan: Narrative

Are you wanting to start a business and are looking for guidance on best practices for how to plan your business for success?  Understanding what a Business Plan is, and how to write a Business Plan is the right first step. There are two primary parts to a Business Plan – the Financial Projections and the Narrative.   This workshop focuses on how to write the Narrative part of your Business Plan.

A good Business Plan guides you through each stage of starting and managing your business.  You’ll use your Business Plan as a roadmap  for how to structure, run, and grow your new business. Business Plans can help you get funding or bring on new business partners by describing important aspects of running your business.  Your Business Plan is the tool you’ll use to convince people that investing in your company or partnering with your business is a smart choice.  “ How to Write a Business Plan: Narrative ” focuses on how to describe your business using our Business Plan model.  It will help you sort through the reasons why you believe your business will be successful, the steps you can take to operate your business for success, and the tools you can use to plan for your business’s success.

In this 52-minute workshop, you will learn:

• The two parts of a Business Plan – Financial Projections & Narrative;
• Who needs a Business Plan;
• Business Plan tools available with Alaska SBDC;
• How many pages a Business Plan should be;
• The importance of your Financial Projections;
• The Business Plan outline;
• What order you should write your Business Plan in;
• How to write the Business Description section;
• How to write the Definition of the Market section;
• How to write the Products & Services section;
• How to write the Organization & Management section;
• How to write the Marketing & Sales Strategy section;
• Overview of what’s included in the Financials section;
• How to put it all together;
• What to include in the Supporting Documents section;
• How Alaska SBDC can help you in preparing your Business Plan; and
• Resources Alaska SBDC has that can help you prepare your Business Plan.

Presented by:  Julie Nolen, Former SBDC Assistant State Director

OTHER RELATED WORKSHOPS:

Starting a Business

Creating Financial Projections for Your Business Plan

Business Plan , Business Start-up/Preplanning

The link above will take you to our client portal, where you will be able to register for access to this training video.

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Discover the Best Tools for Business Plans

Learn from the business planning experts, resources to help you get ahead, how to write a restaurant business plan, the ultimate guide to planning your restaurant, your recipe for success.

Elevate your restaurant or cafe’s business plan with our expert-curated resources. Our tools are tailored to help you secure funding, gain approval, and build a strong foundation.

Who is this for?

4 key things to do before you begin writing your restaurant business plan.

So, you think you’re ready to dive into the restaurant biz? Hold up. Before you start fantasizing about your grand opening, there’s groundwork to be laid. And I’m not just talking about choosing which trendy aprons your staff will wear. Here are the four non-negotiable steps you need to tackle before you even think about drafting that business plan.

1. Figure Out Your Concept and Brand Identity

What’s your story? And no, “I want to open a restaurant” doesn’t cut it. Are you bringing the sultry tastes of New Orleans to the heart of New York? Or maybe you’re thinking of a vegan joint that even hardcore carnivores can’t resist? That’s your concept. Now, how will you sell it? That’s your brand. It’s not just about what’s on the plate; it’s about the vibe, the ethos, the whole shebang. Your concept and brand identity are what will set you apart from the “just another café” down the street. Got it?

2. Get a Grip on Locations and Logistics

Location, location, location – it’s not just a tired cliché. It’s the make-or-break factor for your restaurant dream. But here’s the kicker: some landlords want to see your business plan before they hand over the keys. It’s a bit of a chicken-and-egg situation, isn’t it? But fear not. This is where your concept shines. It gives landlords a taste of what’s to come, making them more likely to bet on your vision. And logistics? Start thinking about supply chains, kitchen flow, and whether your delivery guy will get stuck in traffic during rush hour. Thrilling, I know.

3. Menu Planning

Ah, the menu – the heart of your restaurant. This is where you get to flex your culinary muscles. But let’s not get carried away with truffle oil just yet. Your menu needs to be a carefully balanced equation of cost, creativity, and logistics. It should scream your brand, cater to your target demographic, and, above all, be feasible. Remember, a great concept with a poorly executed menu is like a smartphone with no battery life – useless.

4. Regulation and Licensing

Dreaming of a chic cocktail lounge to complement your restaurant? You better make sure you can secure that liquor license first. Regulations and licensing are the less glamorous side of the restaurant business, but they’re as crucial as the food you serve. This step is about dotting your i’s and crossing your t’s. Health inspections, food handler certifications, zoning laws – welcome to the bureaucratic maze. Navigate it successfully, and you’re one step closer to pouring those artisanal cocktails.

The Absolute Power of a Killer Restaurant Business Plan

Listen up, future restaurateurs! Why do you need a restaurant business plan that’s more detailed than your grandma’s recipe for lasagna? Simple. It’s the GPS for navigating the wild terrain of the restaurant industry. You’re not just opening a place where people eat; you’re stepping into a battlefield where only the strongest concepts thrive. You think you’ve got what it takes? Then you better have a plan that screams, “Invest in me, I’m going places!”

The Must-Haves of Your Restaurant Business Plan

Crafting this masterpiece involves more than jotting down some numbers and a catchy name. It’s about painting a picture so vivid, investors can taste your dishes just by reading the pages.

Executive Summary

This isn’t your high school book report. It’s the hook that grabs investors by their taste buds. Who are you? What’s your vibe? And why is your place going to be the new hotspot? 

Conceptualizing Your Offering

Are you the oasis for vegan foodies, or the haven for carnivores seeking their next meaty conquest? Define your universe. 

Dive deep into your menu. Why? Because your truffle mac ‘n cheese is going to revolutionize how we think about comfort food, that’s why.  

Location, Location, Location

Explain why your spot is the place to be. Is it the foot traffic, the local vibe, or because it’s an area screaming for a culinary revolution?  

Market Analysis

Who’s coming to eat? What’s the competition? And why’s your restaurant the answer to everyone’s food prayers? 

Strategy & Implementation

How are you going to fill those seats? If “If you build it, they will come” is your only plan, we need to talk. 

Management Dream Team

Who’s running the show? Why are they rock stars? 

Financial Genius

Show me the money – your startup costs, projections, and that magic break-even point. 

Might throw in a curveball or two, like the tech that’ll make your service smoother than a soufflé or the loyalty program that keeps ’em coming back for more. Custom-tailor your plan. This isn’t a one-size-fits-all kind of deal.

Why Sweating the Small Stuff Makes All the Difference

In the cutthroat culinary world, it’s the little things. Your business plan isn’t just a document; it’s your manifesto. It’s what sets you apart in a sea of sameness. Think of it as your restaurant’s DNA – from analyzing your market to breaking down your cash flow. This level of detail doesn’t just impress financiers; it gives you a map through the industry’s maze.

Ready, Set, Pre-Plan!

Think writing a restaurant business plan is your first step? Think again. Before you start dreaming up menu items or picking out tablecloths, there’s something crucial you need to tackle: our Pre-Planning Process . This isn’t just a preliminary step; it’s the foundation on which your entire concept will be built. Want to know more? We’ve laid out every detail on our website. Start Your Journey Here. Alongside the essential tasks to tackle before penning your plan, these resources are invaluable.

The Pre-Planning Process for Restaurant Entrepreneurs

Before the dream becomes reality, there’s the Pre-Planning Process. Think of it as the appetizer to the main course that is your restaurant. This phase is where your vision gets a reality check. Is your brilliant idea in sync with the market? Can it make you money? Let’s chop it up into bite-sized pieces.

Know Your Customer

Who’s sitting at your tables? Getting this right is like nailing the perfect spice blend. Use Pre-Vision Interviews and the Jobs-to-be-Done theory to decode your customers’ cravings. This isn’t just about filling bellies; it’s about fulfilling needs, wants, and dreams on a plate.

Get the full recipe on understanding your customer.

Core Cost Analysis

Next up: the dough. Can your restaurant make financial sense? Break down the costs like a recipe, from ingredients (goods) to chef’s time (labor). It’s all about balancing quality and cost to price your menu right.

Dive into the numbers with our Core Cost Analysis guide.

Business Model Development

Here’s where you sketch out your restaurant’s blueprint using the Business Model Canvas. Mix in customer insights, sprinkle in financial realities, and what do you get? A strategy that’s as solid as your signature dish.

Layer your business model with our development tools.  

Operations in Detail

Operations are the kitchen of your business. It’s where plans meet reality. From picking your team to setting up supplier ties, every choice cooks up the customer experience you’re aiming for.

Whisk through operational planning essentials here.

Startup and Operating Costs

Before the grand opening comes the bill. Understanding the full cost menu—from initial setup to the daily specials—is crucial. It sets up your pricing strategy and opens doors to investors.

Season your financial planning with our Startup and Operating Costs guide.

Now, assuming you’ve got the pre-planning in your rearview, it’s time to talk about step two: actually writing that killer restaurant business plan. This is where your concept starts to take shape, grounded in the gritty realities of the restaurant world and buoyed by your boundless passion. 

Get Up to Speed FAST!

Unsure where to start.

Actually Writing a Perfect Restaurant Business Plan

Okay, so you’re really, really, truly ready to write your restaurant business plan? Our resources guide you through, soup to nuts. Visit our Plan & Pitch section and start cooking up your success story, which will take you through the following steps: 

Understanding Audiences

Knowing who will be reading your business plan is half the battle. Customize your pitch to echo in the halls of banks, impress investors, comply with regulators, charm partners, or convince landlords. Your message needs to land with impact.

Get the right structure for your audience.

Model-Based Planning®

Our Model-Based Planning® slices through the noise, offering a strategic blueprint for any restaurant concept, from a cozy café to a bustling food truck. Embrace a bird’s-eye view of your business terrain, sharpening your concept and competitive edge.

Explore Model-Based Planning®.

Narrative Development

A story well told is a story that sells. Weave your restaurant’s vision, strategy, and USP into a narrative that captivates and convinces, laying a solid foundation for your pitch.

Craft your story.

Dish out a thorough market analysis to understand your competition, the industry trends, and the economic landscape. This is your compass for navigating towards success in the restaurant sector.

Dive into market analysis.

Organizational Structure

The backbone of any successful restaurant is its team. Chart out your organizational structure and pen down compelling team biographies that demonstrate capability and credibility to potential backers.

Build your team structure.

Financial Projections

Serving up a detailed financial forecast is essential. It’s your map for budgeting, setting prices, and securing the dough (funding, that is).

Forecast your finances.

Turn your concept into a full-blown plan with actionable strategies for marketing, sales, and customer delight. A well-seasoned marketing plan ensures you hit your targets and satisfy customer appetites.

Strategize and execute.

Pitch Deck & Finances

An irresistible pitch deck and savvy financial management are your secret ingredients for attracting early-stage investment and securing a smooth launch.

Perfect your investor pitch.

Unlock the Power of Expert Business Planning

Supercharge your restaurant's success.

Our Expert Business Planning Bundle, curated specifically for restaurant entrepreneurs, is a comprehensive toolkit with everything you need to create a winning business plan.

This bundle includes the Model-Based Planning® Worksheet, a professional financial projection Excel model, and expert guides on leveraging these tools and AI to develop your plan. Don’t miss this opportunity to invest in your restaurant’s future and watch your vision come to life.

Gain an Unfair Advantage

The tools you need.

This bundle was created by the top business planning team in the U.S., responsible for the most successful business plan writing company in history. By leveraging these expert resources and insider secrets specific to restaurant planning, you’ll be able to create a standout business plan that sets you apart from the competition.

With this bundle, you will:

• Access the insider knowledge and proven strategies used by the most successful business planning company in the U.S.
• Leverage expert resources tailored specifically to the restaurant industry, giving you a competitive edge
• Streamline your planning process with the Model-Based Planning® Worksheet for Restaurants and Cafes
• Create professional financial projections using the included Excel model
• Utilize the curated restaurant-focused business plan template to structure and organize your plan effectively
• Follow expert guides on leveraging these tools and AI to develop a compelling and comprehensive business plan
• Dramatically increase your chances of securing the loans, investments, or approvals you need to bring your restaurant vision to life

Use this bundle as your primary toolkit for crafting a restaurant business plan that unlocks the funding and support you need.

When crafting a business plan for your restaurant or cafe, you need more than just a generic template. You need a toolkit carefully curated by industry experts who have spent their careers helping restaurants succeed. That’s exactly what our Expert Business Planning Bundle offers, but why invest in this bundle when there are other options available?

The answer is simple: no other resource can match the depth, breadth, and practical wisdom contained in our Expert Business Planning Bundle. Our team has distilled their thousands of hours of experience working with successful restaurants into a comprehensive toolkit that will save you time, money, and the frustration of making costly mistakes.

With our targeted, practical knowledge tailored specifically to the restaurant industry, you’ll be able to write a business plan that’s smarter than what the best consultants could produce, and that’s exactly customized to your unique needs and goals. Whether you’re seeking funding, approvals, or simply want to set your restaurant up for long-term success, our Expert Business Planning Bundle is the ultimate resource to help you achieve your vision.

Frequently Asked Questions

• How do I tailor my business plan to attract potential investors specifically?

Tailoring your business plan to appeal to potential investors involves highlighting the aspects of your business that demonstrate profitability, scalability, and a clear competitive edge. Personal information about the management team’s experience

• What information should I include in the business description section of my restaurant business plan?

The business description section should provide a comprehensive overview of your restaurant, including the concept, target market, menu offerings, and unique selling points. It should also detail the restaurant’s location, design, and how it fits into the broader market landscape. Highlight any differentiators that set your restaurant apart from competitors and outline your vision for the restaurant’s impact on the local dining scene.

• How much personal information should I share about my management team in the business plan?

Your business plan should include succinct biographies of key management team members, focusing on their relevant experience, skills, and contributions to the success of the restaurant. This section should illustrate why each member is uniquely qualified to execute the business plan, without delving into excessive personal detail. 

• Should I highlight my past success stories in the business plan?

Yes, including past a success story or two in your business plan can significantly enhance your credibility and appeal to banks, potential investors, or even landlords. Highlight how these experiences have equipped you with the skills and insights necessary to make your current restaurant venture a success. 

• What are the key elements of a company overview in a restaurant business plan?

The company overview section should summarize the essence of your restaurant, including its name, location, cuisine type, and the dining experience it offers. It should outline your mission statement, core values, and the long-term objectives of your business. 

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Introduction

Crafting a compelling grant budget is an essential component of securing funding for any project. A well-structured budget serves as a roadmap, detailing how funds will be allocated and ensuring transparency and accountability. By aligning the budget with the project narrative, it builds trust with funders and demonstrates the feasibility and preparedness of the organization.

Understanding funder requirements and meticulously organizing the budget can significantly enhance the likelihood of approval. This article will explore the key steps to develop a winning grant budget, from conducting a detailed cost analysis to categorizing expenses and aligning them with the grant narrative. By following these guidelines, organizations can create a robust budget that not only meets funder expectations but also effectively supports their project’s goals and objectives.

Why a Grant Budget is Important

A well-organized funding plan is essential for demonstrating the viability and careful preparation of your project. Providing funders with a detailed account of how the money will be utilized not only ensures transparency but also reinforces accountability. A comprehensive financial plan does more than just outline expenses; it demonstrates your organization’s financial responsibility and preparedness, strengthening your proposal significantly. As Alice Ruhnke from GrantStation highlights, “When funding organizations review a proposal, there should be no unexpected elements when they reach the financial plan.”. ‘The grant narrative should establish expectations that activities will incur expenses, and then the financial plan should detail those expenses.’ This alignment between your narrative and financial plan builds trust with funders, demonstrating to them precisely how their contributions will create a measurable impact. Jessica Edwards of the National Alliance on Mental Illness advises, “Put on your funder hat” when preparing your financial plan. Describe roles and activities in a way that funders can vividly see the difference their dollars will make, enhancing the narrative with rich, colorful detail. By targeting a specific project and focusing on solving a particular problem, you provide a clear and focused plan, which is essential for convincing funders of your project’s potential impact.

Understanding Funder Requirements

Various sponsors have distinct criteria and rules concerning financial formats and permissible costs. Before preparing your financial plan, carefully review the funding opportunity’s guidelines. This understanding guarantees that your financial plan aligns with the funder’s expectations and increases the likelihood of approval.

Furthermore, arranging your finances in a clear and concise manner is essential. Begin by offering crucial details at the top of the page, such as the title of the endeavor, the date the financial plan was established, the commencement date of the task, the length of the task, and the overall expense. This format helps the reader quickly understand the scope and timeline of your undertaking.

Divide your financial plan into main categories and incorporate specific line items within each category. For instance, a large undertaking might have categories like pre-production, production, and post-production, with subcategories for each department, such as costumes, stage design, and lighting.

Changes to the financial plan should be clearly noted and dated to maintain transparency. Utilizing a spreadsheet can simplify this procedure, enabling you to easily revise and contrast various financial drafts as the initiative develops.

By concentrating on developing a financial plan that is both thorough and simple to comprehend, you enhance the chances of satisfying the funder’s criteria and obtaining the essential financing for your endeavor.

Steps to Develop a Winning Grant Budget

Developing a successful grant budget includes a series of methodical steps that ensure every aspect of your initiative is covered and presented clearly. Begin by organizing your work into major categories such as personnel, equipment, supplies, and other direct costs. Each category should then be broken down into smaller, detailed line items, much like an outline. For instance, in a large undertaking, categories like pre-production, production, and post-production might be further divided into departments such as costumes, stage design, and lighting.

To make the financial plan easy to understand, provide essential information at the top of the page. This includes the project’s title, the date the financial plan is created, the start date, the duration, and the total cost. Any revisions should be noted and dated to keep the document current.

When preparing your financial plan, remember to align it closely with the story of your funding request. As Shashank Rastogi from the Bridgespan Group suggests, both components need to tell the same story, ensuring there are no surprises when funders review the financial plan. Alice Ruhnke of GrantStation emphasizes that costs in the budget should be labeled the same way they are in the narrative, using the preferred language of the grant maker.

Furthermore, concentrate on the effect of your initiative and how it tackles particular issues within the community. Clearly stating your objectives, target audience, and expected results early in your proposal can underscore the feasibility and worthiness of your endeavor. This detailed approach not only demonstrates a clear plan for how the funding will be used but also helps in securing support from funders who are looking for projects that can make a measurable impact.

Analyze Grant Guidelines

Begin by meticulously reviewing the grant application guidelines. Pay special attention to key details such as financial limits, allowable expenses, and necessary forms. Ensuring that your budget aligns with the funder’s specific criteria is essential for a successful application. For instance, some grant agencies have strict regulations that prohibit reallocating funds from one category to another, making it vital to accurately categorize and itemize your costs. This step not only boosts the credibility of your proposal but also shows your comprehension of the funder’s requirements and the feasibility of your initiative.

Conduct a Detailed Cost Analysis

To guarantee your financial plan is comprehensive and clear, begin by itemizing all possible costs related to your endeavor. This includes direct costs such as salaries, equipment, and materials, as well as indirect costs like administrative fees. Organize these expenses into major categories and provide detailed breakdowns within each category to give a clear picture of the financial requirements.

Incorporate important information at the beginning of your financial document, such as the title of the initiative, the date the financial plan was established, the commencement date of the initiative, and the overall length of the financial plan. Noting any revisions and their dates is also crucial to maintaining transparency.

For instance, a small undertaking may only need a few categories and line items, whereas a large endeavor might require categories like pre-production, production, and post-production, each further divided into specific departments such as costumes, stage design, lighting, and camera. Utilizing a spreadsheet can streamline the method of developing and contrasting preliminary financial plans, facilitating adjustments for alterations in scope or expenses.

Keep in mind, a well-structured financial plan not only aids sponsors in comprehending the overall expenditures but also explains why the initiative requires such a significant amount. Being detailed and transparent in your budgeting not only enhances your credibility but also increases the likelihood of securing the necessary funding.

Categorize Costs: Direct and Indirect

Separate your expenses into direct and indirect categories to establish a clear and comprehensive budget. Direct expenses are those that can be directly linked to the initiative, such as wages for team members, tools, and supplies. Indirect expenses, in contrast, are overhead charges that support activities but are not directly linked to a specific line item. These can include administrative support, utilities, and facility maintenance. Making certain that these classifications are clearly outlined and precisely reflected in your financial plan is essential, as it aids supporters in grasping the complete extent of your expenses. This openness can create a considerable impact in the decision-making process, as funders value comprehensive and well-structured financial plans that correspond with the narrative of the proposal. Moreover, distinctly marked expenses in the financial plan assist in preventing any unexpected issues for the funding organizations, strengthening the viability and value of your project.

Detail Fund Allocation

Clearly specifying the amount of funding requested for each line item is crucial. This level of detail not only helps funders understand how their money will be allocated but also reassures them that their investment will be used effectively. Here’s some guidance from specialists: when funders review a proposal, there should be no unexpected elements when they reach the financial plan. Actions detailed in the narrative should correspond precisely with the expenses outlined in the financial plan. ‘For example, Alice Ruhnke, president of GrantStation, highlights that expenses should be categorized in the financial plan in the same manner they are referred to in the narrative, using the terminology favored by funding organizations.’. This consistency can significantly influence the decision-making process of funders, ensuring that your initiative is viewed as transparent and well-planned. By showcasing a clear, detailed financial plan, you illustrate a comprehensive understanding of your initiative’s monetary requirements and the prudent administration of resources, enhancing your likelihood of obtaining the funding.

Align Budget with Grant Narrative

Aligning your financial plan with the story of your funding request is crucial for showcasing a cohesive and well-considered strategy. Every financial element must directly align with the aims specified in your proposal, guaranteeing that funding requirements are obviously linked to initiative objectives. For instance, the Ford Foundation’s approach to funding initiatives includes covering full indirect expenses and institutional support, which has proven advantageous for recipients in terms of financial management and leadership transitions. By adopting a similar strategy, you can ensure that your budget not only meets immediate project needs but also contributes to the long-term sustainability of your organization. Furthermore, including empirical evidence and insights from previous funding can enhance your proposal, demonstrating a solid plan that aligns financial resources with strategic goals. This method encourages stronger connections with financial supporters, as shown by favorable results from programs such as the BUILD funding, which lasts for five years and offers extensive assistance for institutional development.

Verify Budget Accuracy

Ensuring the accuracy and realism of all figures in your financial plan is crucial. Mistakes can significantly undermine your credibility and result in funding denial. For instance, many promising grant applications have been rejected due to errors in the financial section, despite their potential impact. It is beneficial to have a colleague review your financial plan to catch any errors or omissions, as an additional set of eyes can provide a fresh perspective and identify issues you might have missed. This practice not only improves the precision of your proposal but also bolsters your case for funding by showcasing a carefully prepared financial plan that aligns with your project’s needs and objectives.

Key Elements of a Grant Budget

A robust grant budget should incorporate several key components to ensure clarity and transparency. First, provide a detailed breakdown of costs, specifying each expense and its purpose. Justify each expense by explaining how it contributes to the project’s goals. If applicable, include matching funds to demonstrate the organization’s commitment and leverage additional resources. Summarize the total budget request to give a comprehensive overview.

Grant terms can vary, with median terms around two years and some, like BUILD grants, extending up to five years. It’s essential to account for both direct and indirect expenses. Adopting a 25% minimum indirect cost rate, as exemplified by the Ford Foundation, ensures that all project-related expenses are covered. Organizations should also consider institutional strengthening support, investing in areas like financial management and leadership transitions, which are crucial for long-term sustainability.

A well-rounded grant budget significantly enhances the likelihood of approval. This approach aligns with the evidence showing that properly funded initiatives with clear financial justifications have stronger relationships with funders and better outcomes. For instance, the Ford Foundation’s policy of covering full indirect costs and providing technical assistance has been empirically proven to benefit grantees. This comprehensive strategy not only supports task execution but also fosters organizational growth and stability.

Budget Narrative: Telling Your Budget’s Story

Accompany your financial plan with a comprehensive narrative that clearly explains and justifies each line item. This narrative should detail how each expense directly contributes to the objectives and its necessity for the success of the endeavor. By providing this level of transparency, you help funders understand the rationale behind your financial requests and build trust, which is crucial given the competitive nature of securing funding. As noted, a well-prepared financial plan demonstrates the project’s financial viability and helps funders see how the requested funds will be used effectively. Making certain that your financial narrative is easy to read and well-organized will also enhance the likelihood of your proposal being successful, as funders often have limited time to review each application.

Tips for Drafting a Compelling Budget

When crafting a budget for your grant proposal, it’s crucial to focus on transparency, clarity, and consistency. Start by being transparent about costs. Clearly itemize each expense and justify why it is necessary for the project. Alignment between your financial plan and narrative is also essential; as Shashank Rastogi from the Bridgespan Group emphasizes, these components must tell the same story to avoid any surprises for the funders. Ensure that the language used in both sections matches, outlining costs in terms that the grant maker prefers.

Using clear and concise language is another key factor. Jessica Edwards from the National Alliance on Mental Illness suggests ‘putting on your funder hat’ to present the financial plan compellingly. Describe each role and expense in detail, highlighting their contributions to the broader objectives of the initiative. This approach helps funders understand the impact of their financial support more vividly.

Providing context for each expense enhances the credibility of your financial plan. Include supporting materials and evidence to substantiate your claims, as this can make a significant difference in persuading funders. Emphasize how each expense aligns with the project’s goals and the anticipated results, reinforcing the feasibility and potential impact of the project.

Lastly, ensure consistency between your financial plan and narrative. Alice Ruhnke of GrantStation suggests that the grant narrative should establish expectations for expenses, which the financial plan the details. Tag expenses in the financial plan in the same manner they are detailed in the narrative. This consistency helps build a coherent and persuasive argument for your funding needs.

Common Mistakes to Avoid

To improve your proposal’s likelihood of success, it is essential to avoid typical mistakes such as underestimating expenses, failing to align financial resources with the narrative, or neglecting to adhere to funder guidelines. Precisely assessing costs, encompassing both direct and indirect expenditures, guarantees that your financial plan realistically represents the initiative’s monetary requirements. Aligning the budget with the project narrative demonstrates the feasibility and coherence of your proposal, making it easier for funders to see the potential impact of their investment.

Moreover, adhering to funder guidelines is vital. Each grantmaking body has its own set of rules regarding goals, application deadlines, and guidelines, which must be meticulously followed. This attention to detail not only shows respect for the funder’s requirements but also increases your chances of being considered for funding.

Thomas Boyd, Chief Editorial Consultant for The Grantsmanship Center, emphasizes the importance of improving your odds by being thorough and precise in your grant applications. Additionally, empirical evidence supports that streamlined and well-aligned proposals foster stronger relationships with grantees, ultimately enhancing the likelihood of securing funding.

By staying mindful of these issues and meticulously preparing your proposal, you can significantly boost its potential for success and make a compelling case for support.

Crafting a grant budget that is both thorough and aligned with the project narrative is essential for securing funding. A well-structured budget not only illustrates financial responsibility but also builds trust with funders by clearly detailing how their contributions will be used. By understanding funder requirements and meticulously organizing costs, organizations can enhance their chances of approval and demonstrate the project’s feasibility and impact.

Key steps in developing a successful grant budget include conducting a detailed cost analysis, categorizing expenses into direct and indirect costs, and ensuring that each budget item directly supports the project’s objectives. It’s crucial for the budget to be transparent and easy to understand, as this clarity helps funders grasp the overall financial picture and the significance of each expense. Additionally, incorporating a budget narrative that justifies each line item further strengthens the proposal, showcasing a comprehensive understanding of the project’s financial needs.

Avoiding common mistakes, such as underestimating costs or failing to align the budget with the narrative, is vital for improving the proposal’s chances of success. By being thorough and precise in budget preparation, organizations can make a compelling case for funding, thereby enhancing their relationships with funders and increasing the likelihood of securing the necessary support. A well-prepared budget not only serves as a roadmap for project implementation but also reinforces the organization’s commitment to transparency and accountability, ultimately paving the way for successful project execution.

Start your journey to secure funding today! Visit OpenGrants to find grants that match your project needs and connect with experts who can help you craft a winning budget.

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