| As you begin presenting your business plan to | | | | the recommended direction. An exception to this rule |
| investors, you will start to hear criticism and feedback. | | | | would be if you hear a recommendation which seems |
| If investors are not forthcoming with feedback, you | | | | so intuitive that you feel an immediate need to |
| should certainly ask to hear their thoughts, as it shows | | | | incorporate it. If your plan has not been vetted by |
| you are open to their ideas. Hopefully, at least some of | | | | professionals, there is a great chance this will occur. |
| their ideas will be constructive and you can choose to | | | | Stay Flexible |
| incorporate those changes into your business plan. | | | | In order to keep your plan flexible to changes, print and |
| Pick and Choose | | | | bind it simply. Also, do not invest in printing multiple |
| Investors each have their own preferences when it | | | | copies at a time, as it may become entirely irrelevant if |
| comes to startups that they would fund. You must | | | | changes are needed. You may have the opportunity |
| keep in mind that part of your plan which may strike | | | | to send a PDF version of your business plan or |
| one investor the wrong way might be exactly what | | | | executive summary to certain investors, and take |
| another one likes. For this reason, you cannot simply | | | | advantage of this when possible to cut down on |
| incorporate all the feedback you hear from each | | | | printing. Save each new version of your plan |
| funder. You'll have to pick and choose what to change | | | | separately, but keep careful track of the latest version. |
| and what to leave the same. | | | | Also take care to back up the files. Realize that your |
| A good rule of thumb is to not make changes until you | | | | business plan is never truly "finished", even after you |
| have heard the same feedback from multiple sources. | | | | achieve funding, and do everything you can to |
| At this point you can be relatively sure that you will | | | | accommodate this type of iterative process. |
| stand a better chance at being funded if you move in | | | | |