| Nobody's Perfect, But You Have To Be Darn Close | | | | questions they may ask. You need to inspire |
| In a document as long as a Business Plan, with the | | | | confidence right from the initial meeting. Know the plan |
| stress of time constraints and the number of revisions | | | | by heart. Know how it is organized so you can quickly |
| that are typically made, it is understandable that there | | | | find statistics you wish to quote. Know the formulas |
| may be a few errors in grammar, or some clumsily | | | | used to generate the projections. Invite some advisors |
| worded sections, or even a few math mistakes in the | | | | or associates over to have a role playing session |
| spreadsheets. | | | | where they portray the venture capitalist and ask you |
| But there is a distinction between clumsy wording and | | | | questions about the business. Be prepared to defend |
| not making the slightest bit of sense. There are | | | | the assumptions you make in the plan; venture |
| grammar errors, and there is sounding ignorant. Math | | | | capitalists see so many companies and review so |
| errors should only involve rounding, not flubs to the | | | | many plans each year--about 1,100 per year for the |
| power of 3. | | | | average VC firm--that they are highly skilled in poking |
| One time I was going to lunch to with a venture | | | | holes in flimsy logic. You will likely be surprised at the |
| capitalist (note to reader: always make them buy) and | | | | depth of questions they are able to ask. Be ready for |
| when I met him at his office he was just finishing | | | | them! |
| reading a plan and had a strange look on his face. | | | | Special Bonus Tip for Your Business Plan |
| "What's the matter," I inquired. "Yuck, this Plan has | | | | Don't just say what you're going to do, explain how. |
| cooties!" was his reply. | | | | The detailed, concrete steps involved in executing your |
| Proofreading is a boring, nitty-gritty task, but it should | | | | business strategy are really the heart of planning itself, |
| never be overlooked. | | | | and will differentiate your plan from all the others the |
| Now What? | | | | investors get in the mail that sound like wishful thinking. |
| Stand By Your Business Plan | | | | How to write a business plan can be a daunting task, |
| Before you meet and discuss your Plan with potential | | | | these tips on how to write a business plan should help. |
| financial partners, it is a good idea to prepare for the | | | | |