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May 2, 2007
Why Getting Your Business Plan Reviewed is Important
Mary Schmidt, a "business developer and marketing troubleshooter' (a.k.a. consultant), recently wrote an article where she described some fatal mistakes in a business plan a few University of New Mexico MBA students had helped develop. The mistakes included a poorly developed marketing strategy and a misunderstanding on what venture captialists are looking for in an investment - two common mistakes in business plans. Her comments reminded me of how important it is to have your business plan reviewed by a third party before distributing it to investors.
After you write you business plan (hopefully with Business Plan Success!), show the plan to a few people you trust who are experienced with starting and funding businesses. There are also companies that perform this service for free or for a nominal fee. In any case, having your plan reviewed before sending it out to potential investors is likely to save you a lot of time, money, and headache.
BONUS: On her website, Mary has a One Hour Business Plan" worksheet that you can use to start brainstorming your business plan. It is similar to some of the advice that we include in the User's Guide for Business Plan Success and a great place to start if you're thinking about writing a business plan.
Posted by Jon at May 2, 2007 1:52 PM
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Comments
I agree, getting a business plan reviewed by an experienced professional who understands what banks, investors/VCs will want to see and more importantly what they do not want to see is essential for most businesses who want to succeed.
Posted by: Business plan at May 24, 2007 9:57 AM