A small business plan is often preferable because of three reasons
1) Rarely anyone would read all the pages
2) When the business plan is vast, it consumes much of the time and efforts
3) business plans are meant to be updated over time and a small business plan will be easy to update.
If you search and read business plans back in the late nineties, the average plan was much longer and more complex than what we see today. This can be because business plans are more common than they were and they’re used by more and more people nowadays. It might also be a matter of fact that bankers and investors who read business plans have less time to waste going through vast documents. Or it can be a trend among them, not reading everything. It is important that the format is easy to read. If you want people to read the business plan you prepare, my best advice to you is keep it small and simple. Don’t take it as a lifetime task. Keep the words and format straightforward and short. Don’t confuse writing a small business plan with simple thinking. The reason the plan is kept small and simple is not because the idea is not developed fully. It is simple because of the need to get the point quick and easy. It should contain all the important aspects. At the same time each chapter should be precise. The average length of business plan would be 20 to 30-pages to cover everything needed. Sometimes a small business plan prepared by yourself with a set of questionnaire, before approaching a consultant would fetch you a good impression about you and your business.
Use following tips while writing a small business plan
• Keep it in simple sentences, because complex sentences are hard to understand.
• Avoid using acronyms and abbreviations
• Use bullet points. But provide explanations wherever needed.
• One picture is equal to thousand words. This works better for preparing a small business plan. Most of the explanations and statistics can be illustrated with charts and tables which are much easier to visualise.
The ways in which a small business plan can be useful are:
• Clarity to reader as only important aspects are visible
• Generates interest in the business concept
• A simplified plan elevates the pitch to get investments
A business plan can even be a one-page document listing the company’s Vision and Mission statements, Objectives, Strategies, Actions plans, Market research, Executive summary and Financial plans. When you can convey all the mandatory things, the volume of the business plan does not matter at all.
For more details about Fhyzics’ Business Plan and Format, please visit our website.