Researching for your business plan should give you a strong understanding of the financial outgoings. The hard part is anticipating your income.
♦ How will you handle major risk?
♦ What happens if a key deal falls through?
♦ What will you do if a supplier or subcontractor begins to run late?
♦ How will you handle it if you are preempted by an unexpected competitor?
Good strategists prepare contingency plans that cater to most foreseeable circumstances. Look the factors in the face and develop an alternative plan. The best Plan Bs are designed so they can kick in at zero notice. If investors know that you are protecting your business by facing potential problems in advance, their confidence in you will grow because they know that in protecting your business, you are also protecting them.
The most attractive reward to potential investors is the ability to take a firm to market because it makes their investment tradable as well as more significant. Some businesses are easier than others because of their product or marketing style. Ultimately, your business plan is a picture of how you believe the business will go. Good business plans are flexible and foresee changes that enable management to switch strategies and maximize opportunities as situations change.
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