If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.
Business plans and pitch decks are two different things. Yet, one is for presenting and specifically for getting funding from angels and VCs.
It is much more important to get started, test, and secure funding first.
When it comes to business plan creation there are now more templates and streamlined formats that are being adjusted to meet today’s needs to accommodate faster moving, leaner startups.
Before deciding exactly what that looks like and how to create it, there are some critical questions to answer and factors to understand.
Just because it is the status quo should never be a line in the vocabulary of a startup founder today.
”An executive summary is a different document again.
It is a smart tool and essential one to have as a cover for your business plan.
Getting lost in rehashing and dragging out a business plan for a year or more can cost your startup the optimal moment to get to market and the best funding opportunities.
Too many founders have also tried to cram the equivalent of a business plan into a pitch deck, only to find it is a hindrance to getting the results they want.