1. Be absolutely clear about the primary purpose and audience of the plan from the outset. If the plan has to serve multiple purposes, consider producing tailored versions (or tailored summaries).
2. Allow enough time to produce revised drafts of the plan – three/five drafts would not be unusual.
3. Write the Introduction, Summary and Conclusion of the plan only after the plan’s main parts have been finalized.
4. At an early stage, make some high-level sales and financial projections (covering 1-3 years) to explore the general direction and size of the business, likely viability and possible funding amounts and mix. For this purpose, consider using the Quik-Plan facility within Exl-Plan, our range of financial planners for use with Excel.
5. If the elapsed time needed to prepare the plan and commence its execution is lengthy, set the start date for financial projection close to the commencement of execution.… Continue reading