Elements to Writing a Good Business Plan
A business plan is not hard to write, but if you don’t construct it the right way, it has potential to doom your business with potential clients or investors. Most clients are busy, so they need a business plan that is straight and to the point, not including too many details.
NAGMR’s group of product brokers, product representatives, food brokers and merchandise brokers have come up with several tips to make sure your business plan has what it needs to get clients.
The business plan is not aimed at giving product representatives and investors a definite future, but just enough information to forecast an outcome if the product is manufactured. Projections are nice because it gives flexibility to results.
Don’t Include Definite Results
Product brokers, product representatives, and food brokers don’t like definite numbers. If you are flexible with your projected outcome, it puts less pressure to have to include actual statistics or figures.
Include Actual Figures Where Possible
A business plan with too many projections and not actual figures is doomed for disaster. It may be contradictory to what was said above, but have at least a few actual figures to back up what you are pitching.
Actual figures give some validity, however don’t go overboard.
Have an Exit Strategy
This is a way for food brokers, product representatives, and product brokers to have a way to terminate ownership of a company.
Exit strategies are used to reoccupy the capital investors have invested. They want to know even if the projections don’t pan out, that they have a way out. Make sure the exit strategy is clear.
Keep in mind that the business plan for food brokers, product brokers, and product representatives does not have to end with the company making profit. Instead – make sure it proves that growth will take place. Also give a realistic timeline on that growth.
New to the OTC broker field? Looking for help developing your business plan? Contact NAGMR today for assistance and advice.