Don’t have a Generic Plan

I have often heard investors and lenders complaining about similar phrases in plans such as “proven management team,” “first mover advantage,” and “dominate competition.”


The problem with these generic phrases in
business plans , by themselves, these phrases don’t
show whether the venture is really unique (which
is what the lenders want).

Now I’m not saying that you need to avoid these phrases.


Instead, you need to clarify these phrases.

If you have a “proven management team,” then you need to
state why. For example, maybe one management team member
formerly ran a successful company, or another formerly
increased sales by 3 times at their last company, etc.

When presented to people outside yourself or your company,
your  business plans are marketing documents. They are used to convince others to invest time towards hopefully  investing in your company.

In order to be successful, be sure to show how you and/or your venture is unique, different and whenever possible; provide specific proof behind your arguments.



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