Top DWG essentials that help you strengthen your business plan and get ready for extra project fundi
If you decide to take your business to the next level and develop well defined and competitive materials for a right investor pitch , executive summary, and project business plan make sure them respond to the most critical requirements needed for successful project investment stages and implementation. We've carefully outlined some crucial statements from our point of view that help you significantly increase your chances in raising additional capital for your business ideas.
Mission & Values
A Mission is your major business direction, intended to focus attention on the most important aspects that encapsulate your specific competence in relation to the market and customers you are aimed to serve. The mission always gives overall direction and guidance to everyone involved in the project. This statement is the key to business success as it's mainly focusing on specific needs that your business can differentiate itself from competitors and open a large market that allow other businesses and your particular customers grow and realise their potential. In other words you must understand what business you are operating in and your original purpose. Defining your key values will make it possible for everyone to know your original intent and commitment in any situation to consolidate the common efforts in achieving project goals.
Strategic planning gives a strong privilege for all parties involved in a project to have opportunities for progression in an organisation that knows where it is going. Building a business around strategic vision, unlike a specific product, service or technology, makes it easier unite and motivate colleagues, get investors and acquire customers to buy into a long-term commitment to a business. Therefore, represent your ideas on how and what you want to achieve over the next one to five years, i.e. your strategic goal.
Business Purpose & Problem
First thing, you should remember when creating a competitive business plan for each particular round of funding is the main problem you are going to solve. If you do not resolve the issue that most of your prospects are willing to spend money for, then it's likely that most of investors won't express much interest to your product development or extra service financing as well. The more complex business problem, the more steady and predictable demand and the market attractiveness. Keep in mind, you must be realistic in figures, milestones and forecasting, therefore achievable in results.
Corporate solution pitching
Try to be brief but convincing while performing at your project pitch set. You need to explain how your product or service is going to meet the needs created by the business problem. Describe your offer without getting into excessive details, focus on showing how your business solution will benefit and meet your customer’s and investor expectations.
Key marketing segments and sales strategy
Next stage is to describe your specific market potential and how many people in your target marketing groups are engaged by your service or product and how much they are presumably willing to spend on it. This is your “direct customer market” that you and probably your competitors are targeting together. You need to identify your target customers and demonstrate an understanding of their buying potential and habits. In other words, this is your sales growth, market analysis and positioning strategy.
Corporate business model and metrics
Business model or a so-called the “revenue model” usually stands for how you are actually making money. Both for a startup project or any other business expansion stage, it’s always better to start simple making valuable refinements in accordance to a process but anyways investors often tend to make decision and judge in terms of figures, so prepare the key metrics for your planned business, and represent a detailed sheet on how your business will be compared and positioned in the expected industry trends, market specific, legal and taxation aspects. You can include per-unit profitability, revenue per employee, expense per employee, revenue per customer, and so forth. Other aspects particularly those that include for instance licensing and other strategies can be more complex.
The Team and Corporate Structure
Most investors state that the original team is more important than the business idea itself, because a good team can implement an ordinary idea, but an ordinary team is surely to fail even if they are pursuing a great idea. On the other hand, you will also have to be ready prove your ability to efficiently and qualitatively select, recruit, educate, place and retain outstanding and highly motivated employees for the whole duration of the project in time and within a budget, as sometimes business environment, market specifics and demands may vary rapidly. Therefore, you need to convince the investor that your have a well competent team, effective operation process structure and technical capabilities in bunch for what it takes to turn their money into a successful business.
Major competitors and your competitive advantages
You should define your key competitive advantage that differentiates you from any other service provider in the market, that is to highlight all the different ways of solving your prospect customers problem profitable, reliable and safe. Some will be your direct competitors, some are the indirect ones. Your intend is to describe what makes your service or product superior, and how you are going to stay one step ahead of the competition (let's say, in the form of patents, process certifications or other sources of competitive advantage).
Previous major accomplishments and extra capital need
Investors often want to be sure that you have a proved track record of achievements that you’ve been gaining over the past years in business instead of just dreaming about your idea. They also want to be convinced that you have an ambitious but achievable set of planned milestones for turning your idea into reality. In other words, they want to be aware you’ve thought things through. Finally, you need to represent the investors a detailed landmark for executing of your business plan, that is you understand how cash flow works and what resources you’ll need at what time in the future. In fact, you are preparing a convincing proof with block of facts that you can achieve profitability soon after receiving your investments.