A continuation of our ‘Start your Own Business‘ series, In an extract from his book in Sunday Business Post 25/4/2010, Starting a Business in Ireland, Brian O’Kane continues on with advice Communicating business to third Parties.
Communicating plans to third parties
Though they would readily acknowledge the importance of good planning, many businesses would not prepare a formal business plan document if it were not for the need to present their plans for the business to outsiders – usually to raise finance.
But if you wish to raise finance for your business to develop, you will have to prepare a plan. Financiers – whether bankers, venture capitalists or private investors – need:
- A document they can study in their own time and which makes its case independently of the promoters of the business
- Evidence that the future of the business has been properly thought through and that all risks have been taken into account
- Information about the business.
In addition, others may have reason to read your business plan, such as key employees or suppliers. So it must communicate your message clearly.
No matter how good a writer you consider yourself to be, if you can’t put your business proposition clearly and persuasively in writing, it suggests that you have more thinking to do.
It doesn’t mean that your project won’t work. On the contrary, your business maybe a resounding success, but you need to be able to communicate it.