Yet, some may also think that pitch decks and clever presentations may he displaced them.
Every entrepreneur and startup company needs a plan.
This is especially true for those considering funding that involves commercial real estate or a SBA loan.
This is a brief 1-3 page document that sums up your business and plan, and gives viewers enough info to decide whether they want to see any more data or not.
It is much more important to get started, test, and secure funding first.
When it comes to business plan creation there are now more templates and streamlined formats that are being adjusted to meet today’s needs to accommodate faster moving, leaner startups.If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.Business plans and pitch decks are two different things. Yet, one is for presenting and specifically for getting funding from angels and VCs.Before deciding exactly what that looks like and how to create it, there are some critical questions to answer and factors to understand.Just because it is the status quo should never be a line in the vocabulary of a startup founder today.The other is more organizational an internal in nature.If you want to get funded by David Mc Clure, then he says he wants to see “a functional product that people are using.Even your friends and family, or the most aggressive angel investors.Things have changed., a business plan is still a must for some scenarios and some reasons.Like a pitch deck, it it’s good enough it can be sufficient to get lenders and investors to choose to work with you, and work through the details in the process.The big problem with business plans is that entrepreneurs often get bogged down in them.