Businesses developing detailed, rather than generic, business plans are better able to attract funders ranging from traditional bank lenders to angel investors. The competition is intense in many industries, so demonstrating detailed knowledge of the market and competition and addressing environmental and social impacts can differentiate the business. Many businesses develop flexible business plans that describe a just-big-enough company, but some industries demand detailed business plans because of their competitiveness and unique product and service development life cycles.
Rapid obsolescence is common in many industries today. This is largely due to technology that advances at the speed of light, requiring businesses to be prepared to manage numerous changes to products and services. Technology is influencing diverse industries, from textile manufacturing to software development, implementation and consulting firms. One of the first questions potential funders will ask is how the business intends on staying relevant and profitable through critical technological improvements.
The detailed business plan answers the question because it addresses long-term sustainability, adaptability, and relevance through strategic planning.
The detailed business plan considers more than startup plans and five-year operational projections. It goes deep into all aspects of the business and far beyond those addressed in the standard business plan.
For example, the following type of information may be added:
- How strategic goals are aligned with company mission and goals
- Environmental impacts and benefits
- Description of research and development projects
- Internal efficiencies contributing to performance success
- Key stakeholder relationships
- Global trends and the macro-environment
- Anticipated barriers to market entry in the future
- Social impacts of business operations
- Patents and shared intellectual property
- Future staffing requirements and plans for attracting and retaining talent
- Required rounds of investment
The additional information expands the business plan sections typically developed. For example, there is the traditional market analysis, but the detailed business plan also analyzes the political, economic and technological macro-environments. The product features are described, but there is also an explanation of the value proposition. The financial projections include the profit and loss statements and balance sheet, but there is also a breakeven analysis.
OGS Capital professionals work with businesses across industries that are ready to develop detailed business plans and can also help locate funding. Completing the simple contact form will quickly put entrepreneurs and managers in contact with OGS business experts.
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OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.