A business plan template is very similar to a business plan template in that it serves the same purpose. Both enable entrepreneurs to generate solid business plans from already existing documents. A typical business plan is made up of a single document with many sections namely an executive summary, business plan, project summary, business strategy, operations, and financing requirements. A well-written executive summary can be quite effective, as it presents the key aspects of the business in one sentence. On the other hand, a project summary gives more information on how the project will progress and what steps need to be taken for it to be successful. For this reason, many business plan templates include an operations section.
Many entrepreneurs are still not comfortable with writing their own business plans, especially if they do not have prior experience in such matters. The use of a good business plan template can provide them with the confidence they need to complete their plans and demonstrating to their lenders how well-planned and detailed their new venture really is. It is also helpful in generating accurate estimates and projections on how new businesses operate.
Using a template to create an executive summary is as simple as using a word processor. A template will help provide the necessary information to make this section complete. However, it is not enough to just paste the whole thing into the program. Care should be taken in choosing the right elements to make the template work for the particular business plan template being used. Some general tips that can help here are mentioned below.
The most important thing to remember when using a good business plan template is to use plain English. This makes the process easier and more transparent. The focus should be on presenting the company and its offerings in a simple, understandable manner. For example, instead of using “We sell tires”, the better idea would be to state “We manufacture ultra-lightweight, custom, tire-changing automotive products that are designed for maximum consumer protection.” The former works perfectly, while the latter makes the writer sound like he is speaking in an ordinary language.
In addition, business owners raise funds for their ventures by offering discounts and special promos. For example, a tire store owner might give away free tires to loyal customers. Other ideas include freebies, free services, or discounted goods. A free business plan template can easily highlight these special promos by providing appropriate graphics or by including them in the text of the promotional document.
Finally, some venture capitalists require that a company submit audited financial statements so that they can evaluate the company’s financial health. When using free business plan templates, they can provide these statements along with the other information needed to prepare this document. Not all venture capitalists require the same information, however. Consult a template for the particular niche before submitting your document.