Putting together a winning business plan is key for any contracting company to succeed.
Unfortunately, there’s no universal guide to assist companies as they strive for their full potential.
Luckily, there are principles that have been incorporated into viable business plans which increase a company’s chances of succeeding.
Contracting Company Business Plan Do’s
Include a Mission Statement
This can be the company’s overall mission statement, but it’s best to write another. An original statement should be included with any business plan intended to draw funding from investors. Be sure to include making a profit as one of the missions, but don’t overemphasize financial importance in the mission statement. Something like, “show our support for the community while generating a profitable return…” shows the potential to make money and improve public perception.
Delegate Future Duties, Funds and Manpower
Make a list consisting of Who, When, What, Where and How much. Delegating duties prior to starting a job helps to keep all members of the team moving in the right direction. This is especially critical when the business plan will be used to secure venture capital. Funds can be allotted for different equipment, man hours and permits. Outlining where every penny will be spent encourages investors to back the plan.
Address all Potential Issues
The business plan should detail all potential problems that may arise. This may be the most crucial step in constructing a winning plan, because wise investors will scrutinize the plan in search of any flaws. Any questions they ask had better be met with a viable solution. Considerable time should be spent figuring which potential problems may concern investors. Once the contracting company business plan is air tight, answering all potential questions, it’s almost ready.
Contracting Company Business Plan Don’ts
Don’t Be Hasty
The pressure to obtain funding can sometimes cause anxiety, but rushing through a business plan that raises more questions than it answers will leave this, and future endeavors unfunded.
Don’t be Long Winded
It’s easy to get sidetracked when writing about something exciting. However the person reading the business plan may have already read six business plans that day. This is why the mission statement is important because the investor already has an idea what the business plan will outline. Getting right to the point will keep the reader’s attention and decrease the chances that he or she will lose interest.
Don’t Give Your Opinion of the Plan
Avoid writing statements like “it’s obvious to anyone with sense” or “smart investors can see the benefit”. If the investors can’t see the benefit, they’ll feel very insulted. Pushing people who are on the fence to say no will never get you the capitol you need. Present the plan, state facts to back it up and allow the investors to make a decision.