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When to Use Your Business Plan

As you may have read in my last post (Business Plans – Why Write Them?) http://billpayne.com/2010/08/16/business-plans-%e2%80%93-why-write-them.html , I believe entrepreneurs should write business plans – for themselves and for investors. You’ve probably also noticed that business plans come in several flavors. Let me describe them and explain how, as an investor, I suggest that entrepreneurs use business plans.

Unless specifically asked, DO NOT hand an investor your business plan when you first meet. You need to first “set the hook”! Instead, deliver your Elevator Pitch and ask the investor if they would like to read your Executive Summary. If and when investors are interested in reading your full business plan, they will ask for it.

Here are the versions of business plans that entrepreneurs need to have available:

Bill Payne

Full Story: http://billpayne.com/2010/08/30/when-to-use-your-business-plan.html

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