The difference between an ordinary business plan and a strategic business plan is a SWOT Analysis. This breaks down the Strengths, Weaknesses, Opportunities, and Threats for your business, and shows that you have fully researched your idea.
Is your business really a business? It might sound like a silly question, but it’s an important one, especially around tax time. There are guidelines to help you determine whether your activities are considered a business or a hobby under the law.
The part of your business plan that investors will be most interested in is the executive summary—the one-to-two page summary of your overall business plan. A strong executive summary will grab an investor’s attention and get him or her interested in learning more about your business.
A well designed business plan is an important tool for a business, helping in the search for investors and lenders and in every management. Each company will have a different business plan, but there are a few common core elements that will make any plan more effective.