5 keys to getting cash
February 15, 2006
What are the five indispensable steps to opening the hearts, minds — and wallets — of financiers? PROFIT asked financing expert Sean Wise, who has trained more than 2,000 entrepreneurs in the art of fundraising through the Entrepreneurial Bootcamps offered by his Toronto-based company, Wise Mentor Capital.
Write your own plan
Some people say investors don't read business plans. But it's not just the outcome that matters; it's the process. When you sit down to write a business plan, you'll ask yourself the same questions investors will later ask about competition, possible upsides, the pain your clients face and the solution you'll provide. To answer those, you first must have full knowledge of them.
I'm always dismayed when people ask consultants to write their business plan. You should have someone knowledgeable review your plan. But when it comes to writing it, there's no one who knows as much about your business as you, and no one who needs to know as much. You can't rely on a plan put together through a consultant, because you won't have all the information or have gone through the decision-making process to formulate that plan.
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