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An angel investor, partner or nondepository financial institution. The simple difference between quality business planning and poor company thinking would be the absence of utilization of a structured process.</p>
When developing a business plan it is critical to ask the questions that your target audience would like to know. This "Question Based" approach to business planning ensures the questions your target audience needs answered are covered throughout your documentation.
The business planning process is about far more than just the business plan document. The process should facilitate structured development of your strategy, and then break the strategy down into a series of actions. After years in Strategy consulting, we have realised that the key to this process is asking the right questions.
To improve the business planning process, we believe that it is critical to start asking the right questions. This is the approach that consultants will typically employ. By asking the right business planning questions, inconsistencies can be highlighted, before the business planning document is developed. These questions enforce internal consistency between the core elements of the business plan: strategy, action, and financial implications.
Questions enable you to manage your business planning process at a higher level. Rather than being distracted by the detail of the plan, you are free to develop your strategy, plan and financial implications without generating inconsistency between elements. Prior to committing pen to paper, start by considering the questions that your target audience might have in their mind when reading your business plan. After dealing with hundreds of Venture Capitalists, investors, grant providers and banks, we have developed a strong understanding of the questions they have in mind when reviewing a business planning document.