how to write a great business plan hbr william sahlman july 1997

Writing a business plan can be a daunting task for many entrepreneurs. It requires a lot of time, effort, and attention to detail. But, a well-written business plan is crucial for the success of any business. It serves as a roadmap for your company, outlining your goals, strategies, and financial projections.

In July 1997, Harvard Business Review published an article by William Sahlman titled \"How to Write a Great Business Plan.\" In this article, Sahlman provides valuable insights and tips on how to create a winning business plan. Here are some key takeaways from his article:

1. Focus on the Opportunity

According to Sahlman, a great business plan should clearly articulate the opportunity that exists in the market. This means identifying a problem or need that your product or service can solve. It's important to be specific and provide evidence to support your claims. This will help investors understand the potential of your business.

2. Keep it Simple

Many entrepreneurs make the mistake of creating overly complicated business plans. Sahlman advises against this, stating that a simple and concise plan is more effective. Investors don't have the time or patience to read through lengthy documents. Keep your plan to 20-30 pages and focus on the key points.

3. Understand Your Financials

A business plan is not just about your idea or product. It should also include a detailed financial analysis. This includes your projected income statement, balance sheet, and cash flow statement. Sahlman stresses the importance of being realistic and conservative with your financial projections. Investors will be looking for evidence that your business can generate profits.

4. Know Your Audience

When writing a business plan, it's important to consider your audience. Are you pitching to potential investors or presenting to your team? Different audiences will have different expectations and interests. Tailor your plan accordingly to make it more compelling and relevant to your audience.

While writing a business plan can be challenging, it's not something you have to do alone. BuyPapers.club offers professional business plan writing services that can save you time and effort. Our team of experienced writers can help you create a comprehensive and persuasive business plan that will impress investors and set your business up for success.

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