At the outset of the survey, respondents were requested to classify their plans as being either comprehensive or fairly basic. As indicated in Figure 1 below, just over half of respondents' plans were categorized as fairly basic.
When asked to indicate the primary purpose of their plans, respondents indicated that basic plans were most frequently used to assess the viability of businesses and for internal/personal use. Comprehensive plans were most frequently used to raise venture capital/equity and bank loans. Figure 2 below indicates the range of purposes specified by respondents.
Decide the underlying purpose of the plan at the very outset - to raise money, secure approval etc. - as this will largely determine the comprehensiveness and length of the plan, amount of research required, use of external help and overall time scale. From the outset, specify the structure of the plan in the form of a detailed table of contents. Use this to identify critical issues requiring research and/or external assistance
More detailed analysis of responses indicated that comprehensive plans were compiled in two-thirds of all cases where respondents sought venture capital/equity. Basic plans sufficed most frequently for internal/personal use or where the viability of a business was being assessed. Comprehensive and basic plans were used in almost equal proportions to seek bank loans or approvals from shareholders/directors.
. Plans under 10 pages long were most commonly prepared to assess viability or for internal/personal use whereas plans over 26 pages were most commonly used to raise venture capital/equity or secure approvals from shareholders/directors.
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