All good business plans convey a sound business idea. The actual written plan can do a lot to help you secure financing, because, when well done, it demonstrates that you have considered the relevant key variables that are important to the success of the idea. Judges in the Rhode Island Business Plan Competition will be looking for the following:
Viability - Is the opportunity reasonable and supported by a sound execution strategy? Realism - Have the assumptions behind the plan been tested in the market to determine the need for the solution being proposed? Does the plan allow for contingencies? Competitiveness - Have you identified competitors and enumerated your competitive advantages? Can the business successfully resist competitive pressures? Maturity - Do the plan authors understand the nature of the business they are proposing, and are their assumptions, projections, and solutions realistic? Experience - Does the applicant have a management team, or can it assemble one, that has the breadth and depth of experience required to make the plan a success? Dedication - How has the team evidenced the tenacity required to launch and grow a business? In addition to the above, attention to the following nuts and bolts will help: Writing style - Write for the educated, intelligent layman and avoid jargon. Include a glossary, if needed, for easy reference. Graphics - Graphics should help tell a story. Use them where they make sense. Edit and re-edit - Before submitting your plan, run it by people who will give you an honest assessment — about your idea and how it is presented. Typos, misspellings, and grammatical errors should be avoided at all costs.
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