In my opinion there is no right answer for this question, since it is a question that every entrepreneur face some day and only a few get a succesfull answer for it.
However, I am going to mention what for me are the key points for a succesfull business plan. First of all, the business plan should be as accurate as possible, so that means been objective and brief at the same time without lacking the important details. Another relevant aspect to take care of is the research. Nowadays we have unlimited access to information, thats why plans with a good research are going to differ from the others. Another issue that entrepreneurs have to focus is the presentation of the plan, referring to comprehension, organization, well written and attractive. This is because a business plan is the way to convince or involve investors, bankers, customers or suppliers that your business it is better that the other competitor´s.
To conclude, this is not a magic formula, but at least I belive these are the factors a succesful business plan needs to have.
Really like the way you answered the question, giving key points of what a good business plan SHOULD have.
What would be for you “good” research?
You made really good points!
I just wish you could illustrate a little bit more on the first one: being objective and brief to make sure it has the flexibility for long term development or for what reasons? can you name some examples for “important details”?
I agree that a business has to be precise as well as concise as possible. What key factors would you look for if you were to look at someone’s business plan and give constructive criticism?
Great post! I also think there is no right answer for this question; there are so many reasons why a business plan could fail, and there are so many important point to take into consideration when implementing a business plan. However, just like you I also think there are key point for a successful business plan. There is no doubt that doing a research is vital for a business plan to be developed, if information is not gathered a business plan simply cannot be implemented and designed. Another key point is pricing; the price or the service of product must be attractive for customers while profitable for the business, and competitive in the marketplace.