Do you need business funding? Well, do something that will knock the socks off your potential lender/investor: put your business plan online. And do it right.
Sure, you say, you can add the HTML and load it up this afternoon on your Web site. Wrong. Your investor is not your customer. A customer Web site and an online business plan are two very different items.
OK, how about converting your business plan to a pdf file and paying another Web site to host it?
Wrong again. A written page is not a Web page. Knowing how to use each one effectively is what will distinguish you as a real business person.
And, should you be thinking of paying one of these “matchmaking” sites to host your business plan, may I kindly say aarrrgh. I have worked with emerging businesses for over two decades, and never once have I known a business that got funded by paying a matchmaker site. And these matchmaker sites are not cheap.
No, creating an online business plan is much more sophisticated than any of the business plan tactics noted above. It means, for instance, you have:
1. The ability to use the technology of the Internet to present your company effectively.
Use the amazing linking power to take your visitor from place to place. Let him read in depth where he wants to, and skim the rest. He will thank you for it. Create a site map to speed up his “finding” time.
Use the graphical power of the Internet to show images that just don’t fit in a printed business plan. Patents, perhaps. Or a video showing your business in action, or introductions to your key people. A short video introducing a strong Advisory Board can be a powerful motivator.
A lot of other items will fit on a Web site that won’t fit comfortably in a written business plan, such as:
- A PowerPoint presentation demonstrating the development of your company from a glint in the founder's eye;
- Architectural or interior designs of your store/facility;
- Articles that key players, including your Advisory Board, have written;
- Photos of your product, your office, or your staff - photos that won't fit into a business plan;
- Testimonials from clients or suppliers or even your banker - whoever can make your company look good;
- Articles from industry or local publications that have featured your company; and
- Drill down financials for critical aspects of your firm's development.
2. The ability to structure a presentation to the needs of a particular group.
Your lender/investor will look at your consumer Web site. He will definitely want to see how you approach your customer, and how powerful the sales message is.
He will also look at your online business plan with an eye to see how you approach the lending community. How professional is the presentation? It needn’t have bells and whistles, but it does need a clean structure and solid information.
3. The ability to engage your viewer.
Ninety percent of your job as CEO of your company, no matter how big or how small your company is, is to sell your company. You sell it every time you pick up the phone, every time you respond to an email, every time you send out a communication.
Selling is the single most important skill you can possess. The online business plan gives you a unique opportunity to demonstrate your sales ability to the finance community.
Engage your viewer as much as possible. Use images as doorways to additional information in your online business plan. Give an opportunity for feedback often – he probably won’t use it, but he will appreciate that it is there. Remind your viewer often how your company will benefit him, how your two companies can work well together toward a single goal.
4. The ability to use research effectively, and to follow up.
You know a great deal about your potential lender/investor from research that you have done. If you just happen to slip in a photo of his alma mater, hey, he will probably get a kick out of it.
More importantly, from your site logs you will know almost instantly who has looked at this site. Since it is password protected, not many people will have access to it. Check your logs often. When you get a hit, wait a day or two, and then contact the potential lender/investor while your online business plan is still fresh in his mind. Answer questions that might have come up, and try to get a face to face meeting.
It’s a lot of work creating an effective online business plan, but the time is well worth it. If your site follows the guidelines above, your lender/investor will be 90 percent sold on your business before you ever meet. You will walk into your first meeting with him already knowing a tremendous amount about your business, and liking it.
It just doesn’t get much better than that.
MaryAnn Shank, an industry leader in business plan development, has taken business plans from carbon paper to the Internet. Her best suggestions, recommendations and free samples are at Business Plan Master.
