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July 4, 2008, Newsletter Issue #4: Should a Business Plan Use Graphs
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Tip of the Week
For all but the most simple businesses, a business plan should include graphs. Whether for the use of the business owner alone, or for the examination of lenders and/or investors, graphs provide an important aid. As the cliche states, "One picture is worth a thousand words." This is true for business plans. While the financial projections and marketing data (demographics, industry trends, etc.) will be stated in text and numbers, a reader can quickly see the "picture" and trends by viewing the graphic representations of the text and numerics. This is particularly important if the plan is targeted to lenders or investors, as they have limited time to examine requests for funds. Graphs provide an quick snapshot of the business and, if effective, may lead the reader to delve into the text and numbers with more interest.
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