Business plans ? Pitch deck or Executive summary?
Businessplans or Pitchdeck or Executive summary ? which do you need as a business? which is most applicable for funding raising or grant?
What is a business plan?
A business plan contains a detailed description of a business stating its vision, mission, marketing plans, distribution plans, team plans, and framework for building, growing, and sustaining the businesses. It is a road map for the business usually created at the inception of a business, product, or when a business wants to initiate a restructuring. A business plan fulfills various functions such as checking the feasibility of the project, communicating with potential investors or lenders, seek partnerships, as well as planning and controlling the business. One of the downsides of a business plan is the time and effort required and often it needs to be re-written or adapted for each audience. For example, a business plan for investors may be tweaked or customized to suit lenders or partners or even for the recruitment of top management.
What is a PitchDeck?
A pitch deck is a short form of the business plan often used by startups to present their idea, business, and plans to startup investors. The content is of course similar to that of the business plan but summarizes everything in such a way that you have a short presentation in a few pages, usually 10 – 18 pages. A business plan usually constitutes of slides stating the problems, solution, market, team, financials, competitive analysis, and ask. A pitch deck enables venture capitalists, angel investors and others focused on startup investment to quickly get an idea of what a startup does and what its plans are. In the startup ecosystem, pitch decks are more often used than business plans. One of the biggest advantages of having a pitch deck is that you can give maximum information in a short time. One of the downsides of a pitch deck is in been able to summarize or condense all the business information and plans into few slides. However, using agencies like socializer and GLI who are experienced in creating pitch decks for businesses across Nigeria can mitigate this downside.
What is an Executive Summary?
The executive summary is a brief introduction to a business plan. It summarizes, in an objective way, the main points of the business plan, in order to elicit interest for reading the rest of the business plan. Sometimes it’s extracted as a stand-alone document and sent to lenders, investors, or partners but usually, it’s the introductory part of every business plan.
Businessplans or Pitchdeck or Executive summary ?
Which of these does a business in Nigeria need?
So Businessplans or Pitchdeck or Executive summary? which do you need? A business anywhere including in Nigeria needs all three documents as each has its own benefit and use and target audience. which to use will depend on the target audience or purpose.
Most often mature businesses, growth-stage businesses, and Small and medium-sized businesses need business plans to solicit loans from traditional investors, lenders like banks, grant organizations, and for partnership purposes as it gives more detailed information of the business. and enables the target audience to make a more informed decision.
A Pitch Deck is most appropriate when the entrepreneur is presenting an idea to early-stage startup investors who understand that the business may not have all the fundamentals or taken up fully but want to get an idea of what it does, who is doing it, how it will be done, where it will be done and how doing it will make money. Startup investors usually don’t have the time and patience to go through a lengthy document such as a business plan. So a pitch deck is the best way to explain the business in the shortest possible time. Venture capitalists, angel investors, startup accelerators, and incubators most often prefer pitch decks.