The two most popular documents when presenting your business are the Pitch Deck and Business Plan. When it comes time to make your presentation, regardless the reason, it can sometimes be unclear which one you need first.
The unfortunate thing is that the most direct answer is that it depends. There really is no direct answer to that question. It will depend on a number of factors. Let’s examine some of them.
Like the Chicken & The Egg…What Comes First?
What comes first between these two documents is a little like the chicken and the egg question. In one instance, the pitch deck should be a summarized version of the business plan, so in theory the business plan should be done first.
On the other side, a pitch deck is like your Business Plan in its infancy. It can be the first attempt to organize the information about your business and write up something professionally. It can become the basis to the business plan.
This is why the question of which should come first in a general sense can be confusing. You’ll need to look at your specific situation to figure it out.
The Factors That Will Help You Decide
Armed with the full understanding that it is the particular circumstances that will decide, we can now dive into the specifics. These are the main things to think about when trying to decide.
Your Timeline & Budget – The first things to ask yourself is how much time you have and if you are able to consider having someone else write the business plan and/or pitch deck. Writing a business plan on your own can take a lot of time but paying professional document writers can cost a lot of money.
For example, if you have a limited budget and limited time, you might want to put together a pitch deck first. With unlimited time and budget, all options are really at your disposal.
Your Purpose – Are you trying to get someone to pay attention to your idea? Or are you trying to convince a partner to invest in and work for the business? In the first instance, you’d probably want a Pitch Deck first. In the latter, you’d probably want a more detailed business plan.
Your Audience – Tying directly into purpose is your audience. How much time do they have to review your plan? How interested might they be at the beginning? Do you need to get their attention first or are they likely to want a lot of details right off the bat?
When appealing to investors, a pitch deck is usually better for them. Meanwhile, loan officers from banks should probably see a full business plan. The type of audience is a key indication.
Specific Requirements – In some cases, this won’t be a question at all because whoever you are applying to or planning to send information to will tell you exactly what they want. It may not even be a traditional pitch deck or business plan. It may be a hybrid based on their specific requirements.
When All Else Fails, Ask – If you are really questioning what document to prepare, ask. Ask an advisor or your audience. Advisors can help you decide or your audience will tell you exactly what they want to see. It might feel unprofessional but, there is a very good chance that the investor, loan officer, etc. will appreciate you asking and presenting information the way they want to see it.
It’s Less About What Comes First and More About What’s Needed
There is no correct answer of which should come first because it will always depend. Considering the factors above will help you determine what you need. Through that exercise, you will determine what to produce and whether or not you will be the one to produce it. Don’t be afraid to consult advisors to help you decide and plan your business or Professional Business Plan Writers to help you put your documents together.
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