I recently wrote an article about the high rate of failure many businesses suffer when seeking external funding from investors such as VC's, business angels and banks. In the article, I talked about the need for a robust business plan that is in perfect balance with reality and the Vision, Mission and Values of the business. Not just what they say but what they do and how they act. Any gap between these and the plan will weaken the proposition as well as call into question your leadership and management capabilities.

If you need a formal plan make sure it assesses all of the important factors critical to every new venture. Some of the areas not given enough attention include:

• The people  - Details of the individuals launching and leading the business as well as any outside parties providing key services to the business. 

• The opportunity - Significant detail of what it is the business will be selling and of course to whom it will be selling. This should also cover the growth potential and the speed of growth. 

• The context - The legal and regulatory environment in which you'll be operating, the interest rates and demographic trends, as well as other forces which impact on the fate of the business.

• Risk and reward - What are the risks you take? What could go wrong and right and importantly how will the leadership and management team respond to the risks?