I went to the Microsoft Bizpsark Conference on Monday which was really interesting.
There was one seminar in particular on pitching to VCs that I really enjoyed. This approach to business planning can be useful even if you are not pitching for VC money but can serve as a framework for business plans.

1. The opportunity

What is the size of the market you are targeting. It is more attractive to an investor if you are targeting a large market that provides a lot of growth.
It is also useful to know who your target market is (in as much detail as possible) and how you will get them to buy.

2. Cost and revenue drivers

Are your financials realistic? What assumptions have you made?
Have you stress tested these assumptions to check that any changes will not materially affect your projections.

3. The team

A list of the management team, their experience and role in the venture. Also list any advisors you have on board.

4. Product

What is the problem you are trying to solve and how does your product solve this burning issue?
What is the current stage of your product development. Do you have a prototype? Have you made any sales yet? Is it still in the conceptual phase?

5. Use of funds

How you will use the funds, list of outgoings, levels of working capital and how much you will spend in each main cost centre: HR, marketing, product development etc

6. Competition

Who are the competitors to your business. Compare your strengths and weakness to their so see where you need to focus your forces. DO NOT say that you do not have competitors then you are really going to annoy your audience, everyone has competitors.
How are you competitors likely to act when your product launches? Is there a possible competitor who might be interested in acquiring your company?

I think this is a good list, but there are a few more points that I think you need to think about if you are preparing a VC pitch

7. Barriers to entry

Do you have any patents? Once established are there any significant barriers to entry that will stop others entering the market?

8. Exit

When do you plan to exit. An investor will expect an exit plan in 3-5 years. Do you plan to float on the stock market or do you think that you will be acquired in a trade sale?

If you are going into a pitch make sure that you deliver the presentation with passion and show a complete belief in your proposition. You should be prepared to face a huge test to your plans as a professional investor probes your assumptions and tries to ascertain if you are the right person to lead the venture. Most of all do not lie anything you say will be checked and double checked during due diligence it is much better to be up-front and create trust in your relationship.