Business owners who believe they have the skill set to take their firm to the next level should look no further than ABC's Shark Tank to see how they stack up with some of world's most innovative entrepreneurs. In the television show, entrepreneurs showcase their products and services to a team of investors in the hope they will throw them some money to help them increase production and add more staff to their operation.

If you've seen the show, then you've probably wondered how you'd fare with these investors. Well, if you don't have a long-term business plan and a clear idea for the direction of your company, then the answer is probably not so well. However, by dedicating time and resources to crafting a fully fledged strategic plan you may be able to impress investors and convince them that you're deserving of some financial assistance.

Here are some tips to keep in mind to make sure you're ready for your "Shark Tank Moment."

Don't fear failure

Go big or go home. A common idiom in the business world, but one that can definitely make a difference between walking away with funding or returning home empty handed. Come up with a strategic plan that is a bit ambitious and shows you are thinking about future opportunities. Now, you don't want to get ahead of yourself, but you want to prove to the investor that you are committed to seeing your idea blossom. You do this by providing detailed plans and financial forecasting data that clearly outlines your objectives.

Sometimes all it takes is one "yes." Show them why you deserve it.

Showcase the personality of the business

Have you been told you've got a winning personality? If so, now's the time to put it work. When you're presenting your strategic plan to investors, it's important to distinguish your idea, approach and long-term strategy from the thousands of other small business owners vying for the same funding. Your business model should be engaging and consist of more than just a brief outline of the products and services you intend to offer. Maybe you have a unique marketing strategy or create a catchy jingle, both of which might attract investors looking to fund a business with a particular personality. Consider these three questions:

• Why will a consumer want to buy from you vs. another company?
• How do your future objectives differ from competitors?
• What makes your financial forecasting projections more accurate and likely to come to fruition?

Spend time preparing for these questions and make sure to have succinct answers.

Demonstrate knowledge of per customer economics

Per customer economics, or customer acquisition costs, is one of the most fundamental tests a prospective business owner will face when trying to convince investors to finance his or her business idea. Investors want to know how their money will be spent, and the best way you can provide them with this information is by doing your homework ahead of time. Your investor will likely want to know how much it will cost your business to acquire a customer. When calculating this figure, you need to factor in more than just the direct costs associated with completing a sale; you need to also consider the overhead required to support your revenue-generating activities. Thinking on a micro level as you develop your business plan will provide you with the insight you need to then flush out your macro strategy.

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