Will You Add? - What Is A Business Plan? And Why Do I Need One

What is a Business Plan?

A business plan is a document that qualifies, quantifies and narrates a commercial opportunity. It is that simple to state, more difficult to execute, but anyone can customize a business plan that gets results. The plan must have an exciting Executive Summary. Like the opening scenes of a movie, or the first chapter of a book, the writer must set a hook.

Typically, active investors, angels, venture capital groups and investment bankers are deluged with business plans. Screeners typically read the document before passing along to decision-makers within the firm. However, very few move along the decision making food chain precisely because the Executive Summary lacks excitement, punch or sets a high level of anticipation about what is inside the document.

Having written dozens of business plans for clients I can attest that creating a plan that works is, well, work. No two plans are alike. The plan must be customized, well researched, structured and direct. I receive more than 500 business plan submissions annually in my consulting firm. Less than 1% have commercial potential as written. Many describe products, services, retail or new business development ideas that otherwise might be exciting. However, the plan does not convey that potential.

One of the worst things to evolve from the arrival of the inter-net is the ability to download a business plan template and write the document by filling in the blanks. The template itself is not problematic, I use a self-developed template when I customize plans. The problem is that many entrepreneurs do not have the writing skills, the research in hand, know the keys that turn on investors and thus, take shortcuts. Filling in the blanks without sweating the details and doing comprehensive research results in a document that will not be read and an opportunity that will never launch.

Rule number one in the development of any commercial opportunity: shortcuts equal failure!

I am a self-taught business plan writer. If I can do it, anyone can. In reality, however, most people just want to expose their opportunity to investors, licensees or potential partners. They don’t have writing skills, do not know the types of research necessary to support the plans sales model, need help in creating the marketing strategy, and will never be able to narrate financials. Where can they go to create and exciting business plan document.

The following are resources readily available in most communities. Many are free.

Many colleges, community colleges and universities have developed small business incubators. They attract additional state funding, as small business growth and development are keys to job creation and an increased tax base. Take advantage of this community asset. Students, graduate students and professors are often available to direct your efforts. Ten years ago there were only a handful such programs. Today, over 1000 schools have some version of an entrepreneurial program.

Many states, regional and local governments offer business development programs. They have retired business people and mentors on hand to support, guide and train prospective entrepreneurs and guide business plan creation. There is no charge for utilizing this service, after all, your tax dollar supports these programs.

SCORE, the Service Core of Retired Executives is a Federal Government sponsored initiative. Thousands of retired, experienced business people make themselves available to evaluate commercial opportunities and direct the development and launch of those deemed to have potential. They are often intimately involved in creating business plans. 10 Lessons From Don Corleone
If you’ve ever seen the Godfather, I’m sure you remember the phrase, “Make them an offer they can’t refuse.”In the movie it often meant an offer backed by force. In real life the situation is often more complex. The modern day Godfathers seldom need violence. They know the wants, needs and desires of their target market.There’s a lot we can learn from the modern day Don Corleones.1. There’s more money to be made tapping into a hot target market, than there is trying to create one.2. They’ve often replaced force by giving more at a better price than their competition.3. They understand the value of a consumable product that has to be continually reordered.groups and investment bankers are deluged with business plans. Screeners typically read the document before passing along to decision-makers within the firm. However, very few move along the decision making food chain precisely because the Executive Summary lacks excitement, punch or sets a high level of anticipation about what is inside the document.

Having written dozens of business plans for clients I can attest that creating a plan that works is, well, work. No two plans are alike. The plan must be customized, well researched, structured and direct. I receive more than 500 business plan submissions annually in my consulting firm. Less than 1% have commercial potential as written. Many describe products, services, retail or new business development ideas that otherwise might be exciting. However, the plan does not convey that potential.

One of the worst things to evolve from the arrival of the inter-net is the ability to download a business plan template and write the document by filling in the blanks. The template itself is not problematic, I use a self-developed template when I customize plans. The problem is that many entrepreneurs do not have the writing skills, the research in hand, know the keys that turn on investors and thus, take shortcuts. Filling in the blanks without sweating the details and doing comprehensive research results in a document that will not be read and an opportunity that will never launch.

Rule number one in the development of any commercial opportunity: shortcuts equal failure!

I am a self-taught business plan writer. If I can do it, anyone can. In reality, however, most people just want to expose their opportunity to investors, licensees or potential partners. They don’t have writing skills, do not know the types of research necessary to support the plans sales model, need help in creating the marketing strategy, and will never be able to narrate financials. Where can they go to create and exciting business plan document.

The following are resources readily available in most communities. Many are free.

Many colleges, community colleges and universities have developed small business incubators. They attract additional state funding, as small business growth and development are keys to job creation and an increased tax base. Take advantage of this community asset. Students, graduate students and professors are often available to direct your efforts. Ten years ago there were only a handful such programs. Today, over 1000 schools have some version of an entrepreneurial program.

Many states, regional and local governments offer business development programs. They have retired business people and mentors on hand to support, guide and train prospective entrepreneurs and guide business plan creation. There is no charge for utilizing this service, after all, your tax dollar supports these programs.

SCORE, the Service Core of Retired Executives is a Federal Government sponsored initiative. Thousands of retired, experienced business people make themselves available to evaluate commercial opportunities and direct the development and launch of those deemed to have potential. They are often intimately involved in creating business plans. Maximise The Earning Potential Of Technical Consultants
One of the fastest growing areas of the economy is the provision of technical and management advice to business leaders. This covers a wide range of services, from IT and web services, marketing, personnel and design.Many of these services are provided by small companies and freelancers – often successfully, but all too often, the relationship fails to reach its potential. Too often, the clients of these companies end up dissatisfied and disgruntled.Maintaining the right quality of service can be critical to the providers of technical support. This is particularly challenging if the business grows, both in the number and complexity of jobs being undertaken.This can create a speci the plan does not convey that potential.

One of the worst things to evolve from the arrival of the inter-net is the ability to download a business plan template and write the document by filling in the blanks. The template itself is not problematic, I use a self-developed template when I customize plans. The problem is that many entrepreneurs do not have the writing skills, the research in hand, know the keys that turn on investors and thus, take shortcuts. Filling in the blanks without sweating the details and doing comprehensive research results in a document that will not be read and an opportunity that will never launch.

Rule number one in the development of any commercial opportunity: shortcuts equal failure!

I am a self-taught business plan writer. If I can do it, anyone can. In reality, however, most people just want to expose their opportunity to investors, licensees or potential partners. They don’t have writing skills, do not know the types of research necessary to support the plans sales model, need help in creating the marketing strategy, and will never be able to narrate financials. Where can they go to create and exciting business plan document.

The following are resources readily available in most communities. Many are free.

Many colleges, community colleges and universities have developed small business incubators. They attract additional state funding, as small business growth and development are keys to job creation and an increased tax base. Take advantage of this community asset. Students, graduate students and professors are often available to direct your efforts. Ten years ago there were only a handful such programs. Today, over 1000 schools have some version of an entrepreneurial program.

Many states, regional and local governments offer business development programs. They have retired business people and mentors on hand to support, guide and train prospective entrepreneurs and guide business plan creation. There is no charge for utilizing this service, after all, your tax dollar supports these programs.

SCORE, the Service Core of Retired Executives is a Federal Government sponsored initiative. Thousands of retired, experienced business people make themselves available to evaluate commercial opportunities and direct the development and launch of those deemed to have potential. They are often intimately involved in creating business plans. A Job is Not a Job
It only happened on Mondays. Sometimes I escaped the unpleasant ritual. But, more often than not, right before boarding I threw up in the ladies room of the train station. It wasn't the commute I hated. It was the job.   The reasons don't matter why a job I once enjoyed turned into a job I didn't. It happens. Bosses change, companies change, priorities change, buality, however, most people just want to expose their opportunity to investors, licensees or potential partners. They don’t have writing skills, do not know the types of research necessary to support the plans sales model, need help in creating the marketing strategy, and will never be able to narrate financials. Where can they go to create and exciting business plan document.

The following are resources readily available in most communities. Many are free.

Many colleges, community colleges and universities have developed small business incubators. They attract additional state funding, as small business growth and development are keys to job creation and an increased tax base. Take advantage of this community asset. Students, graduate students and professors are often available to direct your efforts. Ten years ago there were only a handful such programs. Today, over 1000 schools have some version of an entrepreneurial program.

Many states, regional and local governments offer business development programs. They have retired business people and mentors on hand to support, guide and train prospective entrepreneurs and guide business plan creation. There is no charge for utilizing this service, after all, your tax dollar supports these programs.

SCORE, the Service Core of Retired Executives is a Federal Government sponsored initiative. Thousands of retired, experienced business people make themselves available to evaluate commercial opportunities and direct the development and launch of those deemed to have potential. They are often intimately involved in creating business plans. Ten Things You Should Focus on to Transform Your Finance Function
1. Optimizing processes Documenting and standardizing processes to minimize exceptions and improve efficiency. Staff should always be knowledgeable on these processes.2. Control environment A key finance function objective is protecting assets. Ensuring critical controls, policies and procedures are in place is crucial, while at the same time not creating bottlenecks in the organization.3. Optimizing available technology Ensuring processes are appropriately enabled by technology and new functionality is constantly incorporated into existing processes in a controlled manner. Staff must be knowledgeable on the technology.4. Per efforts. Ten years ago there were only a handful such programs. Today, over 1000 schools have some version of an entrepreneurial program.

Many states, regional and local governments offer business development programs. They have retired business people and mentors on hand to support, guide and train prospective entrepreneurs and guide business plan creation. There is no charge for utilizing this service, after all, your tax dollar supports these programs.

SCORE, the Service Core of Retired Executives is a Federal Government sponsored initiative. Thousands of retired, experienced business people make themselves available to evaluate commercial opportunities and direct the development and launch of those deemed to have potential. They are often intimately involved in creating business plans.

The Ewing Kauffman Foundation in Kansas City, MO is devoted solely to the development of entrepreneurial development. Mr. Kauffman started, nurtured and developed Marion Labs from a tiny drug local company into a multinational, multi-billion dollar powerhouse. He also owned the Kansas City Royals baseball team. His devotion to developing and promoting the entrepreneurial base of the United States resulted in creation of the foundation that bears his name.

Seek out a consultant. Typically consultants charge a fee, just like lawyers, accountants or plumbers. The advantage of an experienced consultant is that they write business plans for a living, will be strong writers, able to properly direct or perform research, narrate financials and differentiate a commercial opportunity by creating an exciting word picture. Always seek references and talk to several before deciding on a consultant.

Why Do I Need a Business Plan?

You might not. You might not need a deeply customized business plan if you are seeking to license or sell an invention, a patent or a prototype product. In this situation, the potential licensee would take your work product and develop a plan that fits their internal organizational needs.

However, if you are attempting to fund a start-up business, self-market a product or buy a small business you will absolutely need to create a road map. That road map is your business plan. The map is not linear, there will be curves and setbacks, but by quantifying, qualifying and narrating a well- researched, customized business plan you are much closer to success.

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.atriclecheck.com/article/17887/atriclecheck-What-Is-A-Business-Plan--And-Why-Do-I-Need-One.html">What Is A Business Plan? And Why Do I Need One</a>

BB link (for phorums):
[url=http://www.atriclecheck.com/article/17887/atriclecheck-What-Is-A-Business-Plan--And-Why-Do-I-Need-One.html]What Is A Business Plan? And Why Do I Need One[/url]

Related Articles:

Resell Promotional Merchandise For Profits

The big question in corporate promoting is how to successfully advertise a business without having to rob corporate coffers of all its money in order to do so. Corporate promoting can add up to quite a sum and reduce profits for a business if care is not taken to protect against this.

Franchise Transfers to a Corporation or Limited Liability Company

As a franchisor often one will be presented with relatively simple transactions, which on paper have significance but in reality will not change the franchise relationship between the franchisor and the franchisee.

Inbound Call Center Pricing

Having a call center is fast becoming a necessity for any business. Whether you are a one-man business operating at home or a multinational company spanning across the globe, having a call center can help boost your business immensely.

Bookmark it: