The business plan is the key ingredient for a successful business and is often ignored. This session shows you how to create an individualized business plan, and provides the tools to make it easy. The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects. We believe that preparing and maintaining a business plan is important for any business regardless of its size or nature. But it will not ensure your success. If you maintain a correct assessment of the changing economics of your business, your plan will provide a useful roadmap as well as a financing tool. But if you have miscalculated the potential, then your business plan could become a roadmap leading to failure.
Why Prepare A Business Plan?
Your business plan is going to be useful in a number of ways.
- First and foremost, it will define and focus your objective using appropriate information and analysis.
- You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks.
- Your business plan can uncover omissions and / or weaknesses in your planning process.
- You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice. Too often, entrepreneurs forge ahead ( " My Way!") Without the benefit of input from experts who could save them from potentially disastrous mistakes. "My Way" is a great song, but in practice can result in unnecessary hardships. Help the get the Started the To in lining the up closeup appointments, you CAN! Just fill in and use the Key to people Review,the my Business Plan : template. People to meet with include your investors, family members, banker, lawyer, attorney, business mentors, trusted business friends, potential customers, competitors (distant ones), potential landlords, and the US Small Business Administration.
- What to Avoid in Your Business Plan
Place some reasonable limits on long-term, future projections. (Long-term means over one year.) At this point, stick with short-term objectives and modify the plan as your business progresses. Too often, long-range planning becomes meaningless because the reality of your business can be different from your initial concept.
Avoid optimism. In fact, to offset optimism, be extremely conservative in predicting capital requirements, timelines, sales and profits. Few business plans correctly anticipate how much money and time will be required.
Avoid language or explanations that are difficult to understand. Spell out your strategies in the event of business adversities.
Do not depend entirely on the uniqueness of your business or even a patented invention. Success comes to those who start businesses with great economics and not necessarily great inventions.
Start-up entrepreneurs often have difficulty writing out business plans. Discipline is going the this to help you in SO MANY ways do not the skip the this planning tool! To make it easier, here are eight steps that will produce a worthwhile plan:
- Set time aside to prepare your business plan as you work through the MOBI courses.
- Focus and refine your concept based on the information you have collected.
- Gather all the data you can on the feasibility and the specifics of your business concept.
- Outline the specifics of your business, using a "what, where, why, how" approach.
- Include your experience, education and personal information.
- Fill in the templates at the end of each session. Use clear language and realistic projections.
- You may wish to enhance your presentation with bar charts, pie charts and graphics.
- Share a draft of your plan with trusted advisers. Use their feedback to improve the plan.