Write a Business Plan - Nah! I Can Do That Myself (and Why You Shouldn't)
Write a Business Plan - Nah! I Can Do That Myself (and Why You Shouldn't)
To obtain funding.
Every good potential lender or investor, be they bank, angel investor, venture capitalist or business partner, will require a business plan. They want to be comfortable that you have thought long and hard about your business rather than jumping straight into a business. More importantly they want to ensure that they have a good chance of not only having their investment returned, but also making a profit out of the arrangement.
Your business plan is your sales tool – it explains your business and your strategies to make this business a success. It shows how detailed and organized you are and how you intend to make a success of your business.
To introduce your business to potential funders.
The Executive Summary in undoubtedly the most important part of your business plan. Investors receive hundreds of business plans. They decide on their initial sort of who they want to investigate more thoroughly, by viewing the Executive Summary. Yours should be short, concise and eye catching. Investors like entrepreneurs who can concisely and accurately describe their business, products and potential. If you think of it, this is what an effective sales person does every day. If your business model is not planned well enough to be able to describe in a few well written pages then it is unlikely to be successful and very unlikely to be funded.
Once a potential investor has viewed your Executive Summary and become interested in your potential business, then they will read the rest of your business plan in order to gain a greater understanding of your business and investment requirements.
Your Executive Summary should be written after the main part of the business plan and should be no more than 3 pages long. It should summarize your business plan and include an overview of your business, your business models, what you are selling and in which market. You should also summarize your financial requirements and projections as well as provide your investor’s exit strategy.
To ensure that you have a carefully planned business
A well planned business is a business likely to succeed. Do you know who your potential customers are? Do you really know who they are, where they are and what they are looking to buy that you might be able to sell to them?
Do you know how to define your company within a sales environment? Where do you want your company to be in three years?
Do you know how many staff you will need? How you will pay for these staff?
Do you have a vigorous business model? Even know what a business model is?
Have you really thought through how you will run your business?
The answers to all of the above, plus many more will be discovered, decided and defined during the business planning process. If you use a professional business planning company, you have the advantageous of not only having a well written business plan, but you also benefit from the business knowledge of the planning company.
A well written and thought out business plan will help you to clarify your own thoughts about your business, how you want to present your company to your peers, customers and investors. It will help you find out who your best customers are, where they are, what they want to buy and at what price. It will identify any weaknesses you may have in your thinking. Lastly it will provide you with a business and marketing strategy combined with a robust financial model and business model that will give you confidence to make the leap into entrepreneurship.
…..and one why you need to have it professionally written.
Why use a professional business planning company?
A professional company will have experience of writing many different kinds of business plan for many different types of companies. A plan written for a Venture Capitalist is totally different to that which an Angel Investor or a bank requires. A professional company understands this and how to answer the particular concerns of each type of investor or lender. They will pitch you plan to your potential audience.
Investors are risking their hard earned capital by investing in your business and they are entitled to be comfortable that you have a clear business strategy a robust business model and have researched your potential market in great details. They also want to be comfortable that you understand all the risks that your new business faces.
Many business owners, who write their own business plans, often do not include all the information required or include information that is not required. Many amateur plans are unfocussed and discuss information that is not required in detail. An unfocussed and unstructured business plan gives off the wrong impression that you are also unfocussed and unstructured.
To a new entrepreneur you will be very short on time – in order to produce a business plan you will not only need a great deal of time to produce the plan but will also need to take time on a steep learning curve. A professional business plan company has climbed this curve and has enough experience to guide you through the whole process, set your mind working in the right direction and prompt your thought processes.
Hiring a professional allows you to concentrate on finding and servicing your customers, although a good professional will involve you at every stage and your input is definitely required to ensure that the plan reflects YOUR business.
Your business plan consultant will be objective in reviewing your business and have the experience to offer suggestions and advice during the writing process.
The money you pay for a business planning consultant will give you a quality, investor ready business plan with some very useful business consultancy as a bonus!
Write a Business Plan Nah I Can Do That Myself and Why You Shouldnt - To learn more about this author, visit Lee Lister's Website.
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There are three reasons why you need a business plan……
To obtain funding.
Every good potential lender or investor, be they bank, angel investor, venture capitalist or business partner, will require a business plan. They want to be comfortable that you have thought long and hard about your business rather than jumping straight into a business. More importantly they want to ensure that they have a good chance of not only having their investment returned, but also making a profit out of the arrangement.
Your business plan is your sales tool – it explains your business and your strategies to make this business a success. It shows how detailed and organized you are and how you intend to make a success of your business.
To introduce your business to potential funders.
The Executive Summary in undoubtedly the most important part of your business plan. Investors receive hundreds of business plans. They decide on their initial sort of who they want to investigate more thoroughly, by viewing the Executive Summary. Yours should be short, concise and eye catching. Investors like entrepreneurs who can concisely and accurately describe their business, products and potential. If you think of it, this is what an effective sales person does every day. If your business model is not planned well enough to be able to describe in a few well written pages then it is unlikely to be successful and very unlikely to be funded.
Once a potential investor has viewed your Executive Summary and become interested in your potential business, then they will read the rest of your business plan in order to gain a greater understanding of your business and investment requirements.
Your Executive Summary should be written after the main part of the business plan and should be no more than 3 pages long. It should summarize your business plan and include an overview of your business, your business models, what you are selling and in which market. You should also summarize your financial requirements and projections as well as provide your investor’s exit strategy.
To ensure that you have a carefully planned business
A well planned business is a business likely to succeed. Do you know who your potential customers are? Do you really know who they are, where they are and what they are looking to buy that you might be able to sell to them?
Do you know how to define your company within a sales environment? Where do you want your company to be in three years?
Do you know how many staff you will need? How you will pay for these staff?
Do you have a vigorous business model? Even know what a business model is?
Have you really thought through how you will run your business?
The answers to all of the above, plus many more will be discovered, decided and defined during the business planning process. If you use a professional business planning company, you have the advantageous of not only having a well written business plan, but you also benefit from the business knowledge of the planning company.
A well written and thought out business plan will help you to clarify your own thoughts about your business, how you want to present your company to your peers, customers and investors. It will help you find out who your best customers are, where they are, what they want to buy and at what price. It will identify any weaknesses you may have in your thinking. Lastly it will provide you with a business and marketing strategy combined with a robust financial model and business model that will give you confidence to make the leap into entrepreneurship.
…..and one why you need to have it professionally written.
Why use a professional business planning company?
A professional company will have experience of writing many different kinds of business plan for many different types of companies. A plan written for a Venture Capitalist is totally different to that which an Angel Investor or a bank requires. A professional company understands this and how to answer the particular concerns of each type of investor or lender. They will pitch you plan to your potential audience.
Investors are risking their hard earned capital by investing in your business and they are entitled to be comfortable that you have a clear business strategy a robust business model and have researched your potential market in great details. They also want to be comfortable that you understand all the risks that your new business faces.
Many business owners, who write their own business plans, often do not include all the information required or include information that is not required. Many amateur plans are unfocussed and discuss information that is not required in detail. An unfocussed and unstructured business plan gives off the wrong impression that you are also unfocussed and unstructured.
To a new entrepreneur you will be very short on time – in order to produce a business plan you will not only need a great deal of time to produce the plan but will also need to take time on a steep learning curve. A professional business plan company has climbed this curve and has enough experience to guide you through the whole process, set your mind working in the right direction and prompt your thought processes.
Hiring a professional allows you to concentrate on finding and servicing your customers, although a good professional will involve you at every stage and your input is definitely required to ensure that the plan reflects YOUR business.
Your business plan consultant will be objective in reviewing your business and have the experience to offer suggestions and advice during the writing process.
The money you pay for a business planning consultant will give you a quality, investor ready business plan with some very useful business consultancy as a bonus!
Write a Business Plan Nah I Can Do That Myself and Why You Shouldnt - To learn more about this author, visit Lee Lister's Website.
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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