Experts Views on the Value of Business Plans Pt. 2

One of the suggestions from Susan Ward I plan to incorporate in my business plan is making sure when I write it that it’s written with the investor in mind. For me, this means thinking of all the many details that need to be explained; considering the questions an investor might want to have answered and answering them within the body of the business plan. This will help me to keep the investor front and center in my mind when developing my plan. Following this suggestion will also help in paying more attention to detail and making sure I peruse my business plan with an eye for what may or may not be missing.

Another suggestion made by Ms. Ward that I plan to implement is that even though we write our business plans in the beginning when starting our business it is vital to the success of our businesses to re-write the plan as often as the business changes. As each goal of my business plan is met, I plan to re-write that portion/section outlining new goals and strategies that require implementation to propel the business to the next level of success.

Although originally feeling as though I would not utilize a business plan because of not looking for investors I know realize that the business plan can play a different role in the startup of my company. For example, as suggested by Ms. Ward, I now plan to use the business plan as a way of defining and testing the feasibility of my ideas. I know realize that by using it in this capacity it will help me plan out my thoughts and goals and save me a great deal of both time and money because it will allow me to see the disconnects within my thought process. Using the business plan in this respect will also assist me in visualizing where changes must be made. This will maintain I am moving forward in a positive direction instead of getting bogged down with nonsense.

I agree with the experts that have come before me when they say the most important section of my business plan to an investor will be the “Management Section.” I believe this to be true because my business will be a startup and it will be very important to any interested investor to see that I have the forethought to put all the right players together to successfully get the business off the ground and providing an income. This ensures the investor that they will have a good return on their investment. If the investor is happy then the investee will be happy too.