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.

Experts Views on the Value of Business Plans

Susan Ward is an expert who writes for www.about.com and has both her master and bachelor degrees in the field of education. Susan has been writing about business and business plans since the late 1990’s and has been published many times. She is a trained workshop presenter and has been fortunate enough to put together course materials that were used by school districts.

Susan encourages that when writing a business plan it should be prepared with an investor in mind. It is also her recommendation that as your company grows, over the years, so your business plan changes with it.

Susan states business plans are a definitive way of testing the feasibility of your idea. Writing the business plan out can save you a great deal of time and money because it will show disconnects within your thoughts. It will also help you to visually see where changes must be made. Writing out your business plan may help you realize it needs to be dumped, so you can move onto the next, before you get too far into it.

Susan believes the business plan gives your idea the best possible option for success because it will help you to cross your I’s and dot you T’s and stick to the written sequence of going forward with your business plans.

According to Susan, if capital is needed for the startup of your business, the plan is the only thing accepted and considered by financial institutions. Business plans also help attract investors. Putting the business plan in their hands will give them something to take away and peruse while making a financial determination.

MaryAnn Shank is also a business plan expert. MaryAnn has some advanced and edgy technological ideas of how to go about getting investors interested in your company.

According to MaryAnn her job was to sift through the many piles of unsolicited business plans sent in. She says out of them all she only chose 2-3%. MaryAnn said she looked for the ones that had that spark of inspiration, commitment and hint of true genius.

MaryAnn insists that writing a great business plan is the only option because a mediocre one just won’t do. With her 20+ years of experience, MaryAnn suggests putting together an online business plan. Yes, this means setting up a site specifically for your business with all the bells and whistles that calls for.

Bells and Whistles may potentially include:

1.Pages linked so potential investors can muddle through at his/her own leisure.

2. Maybe a sitemap to speed up browsing.

3. Graphics.

4. Videos showing your business in action.

5. Patents.

6. Introductions from some of your key people.

7. Short video introducing a strong advisory council/board.

8. Product; office; and staff photos.

9. Industry and local publication articles.

10. Testimonials

MaryAnn states that as the owner your number one job is to sell the product and what better way to show you are an expert at that than by taking the time to put it out there for them to see.

MaryAnn also takes into consideration that site logs will show when you’ve had a visitor enter his/her password thereby allowing to you make phone contact while the business plan is still fresh on their mind. This will also give you the opportunity to answer any questions they may have.

Although this may take quite a bit of time to put together it sounds as if it could be extremely profitable and definitely worth it in the long run.

I look forward to seeing you “WOW” investors with your online business plans.

Sources:

www.about.com

www.ezinearticles.com