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| | The The CopyWriters Connection Network is not currently active and cannot accept new posts | | Tips for writing a Business Plan | Views: 362 | | Sep 14, 2005 2:26 am | | Tips for writing a Business Plan | # | 
Steven Boaze | |
Your business plan will eventually be your
documented map. A mapped out plan towards your
business success level. Something you can reflect
back on to work out the details you might not
have thought about.
A business plan is designed to convey the urgency
and importance of your venture, so you use
strong, simple language and a lot of action verbs
- such as “facilitate,” “implement,” and
“integrate” – instead of passive sentences and
basic verbs such as “is,” “are,” and “were.”
Do not confuse your action verbs with sports
metaphors; Verbs like “nail,” or “sweep” are a
bit too casual – not to Mention too aggressive.
The best way to do this, is to break up long
sentences, Keep your writing natural, avoid
cliché’s, and don’t Be too vague.
When you are finished, double check your
calculations, Spell check, check for grammar
mistakes, and have Someone else proofread it
before you give it to potential investors.
The essential elements of a business plan are:
MISSION STATEMENT- Your overall business
objectives.
EXECUTIVE SUMMARY- A one or two page summary
briefly highlights the market Need and market
opportunity and how you plan to take advantage of
that opportunity.
BUSINESS DESCRIPTION- Whether if you intend to run
a retail shop or a cleaning Service, spell it out
in one or two sentences.
BUSINESS GROWTH STRATEGY- How will your business
grow? By gaining several large, lucrative
customers? By selling a specialty item to
retailers nationwide? Outline how you hope to
grow.
MARKETING STRATEGY- Describe your competition and
how you intend to create a market niche and to
market your product or service.
PLAN OF OPERATIONS- How will your business run on
a daily basis? Will people Be on the road
demonstrating products? Will you be setting Up
locally or nationally? How many staff will be
needed?
FINANCIAL STATEMENTS- These consist of current
statements as well as projections of what you
hope to be earning. This is often the hardest and
most important section to write.
YOUR MANAGEMENT TEAM- Briefly describe the key
qualifications, skills, and experience of your
management.
Writing a business plan is vital for securing
financing, and It helps you plan for success by
providing a foundation for Expansion.
Steven BoazePrivate Reply to Steven Boaze | | Sep 14, 2005 6:45 am | | re: Some Additional Tips for writing a Business Plan | # |
Saniya Kirpalani | | That is a well timed posting and a rather concise and creative one. I was in the midst of writing out a business plan for one of my companies. I just wanted to post some additional points that most bankers, venture capitalist, mentors, fiscal lending institutes tend to want to see. Thoughts that I feel every entrepreneur need to ask themselves- in addition to the rather brilliant and fundamental ones Mr. Steven has posted. ( This might be a tad bit cumbersome for first timers- my apologies)
• Vision/ Values statement
Backing the mission statement – is one- to-two lines statements that best describe the Founders Vision/ Values for the Company. It is this statement that communicates the company's evolutionary path to every employee and end consumers alike-providing for the EQ that the company upholds.
(Recommendation: Vision Statement: Two to three lines)
• Differentiation & Positioning
Every company has a USP- a Unique Selling Proposition - something that sets it apart from its competitors. Generally viewed as the edge of advantage in a competitive environment the USP is backed by PSP- positional selling point- which puts the product on a podium which gives it a distinctive advantage
(Recommendation: For the point of differentiation you can either choose to bullet point it or use a para formation but for PSP- I recommend bullet points)
• Pricing Points / Target Audiences
In some case Price Points play an important role, especially in market segments that are very price conscious. You product / service tends to bracket itself catering to niche target audience due to its price factor. This is a feature which will help you align the bottom lines in the projections.
Additionally knowing “who you are going to sell to”- your Target Audience- helps you to project your market share and is critical to your entire business plan- from merchandising and marketing. It’s important to be something for someone rather than everything for someone-out-there.
(Recommendation: Work this segment in bullet points)
• Media Plan- Cross Media Strategy
Working in every format of communication, in keeping with your budgets, this is critical for brand development and brand positioning. “How are you going to approach your target consumers” “what is the preferred medium” “how are you going to create a 'touch and feel element” “How is your media plan going to support the market share you are targeting” . A suggestion is to converge all mediums and use the synergy and strength of each medium to your advantage- Remember every medium caters to a different genre of consumers – approach in keeping with your Target Audience plan
(Recommendation: Work this section on an xls grid)
Private Reply to Saniya Kirpalani | | Sep 14, 2005 2:19 pm | | re: re: Some Additional Tips for writing a Business Plan (thanks!) | # | 
Ann Zuccardy - Vermont Shortbread Company | | This is great and timely information. I've been operating without a biz plan for many years. That's fine for awhile, but there comes a time, especially if you want to apply for loans and want to grow the biz into something BIG, that a business plan is essential.
You might also want to add to this discussion that there are lots of FREE resources for support on writing your business plan. SBA (Small Business Association), SCORE (www.score.org), various community action groups are just a few of the national programs I can think of. Your community may have more. Even in the backwoods of Vermont we have some fantastic resources for small business owners.
I would also recommend that you NOT use the packaged software that helps you write a business plan. Yes, it provides a good outline, but why pay for it if you can get help for free? Also, I'm told that lenders can always recognize biz plans that have been prepared using canned software and they sometimes interpret that negatively. Personally, I want something that I customize for me and my business needs. Anyone else have a take on this topic?
For me the prose parts of the plan are easy. It's those darned financial pieces I have trouble with! Thankfully, I've found lots of great support on the parts that aren't my strengths. Bottom line is - you don't have to be an expert at everything, but you have to understand the big picture and know how to ask good questions.
Ann Zuccardy
www.vermontshortblog.comPrivate Reply to Ann Zuccardy - Vermont Shortbread Company | | Sep 17, 2005 10:07 am | | re: re: re: Some Additional Tips for writing a Business Plan (thanks!) | # | 
Sanooj Y K | | A very interesting bit...
I have been writing business plans and corporate profiles among other proposal documents like advertising briefs and so on.. for 7 years now.
While most MNCs have the resources to employ someone who can write a good business plan, my experience with SMEs tend to show otherwise.
While writing a business plan, the most difficult task is getting the necessary information from your clients. If I talk of the SMEs in India and the UAE, they are only waking up to the need for a well laid our business plan and when asked what your plan is, they say many but in the end say 'Increase my sales'.
The effort lies not in writing one (u can even outsource the financial bit, if that isnt your cup of tea), but i speaking the language of ur client and exploring more about them and their businesses, asking the right open-ended questions, while motivating them to see the larger picture and in the end being a near consultant to them.
Once this is done, then it becomes just a matter of putting pen on paper or fingers on the keyboard.
The TIPS are good, but do remember, customisation is the key and the value addition is a good summary. Time, is at premium, most bankers read thru the summary and get straight to the financial part - the language they understand.
I would also like to take this opportunity to offer my services to those content providers who cater to SMEs. My forte and experience has been in handling the non-marketing minded, pure-sales focussed clients. I think I know their Achilles Heel. So, feel free to contact me.
CheersPrivate Reply to Sanooj Y K | | |
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