Planning for Business

    Earlier in the month I took a look at two experts in the world of business plans, Carl Schramm and Chuck Blakeman. These gentlemen had decidedly different views on how to deal with business plans, and took into account what they both had to offer. While Carl was in favor of small business plans, Chuck said that there is no need to have one.

    With both these points of views, I decided to try and incorporate them into my business plan. When I had first drafted my plans, it was extremely long and filled with a lot of redundant information. After reading what Carl Schramm said, that business plans should be minimal and sticking to the “who, what, and why” of the plan. Knowing this I went back and cut out sections that did not seem relevant to what my business had to offer.

 

    Investors want to see what I have to offer, how much money it could make, and what I want from them. What I did was focus mainly on my business and the products I wanted to offer. I narrowed down my ideas to short paragraphs that explained enough. What that would accomplish is that a potential investor will get the all the information they are looking quickly and effectively. I want to keep the investors focused on my plans while trying not to bore them with useless information.

    I wanted to bring their attention to the products, how much money it can potentially make and what I needed from them. This included any relevant information on current markets with informative graphs to show them I did my research. Remember, investors want someone that knows what they are doing and where they want their business to go.

   As for Chuck Blakeman’s idea of no business plans, I can see how that could work. However, I feel that I need to establish myself with a successful business to show investors I have what it takes to make it. Coming in with no business plan and no experience will probably not get you any investors. So I think I will wait until I am experienced enough to show up with no plan at an investor meeting.

   

A strong business plan can and will go a long way, so it is essential to have all the necessary information in it. Just keep it short and simple while driving home the most important aspects of it, what the business is, what it offers and why the market needs your service or product.