Your Business Plan: a Guide to Success
By Charlene Rashkow

As a professional business writer, I am often privy to valuable information regarding my client's business performance. Noticing a common thread running through their strategies, I recently asked some pointed questions of three successful business owners. Each suggested that a strong business plan was their first and most important tool as they prepared for their venture. With that in mind, I probed further for specifics and received the following responses.

What do you believe is the most important reason for creating a business plan?

1) A business plan can be the greatest impetus for moving you forward in the direction of your dreams. It makes your ideas concrete and gives you a clear guidepost to follow. While the preparation and presentation of a business plan might at first seem intimidating, it really is a tool for success.

2) We found that when we clearly defined our business and our goals in a plan, people took us more seriously. To persuade investors, a sound, comprehensive explanation of intended strategies helped get the funding required. If your goal is simply to give yourself a road map, nothing could be more helpful than a well thought out strategy.

3) By focusing on the specifics, it seems like the path is laid out clearly before you, almost like a self-fulfilling prophecy. Once an expectation is set, we tend to act in ways that are consistent with that expectation.

How did you begin the process of putting together a plan and what did you include to make sure it was comprehensive?

1) Before beginning the process of putting our material together for a plan we carefully considered how our particular product or business could fulfill a current need in the marketplace. While the market seemed flooded with services or products that were similar to ours, that only acted as our impetus to make sure we would do better.

2) When preparing our plan, we included a variety of sections that explained in depth how we intended to fulfill our objectives. The primary components of our plan included an Executive Summary, an Objective, Target Market, Marketing Strategies, Competition, Company Operations, Financial Projections and Bios of the key decision-makers. We tried to be as detailed and precise as possible.

3) We focused a lot on our marketing strategies and how we intended to generate a loyal client base. After employing a good deal of research into other companies that were similar, we observed areas that we felt were lacking, prompting us to improve upon those areas. We felt that with a good marketing strategy in place we would accomplish more.

How did you convey your ability to compete and what did you believe you possessed that would keep you going?

1) We demonstrated how we would provide our service with more integrity, greater knowledge and, most importantly, in a more meaningful way. We were determined to offer something of incomparable value. In that way, the chances of cornering a niche market were far greater.

2) In our opinion, research is probably one of the most important aspects of any project because the research armed us with tools that put us one step ahead of our competitors. We set out to learn as much as we could about what we perceived to be potential outcomes of our business by exploring other companies and researching the market.

3) We shared in detail how we planned to address the crucial periods we might be facing and how we would move through them realistically. We knew that when we presented a plan to an investor, it was essential that the plan illustrated how we had already handled various obstacles and how we planned to confront any future hurdles.

Can you share a bit about the financial section of your plan? What do you believe were the most important aspects of the financials?

1) The financial section of a plan is the one section that will receive the most detailed scrutiny and investigation, so we were sure to include complete financial information and projections. A banker, investor or loan company will carefully review your current circumstances and your future forecasts, therefore the earning potential of your product or service is the primary key to a successful plan. They are in fact the calculations that will either invite investors or turn them away.

2) If your plan clearly demonstrates the potential of your product or service, a wise investor will quickly see the possible return on the money they invest, along with an opportunity to grow a successful business. It is in your best interest to be precise and clear as you define and explain your plans for reaching your intended goals.

3) If your plan is to engage a venture capitalist or other financial investors, your presentation must be professionally prepared. Don't skimp on the financials or any other part of the plan but instead make sure all the important points are highlighted and detailed. In addition be sure you are thoroughly prepared to answer any and all financial questions a potential investor might ask.

What would you suggest are the most important tools in making a business plan successful?

1) All too often a plan may be attractively packaged but the content remains lacking in information. Keep it simple but remember your business plan is of the utmost importance. Having it well written can mean the difference between attracting the right investor or failing to be heard. The content of your plan must have impact.

2) Don't be shy about pitching your ideas to colleagues, friends or associates but don't give everything away too quickly. In your excitement and enthusiasm to share, be careful not to give everything away immediately. Only talk to those you are certain you can trust.

3) Tap into all your business contacts and ask if they would be willing to introduce you to potential investors. Form an alliance with individuals who know your market and who might be connected to powerful individuals. Most of all look for people who dream big and are not pessimistic. If someone pooh-poohs your ideas, don't try to convince them. Move on to those who believe in you and your ideas. There are plenty of positive, enthusiastic people who are willing to help you succeed.

Charlene Rashkow has successfully helped countless companies and individuals reach their objectives by writing outstanding press releases, bios, articles of interest, business plans, resumes, web site content and all other forms of marketing material. You may contact Charlene Rashkow at allyourwritingneeds.com or write her at info@allyourwritingneeds.com. You can also call her directly at (310) 514-4844