In
my previous post, I did a review on two business plan experts and shared some
of the highlights from each expert on how to create a successful business plan.
As I come to the end of my current class, business plan development, I am
amazed at how much I didn’t know and how much I’ve learned in the past four
weeks. In preparing to launch a new business, I have been able to incorporate
some key factors to better develop my business plan.
The
first key factor incorporated into my business plan was a conscious, clear, and
detailed company description. After reading the ‘Successful Business Plan’
section on the company description, I realized the importance of having a
detail understanding of your business, and know how to convey the description
to potential investors and customers. To quote Rhonda Abrams, ‘the reason most businesses fail is that
they don’t understand the business they are in’. One of the key components
Rhonda points out, is even if your business is a start-up company, and you
don’t know all the details, state what you intend to do and where you intend to
go. The best way for you and others to know where your business is going is to
have a mission statement.
The
second key factor incorporated into my business plan was a detailed operations breakdown.
Business plan expert, Tim Berry, teaches the importance of knowing how to
insert projections in the business plan, even if the projections could be
wrong. The most recent update to my business plan was to detail the operations
for my business. Although my business is not yet up and running, I used
projections based on research to get a gage on how much the cost to operate
would be. An old biblical proverb, states ‘what
man builds a house, without counting the cost’. I’ve learned not counting
the cost of what it takes to operate your business could be unwise and prove
detrimental to the success of your business. Understanding what it takes to
operate and how much it will cost to do so will save time and future headache.
As
I come to the end of my program and look to the immediate future, I am
confident I will be able to go out and see my dream of entrepreneurship come to
pass, as I carry with me the blueprint for success.
Resources:
Abrams,
R. Successful Business Plan: Secrets & Strategies, 5th edition. 2010.
Chapter 5.
Thanks
for reading,
LaKesha,
xo
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