B.A.B. (Build A Business) Minute Blog#2 – Using Your Plan To Bring The Vision Alive

In our last blog/posting we discussed how to put together a vision statement for your business. Now that you have a clear vision of what you want to achieve, it’s time to build a realistic framework of how to make that vision come true. This is called the business plan.

When most people hear the word "business plan" they automatically think of a 100 page document that details every thing, fact, figure and scenario regarding your current or proposed business, often with a lot of redundant sections and terminology.

These days, banks, investors and partners don't quite have that mountain of available time to go through such a document, so today’s business plan needs to accomplish three things:
a) It needs to get to the point quickly
b) It needs to provide a clear and REALISTIC picture of what’s happening (or is going to happen) with the business and
c) It needs to reflect your unique contributions to the endeavor

The reason it needs to do this is because even if you never have a need to acquire any type of outside financial assistance, the business plan should reflect your goals, talents and vision.

There are hundreds of template programs, SBA and Chamber of Commerce sponsored workshops and lots of consultants that can show you how to put together a business plan. Actually doing a business plan is part of the Build A Business Workshop we have because we've found that it's not just enough to show someone how to do it....but to get it done , sometimes you have to do it with them.

The key elements that you'll universally find in most business plans are as follows and if you put together just a full page on each one, you will have a pretty good business plan.

These elements (and the purpose for them) are as follows:
a) Executive Summary - This is where you give a snapshot of your business, yourself and your businesses potential. It should be long enough to want someone to read the greater details, but not so long where it bores them
B) Company Information - Your company name, your core business, location and contact information
c) Owner Bio - this is where you tell about yourself, your experience and your passion instead of listing your resume line by line.
D) Mission Statement or Vision Statement - Your mission statement is how you make your vision statement happen. What’s your company’s mission?
e) Product /Services Details - This is where you can go into detailed descriptions of what you are offering with your products and services.
f) Market Opportunity - So what’s going to make you successful in a highly competitive marketplace? Regardless of how unique you may feel your product or service is, there is something out there (rather singularly or in combination with something else) that does what your products or services do. Where does yours fit it?
g) Competitors’ - Most people know this because chances are; you have used your competitors offerings to enhance what you are offering. However, at all cost, please avoid using phrases like “We have no competition" It’s a red flag that you haven't realistically assessed your market.
h) Strengths - What areas are you stronger than your competitors in?
I) Weaknesses - What areas are your competitors stronger then you in? Again avoid phrases like "We have no weaknesses" Red flag
j) Opportunities - What type of future opportunities might be available for your business in particular or other businesses in your same industry or specialty.
k) Threats - Are there any foreseeable threats to your industry? (Such as pending legislation, legal issues, shifting technology, inflation, etc...)
l) Management/Personal Plan - No man is an island. If you plan on growing, you need people with you and behind you to facilitate that process. Who do you need? What types of people are strong in the areas you are weak in? Think about the human resources you need to make your business a success.
m)Projected Cash Flow/Balance Sheet - This is the financial information that gives a potential partner, investor or bank a clear picture of not only your current financial standing, but your future potential as well. These projections should be for at least 5 years and should be based on industry standard financial data.

Again, even if you don’t plan on applying for financing, put together a business plan and refer to it at least on a weekly basis to see if you are growing towards your goal. You wouldn’t build a house without a plan....why would you build a business without one? If you currently have a business plan and haven’t looked at it in a while, how can you gauge if you are on the right track or not? The plan is not some rigid, written in stone document that can’t be changed based on the business climate. But it’s a great guide for your actions and activities.

Wishing you the best of success..

Anthony Jones, Business Development Specialist - Facilitator of The Build A Business Workshop
created by A.B.C. Solutions (performance based consulting services, comprehensive business building workshops ,joint venture formations and partnering opportunities for consultants interested in helping businesses)
Visit us at www.buildabusinessworkshop.com