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Developing a Business Plan: Putting It All
Together
We've dedicated six months to dissecting
and analyzing each section of a written business plan. Why?
Because the success of any venture, whether it is a business
or a personal goal, depends on having a written plan that serves
as a map for getting to where you want to go. For instance,
a common New Year's resolution year after year is weight loss;
even I'll admit it, this has been a goal that's frequented my
list for a couple of years consecutively. Yet, as much as we
begin the year with the fire and the motivation to begin fresh
and loose weight, we fall off the weight loss path in a couple
of months. A large reason why many fail is because they don't
have a plan on how to get there. I don't mean one of those,
"go to the gym every other day" plans, but a written
plan on how and by-when they plan on loosing their goal weight.
The same exact thing applies to every business.
Picture this scenario: A recent college
graduate has walked off of the path of education and is ready
to transition onto the "real world." Now this graduate isn't
your run of the mill student, this person doesn't want to enter
the typical corporate office and instead has spent a large portion
of time coming up with different business ideas. One of these
ideas sounds excellent and he's pretty confident that it'll
be successful. So successful in fact, that he believes that
in the first year he can break $1 million in revenue. Sounds
like an ideal situation so far, right? Well, he actually has
a problem. He doesn't have the money to fund the project and
is looking for investors. If you know anything about investors
then you know that any investor he approaches is going to want
an important document before even scheduling an appointment
with this entrepreneur; they'll want to see his business plan.
If you are thinking, "No problem, my
business is already established, having a business plan doesn't
apply to me." Think again my friend; you too need a business
plan. What's your revenue goal for the year? What's your goal
for next year? Is there a market that you haven't saturated
yet and want to pursue? Think of all those excellent business
ideas that run through your head every night right before you
fall asleep. Want to put them in action? Then you need to update
or create a business plan. Now do you understand why we've dedicated
six months of our lives drilling the importance of every section
of a business plan? If you have not started working on your
business plan and would like to review our past issues, please
click
here.
The assumption made for the rest of this
article is that you have completed every section of your business
plan and are ready to put it all together, (to view the CNLB
Business Plan Outline, please click
here. How you present the plan is just as important as the
actual drafting of the plan. The presentation of the plan can
be compared to the first impression of an interviewee. Picture
a person interviewing for a position within your company. The
person walks into the office in a business suit only his tie
is coming undone, his shirt is sticking out of his pants, and
his hair has the "just got out of bed look." Before reading
his resume and finding that he's a Harvard graduate with all
the qualifications the position is looking for, you've already
placed judgment on the guy and are not likely to hire him. The
same applies to a business plan. Even though we've all heard
the saying, "don't judge a book by its cover," the harsh fact
is that people still do. In addition, if you've delegated certain
sections of the plan to different team members, now is the time
to exchange sections, proofread each other's work and get a
feel for everyone's writing style so that you can get a final
product that flows.
When working on the presentation of the
business plan, here are some things to keep in mind:
- Proof read,
proof read, proof read: Remember, this plan is
like an interview. If there's a flaw, it'll be a magnet for
attention. Also remember that you don't have to do all the
proofreading on your own. Sometimes, the same eyes going over
a document can work against you. Instead, have different team
members read different sections of the plans that they DID
NOT write. This opens up the opportunity for a new set of
eyes to catch whatever might have been missed.
- Formatting:
Do you have a formatting theme? Is this consistent throughout
every section? Does the formatting you've selected help or
hurt the reader? Keep in mind that you want to keep your readers
attention, not distract him/her.
- Designs:
Do you have a company logo you would like to include? Are
there graphics that could drive the point that you are trying
to make? Whatever designs you use should not make the page
look cluttered, but should help make the plan look professional
and appealing to the eye.
- Color scheme:
The color scheme you use could match that of your
logo. Whatever color scheme you choose, make sure that it's
not overkill or makes the document hard to read.
- Formatting your
index & appendix: Whatever designs, graphics,
or color schemes you choose for one page of the appendix or
index should be concise with the rest of the section. For
clarification, the appendix is additional material at the
end of your plan. This material includes and is not limited
to: graphs, financial statements, sales forecasts, charts,
etc. The index is also located at the end of the plan, (behind
the appendix). It contains an alphabetical listing of the
different sections/topics of your plan along with the page
number that this information is located on.
If your finding yourself reading this section
thinking, "I'm not a color/format expert and this does not sound
like any fun to me," then always remember, you have a team that
is there to help and support you… ask for help!
Now you have your business plan printed
and bound, what's next? Now it's time to implement the plan!
All the time, energy, and effort that has gone into writing
the plan shouldn't be wasted by simply filing the plan. You
want the employees to embrace the plan and use it as a guide
to successfully work towards the common company goals stated
in the plan. You could do this by:
- Giving a copy of the plan to each employee
- Holding a company meeting to present
the plan and the company's vision
- Scheduling weekly, or at least quarterly,
meetings to review the company's progress and to determine
what ideas from the plan have worked and what needs improvement.
- Keeping the plan visible. Don't put it
on the top shelf of your bookcase. Leave a copy on your desk.
In fact, have a copy on the desk of every executive of your
company. By having it visible it's a reminder to use the plan
as a vital tool for your company. Remember, your business
plan is not to be used as a door stop.
We hope that the articles we have provided
in writing a powerful business plan have served as assets to
your company's planning. We are confident that if you access
and use your team, delegate, and have fun in the process, then
writing the plan will seem less like a chore. As you add the
finishing touches to your plan and get ready to present it to
the rest of your team, remember to keep the plan alive and visible.
Business plans could be vital lifelines to any company, but
only if you make it.
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