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The Almighty Business PlanFrom the ebook, Micro Loans: Finance Your DreamsBy Darrin F. Coe, MAAccording to Richard Greene, in his book, From One Entrepreneur to Another.How to Start, Manage, Grow and Exit Your Own Small Business,The business plan is a guide toward achieving profitabilityas quickly and economically as possible. It is a plan fororderly growth. It is designed to help you raise capital.And according to the Black Enterprise Guide to Starting Your Own Business by Wendy Beech,Every business owner should craft this important documentbefore hanging out a shingle, but few do. Instead, many businessowners fly by the seat of their pants and manage to successfully sailthrough the first few years of their operation without a plan.However, when major problems crop up and threaten the life oftheir company, the owners must scramble to find and applyquick fixes.According to the Oakland Business Development Corporation, a micro loanapplication should include a business plan that incorporates the following information use of funds requested cash flow income statements balance sheet assumptions as to how you arrived at your numbersWendy Beech again writes,Creating a business plan will force you to think through all of the essentialfactors that will impact the success of your operation . . . Drafting a writtenplan will help to ensure that you have not omitted any significant factorsthat could kill your business. With a plan, it will be easier for you tocommunicate your ideas to potential investors, suppliers, partners,corporate boards of directors, and employees.Before you write your business plan1. Identify the audience to whom youre writing Internal audience employees co-owners board of directors partners External audience MICRO LOAN LENDERS bankers venture capitalists vendors/suppliers family members friends2. Specify the type of business that youre seeking to startwill your business be providing a product? develop statements concerning the uniqueness ofyour products why is your product worth caring about? what is your products unique selling point? will your business be providing a service? consider customer service consider presentation of services will your business provide both product and service? consider what makes your combination of productand service unique and superior to the competition consider your market niche3. Gather available resources to help you write your plan marketing research business records review your personal circumstances analyze personal assets and liabilities analyze financial assets and liabilities do you have or can you develop collateral?4. Set a planning timetable beginning plans generally take a five year viewpoint develop a system so that you can review and modify youplan every 3 to 4 months.5. Consider possible outcomes about your business research all possible types of sources of information about yourtype of business consider the external factors that will be beyond your control6. Schedule time to write your business plan identify a writing start date set aside 15 to 60 minutes per day, at the same time everydayto develop your plan== Note ==A personal friend of mine, Mike Phillips, started the company Rock Solid Health and Fitness. He spent hours everyday writing his business plan and it took him about 2 months to complete. It was easily over 50 pages long. So expect to put in some effort when developing a great business plan.== Note ==In conclusion, business planning is vital to the long term success of your entrepreneurial endeavor. Whether youre planning a small home business, an internet-based business, or a larger project, business planning will help you develop that project and protect the success of that project for the long term.Darrin F. Coe, MA is the author of the E-book, Micro Loans: Finance Your Dreams. Available at http://dcoe1.tripod.com/microfinance or you can contact him at [email protected] or at http://dcoe1.tripod.com
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