From my previous blog, I absorbed a lot of useful information from business plan experts. In fact, I have had to make specific changes to my business plan proposal because I take the experts' tips and advice very seriously.
First, both of the experts I researched stressed the importance of a highly structured and exhaustive business plan. This means that every section must be strong, detailed, and concise. There are some sections in my proposal that I would like to conduct more research on, especially since my plan is a nonprofit organization that operates very differently than a for-profit business. Since the proposal is supposed to be detailed, I figured this meant filling the pages from top to bottom with information. The experts say to be concise and tight, but too much information can annoy the reader. I will make a change in this area by leaving sufficient white space. This will also be more inviting to the reader (Hopkins, 2001).
Second, one business plan expert reiterated the fact that you must continuously strive to answer the question, “why is this business uniquely qualified to succeed?” I need to be sure to have an exceptionally well-qualified management team because no matter what you are selling, you are selling your people, and your people are what really make your company unique. I need to be more specific on how my people will be used, the experience they have, accomplishments they have achieved, their education, their strengths, and their attributes that they must enhance to become more effective (Woodruff and Woloshyn, 2010).
Second, one business plan expert reiterated the fact that you must continuously strive to answer the question, “why is this business uniquely qualified to succeed?” I need to be sure to have an exceptionally well-qualified management team because no matter what you are selling, you are selling your people, and your people are what really make your company unique. I need to be more specific on how my people will be used, the experience they have, accomplishments they have achieved, their education, their strengths, and their attributes that they must enhance to become more effective (Woodruff and Woloshyn, 2010).
Lastly, the experts stated to focus most of your attention on the financials of your business plan. Readers are expecting to see professionalism, so I will be sure to use standard formats. I was under the assumption that for a newer business, words mattered more over the numbers. Since this is not the case according to the experts, I will have the financials be more of a focal point of my business plan.
After investigating business plan proposals, I consider the budget and financial projections to be the most important section when presenting the work to an investor. The investors need to know where the money will be coming from to fund the program and how the funds will be used. The investors also like to see (in numeric terms) the intended path of growth (Larson, 2002).
Another section I consider to be the heart of my business plan is the market/industry analysis. Reliable and creditworthy research is a necessity because it helps the reader really understand the needs and demands of the target market. It is also extremely important for the reader to be informed of how your company is similar or dissimilar to other businesses.
References:
Hopkins, Bruce (2001). Starting and Managing a Nonprofit Organization: A Legal Guide. Wiley nonprofit law, finance, and management series. New York: Wiley.
Larson, Rolfe (2002). Venture Forth!: The Essential Guide to Starting a Moneymaking Business in Your Nonprofit Organization. Saint Paul, Minn: A.H. Wilder Foundation.
Woodruff, Gigi, and Elaine Woloshyn (2010). "Minding Your Business: Nonprofit Business Planning." Center for Nonprofit Excellence.
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