By Garrett Sutton, Esq.
There are two key issues you should remember as you start to write your business plan:
Issue #1: A winning business plan is not an academic exercise
Many businesses fail despite having beautifully written plans complete with optimistic projections. A business plan is not a school term paper. Yes, to get your plan read it needs to be virtually perfect in appearance, format, layout and grammar. Unfortunately, in the real world, earning an “A” in appearance and forgetting to emphasize the thought and substance of a plan often results in an “F” in the area that matters most – a business with excessive cash flow that serves a purpose greater than money.
Issue #2: I have the best product!
The world is full of great products and short of great entrepreneurs. Successful businesses require great people first, great systems second and great products third. Think about companies like Microsoft (Bill Gates), Dell Computer (Michael Dell) and McDonald’s (Ray Kroc). Their success is a result of the passion of their entrepreneurs and the uniqueness of the business systems they created. In many cases, wildly successful companies have products that are high quality but not the best in the market. They achieve their growth because they have superior people and business systems with sustainable and unique advantages.
A business plan is important to starting any business. I began blogging some tips a few weeks ago, and will continue for a few more weeks with additional tips. However, if you are ready to create your own business plan, I recommend reading my book, Writing Winning Business Plans, which will give you everything you need to know to get started now.