Tags: Antithesis SynonymHelping The Environment EssayHow To Write Essays In CollegePhd Thesis Uwb AntennaArgumentative Essay On Reverse DiscriminationResearch Problem Dissertation ProposalSteps To Writing A Narrative EssayGulliver'S Travels EssaysBpo Research Paper
That’s hard for me at least, maybe not for you, but for me. You take the money in the bank with the business plan and subtract money in the bank without the business plan, and that’s the value. But there it is, a cold hard (although hypothetical) number.As a genuine ex-hippy baby boomer entrepreneur, I like touchy-feely do-gooder measurement systems. Like just about everything else in business, the value is money. With that in mind, here are some of the qualities of a good business plan, in order of importance: 1.They’re done by humans, who are guessing the future, and humans guess wrong.
It fits the business need We simply can’t look at business plans as generic. Those are specialty uses, that apply to some business situations, while almost all businesses ought to develop management-oriented business plans that exist to help run the company, not to be presented to outsiders. The business plan used internally to manage the company doesn’t have to polish and present the company to outsiders, so it probably lives on a network, not on paper.
You have to start with whether or not the plan achieved its business purpose. But the plan as part of high-end startup looking for VC or angel investment does in fact have to present the business to outsiders. Some of them have sales objectives, selling an idea, and a team, and a market, to investors.
So here is the first of four: What makes a good business plan?
Here’s the hard part, right at the beginning: the value of a business plan is measured in money.
Regardless of the scope of your marketing plan, you must keep in mind that it is a fluid document.
Every business needs to begin with a well structured plan that is based in thorough research, competitive positioning and attainable outcomes. For instance, your goals might be to gain at least 30 new clients or to sell 10 products per week, or to increase your income by 30% this year. By researching your markets, your competition, and determining your unique positioning, you are in a much better position to promote and sell your product or service.
And it’s also possible to have a well written, thoroughly researched, and beautifully presented business plan that’s useless. For example, a brilliantly written, beautifully formatted, and excellently researched business plan for a product that can’t be built is not a good business plan. Every business plan ought to include tasks, deadlines, dates, forecasts, budgets, and metrics. Ask yourself, as you evaluate a business plan: how will we know later if we followed the plan?
The plan that requires millions of dollars of investment but doesn’t have a management team that can get that investment is not a good plan. How will we track actual results and compare them against the plan? While blue-sky strategy is great (or might be, maybe), good planning depends more on what, when, who, and how much. It clearly defines responsibilities for implementation You have to be able to identify a single person will be responsible for every significant task and function.
So people in charge have to know and understand the plan.
Plans in drawers, or locked on a single computer, only work when it’s a one-person organization and nobody else has to know the plan. It gets people committed Here too it’s about the process surrounding the plan, more than the plan itself.