"Ask The Expert On How to Write Business Plans"

Drat.  I heard that ringing in the hallways and I knew I was going to get cornered again on how to write business plans.  It is not that I mind.  This is my business.  I enjoy helping out.

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But there just isn't a simple answer.

Business plans range from notes on a napkin (not so much anymore) to volumes of information on patents (also not so much any more) to everything in between (lots of that).  Let's start with the most basic.

How To Write A Basic, Sharp Business Plan

Generally speaking, the less money you are looking for, the less complex your business plan will be.  That means that if you are not looking for a lot of money, or you are dealing with a "known" entity, like a bank you have dealt with for years, then your business plan probably won't be too fancy.  You can also use your basic business plan for influencing a property leasing company or a major supplier.

Do include the basics:

• An intro page stating why you are looking for financing
• Basic background on the company
• Biographical summary on key players (including suppliers if appropriate)
• Marketing summary
• Financial summary

Then focus in on the one area that is most important for THIS financing.  What prompts the funding need RIGHT NOW?  Is it a big order that demand expansion?  Is it a line of credit to facilitate seasonal buying?  Really nail it down.  Show how the funding will be used to generate increased sales, and more importantly, how the loan will be repaid.

Put this into a respectable binder, add a few pictures if you like, and you are on your way.

The Banker Ready Business Plan Template

This is the one that most businesses need, and this is predominantly the one we talk about on the hundreds of pages in this website, and in most of our workbooks.  This really asks about how to write business plans.  And, because we already devote several hundred pages to this type of business plan, I think I will just suggest that you browse the topics below and find some that seem to be what you are looking for.

How To Write Ready Business Plans, Investor Ready

This one is the most sophisticated of all.  It is for investors, likely investing a tidy sum.  It is, therefore, very complete, and genuinely snazzy.  The "snazzy" part comes from inherent good looks and from the "extras" that you provide, extras like a disk containing

• Your website, or major portions of it;
• Your patents or patents applied for;
• Extensive bios on all key players including Advisory Board, key suppliers, etc.
• Video clips showing your product/service in action;

... and anything else you can think of that makes your case stronger.

This is not a business plan that you will write in a day or two.  It will represent you in front of some very influential people so take a bit of time and care in developing it.

Finding Your Voice In Your Business Plan

As early as five years ago, business plans were written in the third person (e.g., "He worked at Super Duper Company.")  Business plans were pretty formal.  Now, even with the most formal business plans, the focus has shifted to a first person telling (e.g., "The best thing I learned at Super Duper Company was ...", or, better still, "We accomplished more than even we expected.")

The "voice" comes straight from the internet, as does much of the formatting.  The internet forces us to use shorter paragraphs, lots of bullets, and clean formatting.  The same holds true for nearly all business plans.  Woe be to he who makes a venture capitalist squint.

The fact that you are researching business plans now puts you head and shoulders above about 90% of the would-be entrepreneurs out there.  To really hit your home run, make that business a whopper.

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