No great
Business being without a Business Plan, but What is a Business
Plan? Understanding how to build and
complete a successful business plan is the first step in the direction of overseeing
a business idea. I took the time to research some great business plan experts
who I would like to recognize and share with you. Expert Tim Berry and expert
Angelo Meneguzzi have set a new bar and meaning in orchestrating a business
plan. A Business plan “is a guide a roadmap for your business that outlines
goals and details how you plan to achieve those goals.” (bplans.com)
1. Expert Tim Berry is the founder and
Chairman of Palo Alto Software, founder of bplans.com, and co-founder of
Borland International. Berry is also an author of books and the software
LivePlan. Tim Berry holds a Stanford MBA degree, degree with honors from the
University of Oregon and the University of Notre Dame. Tim hasn’t written several books including The Plan as you go Business Plan,
principal author of Business Plan Pro,
co-author of 3 Weeks to Startup, Sales and Market Forecasting for
Entrepreneurs, and Hurdle: the book
on Business Planning. Between reading and reviewing Tim Berry on average
reads and reviews about 50 business plans per year. He’s taught Starting a Business at the University of
Oregon for 11 years. (Berry) Tim Berry is one of the top business planners in
today’s industry. “Good business planning is 9 parts execution for every 1 part
strategy.” (Tim Berry)
2. Expert Angelo
Meneguzzi has over 10 years of experience. Meneguzzi
received his Bachelor of Science from San Francisco State in Business
Administration/Marketing. “Angelo
says that, “benefits include: a heads-up to changes in the environments, better
forecasting, opportunities to analyze situations before they become problematic,” Angelo Meneguzzi used his extensive marketing, technology, media, and
networking know-how to identify and leverage worldwide opportunities worth
millions of dollars in product and company exposure, resulting in dramatically
increasing global brand awareness and sales.
There
are 10 components according to a Forbes
article written by Patrick Hull that investors are looking for in a plan, these
components include:
1. Mission
statement and/or vision statement so you articulate what you’re trying to
create;
2. Description
of your company and product or service;
3. Description
of how your product or service is different;
4. Market
analysis that discusses the market you’re trying to enter, competitors, where
you fit, and what type of market share you believe you can secure;
5. Description
of your management team, including the experience of key team members and
previous successes;
6. How
you plan to market the product or service;
7. Analysis
of your company’s strengths, weaknesses, opportunities, and threat, which will
show that you’re realistic and have considered opportunities and challenges;
8. Develop
a cash flow statement so you understand what your needs are now and will be in
the future (a cash flow statement also can help you consider how cash flow
could impact growth);
9. Revenue
projections; and
10. Summary/conclusion
that wraps everything together (this also could be an executive summary at the
beginning of the plan).
“Business plans
are critical to the success of any new venture.” (Hull, 2013) For my own
business plan I plan on incorporating all 10 components listed by Patrick Hull
and utilizing his key points to develop a successful business plan. “Be sure to
keep in mind that potential investors might not be as familiar with your
industry so you have to clearly explain your concept and where it fits in.”
(Hull, 2013) In taking that thought from
Hull, I’m learning that it is very important to state clear what you are trying
to accomplish because not everyone will understand your goals, ideas, and
concepts.
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