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Business Plan Writing

January 4, 2012

From various sources, this is a list of things to consider when writing a Business Plan. I have just finished a theoretical business plan to aid in my attainment of a Black Belt in Six Sigma when I enroll this year.

1. An executive summary outlining goals and objectives.

2. A brief account of how the company began.

3. Your company’s goals.

4. Biographies of the management team.

5. The service or product you plan to offer.

6. The market potential for your service or product.

7. A marketing strategy.

8. A three- to five-year financial projection.

9. An exit strategy.

These nine guidelines are from Microsoft Small Business. The site I used to draft a brief copy of my business plan was http://www.lawdepot.com.

John Mullins explains that entrepreneurs should do appropriate research on the micro and macro levels of the business market they plan to enter, and also use Porter’s Five Forces to determine precisely what they are up against. This is one of his many steps to determine whether or not the pool the business person is jumping into is not already too deep. The market you intend to enter and the customers you plan to market to all matter in your decision to start a business and your lender’s willingness to contribute. Mullins suggests each new business owner contemplate how long their advantage in the market will last, or what will drive the advantage to maintain the best vantage point in the market. He also says that passion for what you pursue and risk propensity of the venture determine success rates of the business or venture. Your connections are important both above and below your own company’s position in the supply chain; not to mention your connections with your own team. Continue monitoring your business after it is begun and make sure you do not fall for the five fallacies Mullins mentions: Large market, better mousetrap, sustainability, me-too, and hubris traps. Finally, he provides tools for measurement and research to follow through on the concepts he discusses in the book.

I have also listed other resources I found in the library which could be useful tools. I did not read all of them because many have worksheets to fill out and step-by-step considerations to make when drafting a business plan.

Mullins, John. (2003). The New Business Road Test: What Entrepreneurs and Executives Should Do Before Writing a Business Plan. New York, NY: Pearson Education.

Abrams, Rhonda. (2003). The Successful Business Plan: Secrets & Strategies Fourth Edition. Palo Alto, CA: The Planning Shop.

Covello, J. A., Hazelgren, B.J. (2006). The Complete Book of Business Plans: Simple Steps to Writing Powerful Business Plans. Naperville, IL: Sourcebooks, Inc.

Balanko-Dickson, Greg. (2007). Tips & Traps for Writing an Effective Business Plan. New York, NY: McGraw-Hill.

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One Comment
  1. Donna Queza permalink

    Thanks for this! I need to do some planning this year and your resources are super helpful

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