Create the Killer Business Plan

“Capital isn't scarce; vision is.” Sam Walton

Your business plan must relay your vision — in as exciting a way as possible — while delivering the financial and research data that satisfy. With so many business plans being created every day, floating around among prospective investors everywhere, yours must be the one that sticks out and says: “Fund me!”

Creating a killer business plan requires a few simple ingredients, to which you add your energy, spirit, and vision.

Standard ingredients of a business plan

By now we all know the basic elements of any decent business plan. As a quick review, here’s the pieces the Small Business Administration recommends:

• Executive Summary
• Company Description
• Market Analysis
• Organization & Management
• Service or Product Line
• Marketing & Sales
• Funding Request
• Financial Projections

Those reading your business plan expect these elements every time, and have seen just about every rendition of them. What’s different about your plan is the life you bring to these ingredients.

Go to the Dream Room first

The step before creating your business plan is to do some intentional dreaming — imagining your new business in every way but logistically. Now’s the time to dream up a powerful and compelling vision for what you want your business to be about. What do you aspire to become? Once you’ve dreamed big you can write a tactical plan for getting there.

Focus on a sparkling mission

To those who’ve read a thousand mission statements from entrepreneurs like yourself, a well-written one is like fine wine. Your job is to pierce through their hardened wall of perception enough to convince them you got the vision and mission to make real change happen. Here’s what you want to include:

• A market-defining story
• How your business idea will make your customer’s life better
• What your business does for its employees (and contractors and suppliers)
• What your business does for its owners (financially)

This is your opportunity to define your organizational goals, ethics, and culture. Consider going beyond the three basic dimensions — customers, employees, owners — to what your company does for the community (and world).

Make blue sky real with clear goals and solid timelines

Brimming with big ideas from your team visit to the Dream Room, now’s the time to put some practical teeth into your blue sky. Include measurable outcomes with realistic timelines. Each strategic objective met will inspire and motivate you (and your investors) through tough times ahead.

Write a plan people will actually read

Create a plan that is clear, concise, complete, and — most of all — readable. Go lightly on the big words and fancy equations. Keep in-the-know jargon, hip buzzwords, and jarring terminology to a minimum. Instead of impressing your team with inside knowledge, keep in mind the underlying interests of the people whose assistance you’re seeking. What motivates them to get involved in your venture?

THEN: discuss, digest, cut, polish, review, revise (repeat).

Ask Michael J. Farrand about creating killer business plans.


SOURCES: "How to Write a Business Plan" Small Business Administration; "5 Keys to Creating a Killer Business Plan" by Daniel Kehrer, BizBest; "How to Write a Mission Statement in 5 Easy Steps" by Tim Berry, Bplans; "The Business Plan that Always Works" by Michael E. Gerber", Inc.

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