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How do you build a business plan?
I mention four frameworks in my briefhttp://www.focus.com/briefs/finance/4-frameworks-consider-when-building-business-plan/Any other thoughts / recommendations?
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2 Answers
Ian,
I am in the process of building my business plan right now for a Hybrid Entertainment Venue / Restaurant Facility and have found Rhonda Abrams book: Successful Business Plan: Secrets & Strategies / Edition 5 ISBN: 9781933895147 to be very helpful.
This book actually places you in a perspective of "Building" your business plan from the bottom up so that you do not lose focus on the important information and aspects which need to be addressed before approaching potential investors.
In addition, what I have also found helpful is to simply gather as much information that may be related to my business idea and set it to the side to utilize once I am at a stage in the "Building" of my business plan that this information becomes relevant. Also, a small notebook to carry around with you to jot down ideas that may come to you as your going about your day also helps in building your business plan.
The key to building a business plan, no matter what book or other template you use to get it started (and by started I mean successfully completed) is to treat it as a plan and not a book that sits on your shelf. A business plan includes all of the things that you "think" are key to your business and it addresses how your business will be successful at managing those "things". Let's face it, not all of those things will work out or be as good or bad as yopu predict in your plan. I strongly encourage you to update your business plan, for as long as you own and operate that business, every quarter by adding a recap for each key section that says what worked, what diid not work and more important, how you plan to reinforce what is working and change what is not.
In the end (and I speak from experience) you can sell your business with a true story to support your history. The value to your buyer is well worth the effort each quarter.
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