What a Bankable Business Plan is, and How it Can Help You Start a Successful Enterprise
Bankable Business Plans Serve a Specific Purpose
Your Business Plan is an Extension of You
Entrepreneurship is a Team Sport
The Ten Essential Action Steps
Action Step 1
What will Your Business Accomplish For:
- Your Customers?
- Your Investors?
- Your Lenders?
- Your Suppliers?
- Your Employees?
Action Step 2
The Major Expenses:
- Real Estate
- Employees and Employee Benefits
- Startup and Capital Costs
- Advertising and Promotion
Action Step 3
Choosing a Winning Strategy: What will Distinguish Your Product or Service from Your Competition?
Create a Powerful Competitive Advantage
Use a SWOT Analysis to Determine the Competitive Advantage of an Existing Business
Plan Ahead: Anticipate an Exit Strategy
Match Your Strategy to Any Type of Industry
- Stagnant and Declining
- Industries with Dominant Leaders
Action Step 4
Analyze Your Market: Who will Want Your Product or Service?
Research Your Potential Market Thoroughly
Target Your Market like a Bull’s-Eye
Test Before You Launch
Action Step 5
Develop a Strong Marketing Campaign: How will You Reach Your Customers, and What Will You Say to Them?
The Four P’s:
Action Step 6
Build a Dynamic Sales Effort: How will You Attract Customers?
Get an Order Today-Or Yesterday
Make Sales a Priority for Everyone
Never Delegate Yourself Completely Out of Sales
Create the Right Ethical Environment
Be Highly Organized
Compensate Based on Long-Term Performance
Your Sales Force Can Be Your Competitive Advantage
Action Step 7
Design Your Company: How will Your Hire and Organize Your Workforce?
Structuring Your Company
- Product Organization
- Geographical Organization
- Functional Organization
- Matrix Organization
- Hybrid Organization
Means of Control
Human Resource Management
Matching the Legal Structure with Your Investors
Action Step 8
Target Your Funding Sources: Where will You Find Your Financing?
Potential Sources of Financing
How Banks Decide on Loans
Action Step 9
Explain Your Financial Data: How will You Convince Others to Invest in Your Endeavor?
The Essential Financial Statements
The Six Key Financial Assumptions
How to Create Statements
Action Step 10
Use the RMA Data: Check Your Answers Against the Answer Key
Working with the RMA Data
The Answer Key Revealed
It Really Is That Simple
Putting it Into Action
What a Business Plan Should Look Like
The Physical Qualities
The Actual Layout
Have Outsiders Read It
How Long Should it Take Me?
How to Create a Time Line
The Primary Components
Examples of Time Lines
Demonstrate that You Can Manage Contradictions
Keep it Simple…Yet Detailed
Focus on Growth…Even in Mature Industries
Reassure Investors…Even with Competition All Around
Commit to Your Plan…But Be Willing to Pursue Other Good Opportunities
Present Yourself in The Best Light
The Text of Your Business Plan
Make a Great In-Person Presentation
Outline for a Simple Business Plan
Outline for a Complex Business Plan
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