Road map to business success

road map to business success

Your road map to business success.

Now, more then ever, a well thought out Business Plan is seen as a necessary tool for building a viable business. Whether you are seeking financing from a lender or plan on approaching the Small Business Administration for a loan guarantee, a well thought out plan of action is essential for presenting the formalities of the proposed venture. In today’s highly competitive marketplace, a formal operating plan may mean the difference between success and failure.

What is a Business Plan?

Simply put, a Business Plan is a written statement outlining how you intend to operate your enterprise into the future. While most new business owners have a general idea of how they want to run their company, those intentions are usually not formalized. As the business grows and new challenges emerge, the owner often needs to involve others in the venture. This is a time when the owner finds himself/herself under pressure to formulate a plan for future growth. Unfortunately this time period affords the least amount of time for planning.

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Start a business without having a business plan

Have you heard the ancient proverb, “He who fails to plan, plans to fail”? Well, that sentiment has never been truer than when contemplating a start-up or acquiring an existing business. According to the Small Business Administration’s Office of Advocacy, approximately 600,000 businesses close or file for bankruptcy every year. The facts speak from themselves

* 85% of all businesses that neglect to plan their business will fail.
* Interestingly enough, of those that take the time to write a business plan, 85% will succeed.
* Additionally, 40% of businesses with a strategic plan will double their business within 2 years of writing their plan.
* And with that plan, greater than 70% will exceed their expectations within 5 years.

With such overwhelming numbers, why would anyone start a business without having a business plan? More often than not, people recklessly fail to see the necessity. And in the end, many entrepreneurs strike out on a venture so convinced of its merits that they fail to thoroughly evaluate the business’ potential. As a result, they are ill prepared to navigate the opportunities, costs, difficulties and requirements needed to successfully run their business.

How can you avoid the well-traveled path of those doomed before you? Here are five (5) reasons for you to tackle this time-consuming, but vitally important strategic planning tool:

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Key to the ultimate success of your business plans

Every business plan book tells you how the Executive Summary is your opportunity to provide a brief overview of your business plan; capture your readers’ attention and imagination; and, summarize the plan’s highlights and key selling points.

So, why am I telling you these 3 things when you probably already know them?

Because it’s useless advice unless you employ one, not so obvious, age old marketing technique to make these points come alive.

This one technique is the key to the ultimate success of your business plan and its ability to attract potential investors. More importantly, it will help you raise money for your business…potentially a lot of it.

Best of all, it costs nothing to “do” and can save time finding serious investors.

The not so great news is it’s rarely found in “business plan” books or on most business plan websites.

It’s one thing David Galdstone doesn’t tell you how to do in his popular “Venture Capital Handbook.”

You won’t find it in David E. Gumpert’s book, “Burn Your Business Plan.”

In fact, the Small Business Administration, Business Plan Pro, and other popular business plan web sites never mention it.

A Wall Street Favorite

This ONE marketing technique is used by the most prestigious investment bankers on Wall Street to raise millions of dollars in equity and debt financing for their clients.

It’s how major newspaper publishers trigger the public’s curiosity and sell newspapers.

So, what exactly is this powerful marketing technique that single handily can unleash the value in your business plan? It’s writing interrupting and engaging headlines.

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