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The best tips from expert business plan reviewers for bplans, templates and more
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Suggested by Marc Kneepkens |
Scoop.it!
Martin (Marty) Smith's insight:
Thanks to Marc for making this suggestion on Scoop.it. Biz Plans are something I like about as much as going tot he dentist so any helpful tools or suggestions are WELCOMED.
Writing a business plan reminds me of Martin's Ride To Cure Cancer. In the summer of 2010 I rode a bicycle across America over 60 days. Based on weather patterns we predicted riding in the rain 10 days. We actually had to ride in the rain for 6 days.
Since we were going to need to ride in the rain I practiced in it and worked on convincing myself that I LOVED riding in the rain, that it was fun. Not so much and NEVER made that sale (lol). Appreciate anything that will help me create Biz Plans.
The business plan creation process can be very time consuming and the benefit of this exercise can be invaluable. I am at FAU in a session right now about how to develop the financial models needed for the business plans. We're talking about the assumptions we are making and justifying where we are getting our numbers and amazing things such as going out into the marketplace and doing the research about what people are willing to pay for. There's an upcoming business plan competition and a room full of people who intend to compete in this huge event at FAU. I recently met several business plan competition winners who have used this money to help them launch their businesses-there can be a huge benefit in creating excellent business plans. Too many businesses go out of business because they don't have the money to stay in business. Many companies that don't make it are gone because they didn't have plans and they weren't prepared for the challenges they actually faced.
Good article about steps to cover when seeking investment dollars for start ups. A solid management team and understanding where your business fits in the marketplace a essential.