Educational News: Industry Experts in Business Planning

(Courtesy of Sample Business Plans.com)

Businesses are created almost on a daily basis. People with different ideas and perspectives create their business plans on the next "BIG" thing. However, what components are needed to create a successful business plan? Well, today we will hit on that topic, by giving some great tips from two business plan development experts.

(Courtesy of Timberry.com)

The first business development expert is Tim Berry. Mr. Berry graduated with a MBA from Stanford University. He is the founder and chairman of Palo Alto Software and bplans.com.  He taught "Starting a Business" course at the University of Oregon for 11 years. He has a blog that focuses on starting business. To view his blog, click here. His website timberry.com gives advice to future business owners who need help building their business initiative. Last, but not least, Berry is an angel investor for start up businesses. On timberry.com, Berry illustrates the main key components that investors are looking for in a business plan.

Berry's Top 2 Key Components business investors are looking for:

1. Be realistic

The business plan must be realistic. Berry discusses the importance of being able to implement your business plan objective. It is important that it can be achieved. He states that, "business owners do not get points for ideas that can't be implemented"

2. Be specific! Track your Results!

The business plan must be specific. Berry discusses the importance of tracking task, deadlines, budgets, and metrics.  His website hints at the importance of being able to track your businesses progress. A good business plan with trackable data increases the chances of investors wanting to invest in your business.

Both key components are critical because they are two major issues investors find when looking at business plans. Berry specifically discusses the importance of being realistic with your plan and being able to track the success of your business.

(Courtesy of Inc.com)

Next, we have Guy Kawasaki. Kawasaki is a special advisor for Motorola business unit for Google. He also served as the chief evangelist at Apple Computers. He received his BA from Stanford University and a MBA from UCLA. He has written 12 books that have dealt with the business strategies, business plans, and pursuing goals in business. If you would like to see some of the many books he has written, head on over to his website listed here.  However, we will focus on his key components to help new business catch the eye of investors.

Kawasaki's Top 2 Key Concepts business investors are looking for:

1.  Put the right stuff in your business plan!

The business plan must have the right stuff in it. Guy explains in his blog that a new business plan should focus on the following aspects:
-Executive Summary
-Problem/Opportunity
-Unfair Advantages
-Sales/Marketing
-Competition
-Business Model
-Forecast
-Team
-Status

Guy discusses the importance of having these elements to have a strong foundation to pitch to investors.

2. Write deliberate, act emergent!

The business plan should be written deliberately but be flexible to changes. Guy stated the importance of being very deliberate when pitching and writing a business plan. It is important to go all out. Even if you are wrong, be deliberate. However, guy did also mention the importance of being flexible. He stated the importance of being able to make changes that are critical to the industry and market. When an industry trend takes place, make sure to change that to reflect on your business plan.

Both tips from Guy Kawasaki reflect the importance of understanding your plan and adjusting as followed. To pitch your business plan make sure that it has accurate and updated material. Make sure that it also has the basics covered in the business plan.

(Courtesy of chrislocurto.com)

An effective business plan must follow the above tips that were provided by industry experts Tim Berry and Guy Kawasaki. If the above tips are utilized effectively, they will stand out to investors. The above tips are key components that are critical for investors.

References:

http://blog.guykawasaki.com/2012/01/how-to-create-an-enchanting-business-plan-officeandguyk.html

http://timberry.com/about

http://timberry.com

http://timberry.bplans.com/2009/02/some-key-questions-on-business-plans.html

http://chrislocurto.com/wp-content/uploads/2014/02/Business-Plan.jpg

http://samplesofbusinessplans.net/wp-content/uploads/2013/05/business-plans.jpg

http://www.inc.com/uploaded_files/image/575x270/Guy-Kawasaki_pan_20835.jpg