Business Plan Part 2: No Walk in the Park.

Continuing with our previous post, creating a business plan is no easy task. For the past month I have been creating one for a potential business I have planned, a specialized corporate event planning company based in Puerto Rico. I can assure everyone that it has not been a walk in the park.

Taking into consideration the expert advice of Dave Lavinsky, I have certainly developed as detailed as possible all the key sections of the business plan. Every section has been personalized and strategically described, this will give any reader and/or investor in great detailed what the company is about, it’s goals, objectives, financials, team, etc.

Simone Brummelhuis, advices us to specifically point out what makes your business successful and how it can benefit an investor or a bank, She suggests that your top sections should be your financials. People who are interested n investing in your idea want to see numbers. Personally, two of the hardest sections while creating the business plan have been the law and financing sections.  However, options like outsourcing outside help from a lawyer or an account can be of benefit of those who have difficulties in those areas. Agreeing with Brummelhuis, in my personal opinion the financial section is the most important. Those who are going to invest in your business NEED to understand when they will get their investment back and when they will start making some money.

Having great resources like a good book on business plans, watching a tutorial video and reading about expert advice can be a great way to save money and create a successful business plan. Knowing the areas that you need more help can be a very good factor while creating your business plan.

I do have to point out that research is key while creating this sort of document, but don’t be discouraged having a business plan benefits your business enormously.  Remember these tips and the creation of a business plan are a step closer to your SUCCESS. 


Become an Entrepreneur; Start with a Business Plan.

Throughout the start of this Blog we have posted numerous trends, tips and strategies that benefit your business. However, this post will benefit those who want to start their own businesses or lack a business plan. We will discuss what is a business plan, the importance of creating one, the benefits of having one and we will present various expert views on the subject. 

Let’s start by explaining what is a business plan. A business plan is any plan that works for a business and/or company explaining what the company is, its goals, overall numbers and future. (Bplans)A business plan is meant to look ahead, allocate resources, focus on points, and prepare for different opportunities and problems. 

It is crucial for any business to create a business plan. Nowadays, people continue to disregard owing a business due to a false impression that you only need a business plan to start your own business.  A business can help running a business, whether you need a loan or investment or not, any business needs a plan that can optimize growth and development.

According to Dave Lavinsky, founder of Growthink and President of Growthink Publishing, a successful business plan must have the following ten key points:
1.     Executive Summary
2.     Company Analysis
3.     Industry Analysis
4.     Analysis of Costumes and Competition
5.     Marketing Plan
6.     Operations Plan
7.      Development Plans
8.     Management Team
9.     Financial Plan
10. Appendix

He expresses that many forget to explain several points resulting in a poor business plan. (Growthink)Lavinsky is an internationally renowned expert in the fields of business planning, capital raising, and new venture development. Over the past decade, Dave has guest lectured at top universities, developed over 100 business plans, and has written hundreds of articles on entrepreneurship, business planning and capital-raising. (To learn more about Dave Lavinsky click here)

Another expert advice comes from Simone Brummelhuis, former attorney and founder of The NextWomen, the first Women’s Internet Business Magazine and community.  She expresses the importance of highlighting your business’ success and detailing the steps you have taken to achieve success in your business plan. (To learn more about Simone Brummelhuis click here)

Pointing out in your business plan what makes your business successful and how it can benefit an investor or a bank can help your business bloom in a blink of an eye.  Having key elements like your financial plan, and your analysis of customers and competition can be decision makers when negotiating an investment or a loan. People who look for smart investments want the facts and numbers right away. Sections like the ones listed above makes it easy for those interested to make a decision and have an incentive at the time of the investing. 

Taking these suggestions into consideration and researching more do’s and don’ts when creating a business plan can help your business enormously. Remember that creating a business plan benefits everyone; investors, banks, clients, staff and most importantly YOU! When you start creating a business plan you are a step closer to Success! 


Management Academy On The Road

Here's a quick update on our Management Academy On The Road program. We completed a pilot in Florida with five counties; we launched a new group in Maryland this spring; two more groups launch this summer. The program is two on-site days, supported by webinars and technical assistance before and after (details on the MAPH website).

Here's a short list of business plan ideas in development across these groups.
  • An ER Diversion project with hospitals, public health and the Federally Qualified Health Center
  • An "Academic Health Department" plan to allow the county to participate in clinical trials, bringing in revenue and expanding treatment options
  • A dental clinic add-on to an existing Ryan White organization
  • A free clinic to create a bridge for the uninsured until 2014
  • A health coaching project
  • A project to combine substance abuse/behavioral health in an integrated organization
What ideas are sitting in your community's health improvement plan? What ideas are bubbling up from your community health assessment or your MAPP process? Can we help you push them to implementation?

--Steve Orton