Ray and Zen explore Effective Business Plans, the ins and outs of writing business plans and business plan effectiveness. There is a difference between academia and actuality when it comes to writing plans. The most important aspect, though, is that you write one. It has been proven over and over that a business plan increases the odds of success, some say 100%. Be that as it may, the road map for your business leads to meeting goals and objectives. We don’t plan to fail, but often fail to plan. We’ve all heard that one before, right?
Some questions that a well-designed plan will answer:
- What does your particular industry look like right now and what will it look like in the future?
- What markets are you competing in – what will they be 5 years down the road?
- What specific competition will you be up against? What are their strengths and weaknesses?
- What products or services do you offer? Will they remain constant?
- What value (not features) do you provide to your customers?
- What long-term advantages do you have over the competition?
- How will you maintain them?
- How big and profitable will your business become?
- If you’re using the plan to borrow money or attract investors: How much will you need & why?
- What action steps will you need to take to have your plan succeed?
- What will happen to the business when you retire or after your death?
Listen in, commercial free, to a lively conversation that speaks to the different aspects of a business plan, from mission and vision to the all important financials. We make it a bit more interesting than you might expect. Ask yourself: “What is an effective business plan?”