Business Plans 101 – Part OneJuly 13, 2009
Business Plans 101 – Part Three (Covering the Three C’s)July 17, 2009
This continues our discussion on Business Plans (for newbies). When pitching investors (or customers or the press, for that matter), you’ll want to begin with an e-mail a list of the top five qualities that make your company compelling. This will increase the likelihood of catching their eye and getting them to read your executive summary.
You’ll also need a financial model. Be sure to make it interactive, which means it will be formula based and take longer to create than a basic static model. But trust me, you will definitely change your financial projections, so provide for flexibility from the get-go. An interactive model will also help you address “what-if” scenarios. Chances are good that potential financiers will slash your first-year revenue projections in half. What repercussions will this have? Run it through the model and find out.
I’ve said this many times, but it is definitely worth repeating: Your business plan isn’t cast in stone; it’s more like wobbling in Jell-O. Write it to clarify your thoughts, and then be willing to modify it (sometimes radically) or even toss it out completely. Don’t be afraid of any part of this process – no matter where you’re at. Here’s the secret: everyone is making it up as they go along.
Be sure to drop in a few days for Part Three of this discussion! And definitely feel free to send over any questions you might have.
Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
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