Posts Tagged ‘Business Plan’
Planning Principle: Do Only What You’ll Use
Efficient business in general means avoiding waste, doing only what has value. Therefore the right form for your business plan is the form that best serves your business purpose. Furthermore, for the vast majority of business owners, the business purpose of planning is getting what you want from the business—setting strategy and tactics, executing, reviewing…
Read MoreImportant Pitch Lesson: The Best Business Plans Change
My favorite moment in a recent business plan contest: The entrepreneurs put up a projected income slide. One of the judges commented that what was on the slide was different from what he saw in the business plan. The entrepreneur immediately answered, “No, of course not, that was an earlier iteration.” Business Plans Change. They…
Read MoreBusiness Plans are Always Wrong
Yes, I admit; I’ve used “business plans are always wrong” a few times in slides, blog posts, and even in both of my two latest books. It’s an important concept. Way too many people misunderstand the point of business planning and assume that because we can’t predict the future, we shouldn’t plan. Which prompts me…
Read MoreThe Lean Business Plan as Dashboard and GPS
What if you own a business, you’re not a startup, and you don’t have to generate a traditional business plan to show to a bank or an investor: would you still want a business plan? Yes, emphatically, yes you do… … but it’s not a traditional business plan. It’s a lean plan. … and you…
Read MoreStandard Business Plan Financials: Important Cash Flow Vocabulary
As I continue with my series on standard business plan financials, I want to look at the basic cash flow. These words put some people off because they sound like accounting and financial analysis. But they’re good terms to know, especially if you’re running a business. This is important cash flow vocabulary. Cash in business planning and…
Read MoreA Simple Cash Flow Spreadsheet Anybody Can Use
If there’s just one formal business skill every business owner should have, it’s understanding and forecasting cash flow. It’s not intuitive because it’s not the same as profits; but it’s vital. We spend cash, not profits. It’s one of the most important pieces of every lean business plan. Here’s my recommendation for a relatively simple way…
Read More10 Reasons Angel Investors Don’t Like Your Plan
Once again, for the eighth year in a row, I’m involved as an angel investor with the Willamette Angel Conference and screening investments. We’ll announce a decision in May, and between now and then, we’re looking at startups. About a fourth of them get what we call due diligence, and about half of those become finalists,…
Read MoreThe New Approach to Business Planning
Have you wondered how to start a successful business that is difficult to compete with? Whether you’ve started a new business or you’re still thinking of how to turn your ideas into a profitable business, your success depends on getting the foundations right. Among all foundation elements that your startup must have in place, a…
Read MoreThe Lean Business Plan for Small Business Owners
“What? No, I don’t have a business plan. I’m not a startup.” Too bad so many small business owners think that way. A good lean business plan for small business owners ought to be a great tool for running a business. Set strategy, tactics to match, major milestones, metrics, tasks, responsibilities, and essential business numbers.…
Read More11 Key Elements of a Good Business Plan
Somebody asked me what the key elements of a good business plan were, and I’m glad they did—it’s one of my favorite topics. It gives me a chance to review and revise another of the lists that I’ve done off and on for years (such as the one on common business plan mistakes). 1. Measure a…
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