Wednesday, January 16th, 2019

How-to: Create a Profitable Biz Plan! (Part 2)

By Ellen Rohr on Nov 30 2011 • Filed under How-To

Part 2 - How-to: Create a Profitable Business Plan! (Photo)In my previous article, I covered the first five tips for creating a profitable business plan. Here are the rest of the tips, along with an outline of what to include in your biz plan if you aim to show it to investors and bankers.

6. Keep a Master To Do List.

I recommend a single subject, spiral bound, three-hole punched, college-ruled notebook for your Master To Do List. You are going to have lots of great ideas for your business. However, you can’t do everything all at once. You will learn to prioritize your ideas and focus your energy on the things that will have the most impact on your business success. When you, or a team member, have a good idea, or think of something that needs to be done, a “to do,” jot it down on the Master To Do List.Also, use your Master To Do List to jot down anything that needs jotting down as you go through your day. Don’t use Post-its or scrap paper.

7. Keep a Journal.

This is where you write down the story of your business. Insert a few blank pages and store them in the Journal section of your Biz Plan Binder. Date your entries. You will learn wonderful lessons as you create and implement your business plan. Keeping a Journal will help you to remember those lessons, and give you a nice way to pass the lessons along.

8. Look in the mirror.

Look yourself in the eyes and tell yourself, “Now is the time. This is what I want. And I am committed to this Extreme Makeover – My Business Edition.” Do or do not but make the decision! Commit to winning. Commit to being and doing your best.

9. Take action.

Commit to the times on your calendar to flesh out the Biz Plan. You are going to tear down your business and build a brand new, profitable one. Block out your calendar with time to do the actions required in your Biz Plan. Delegate and hold team members accountable for their assigned activities. Plan…and go!

10. Be happy with where you are now.

You can’t have a happy ending to an unhappy journey. Decide to be happy now. Decide that the journey is going to be just as important as the results. There is no “there” which you will achieve that will make you happy. Enjoy and acknowledge the successes and challenges along the way. Reflect on the results and change the Biz Plan as needed. Expect miracles and embrace serendipitous events. If everything went according to plan, we wouldn’t have anything to write about in our memoirs!

 

A Couple of Extra Tips…

Could you do all this in your computer? Sure you could. Whatever you are comfortable with. I have a printed version of my Biz Plan in my Biz Plan Binder, and I keep the digital files on the computer.

Don’t copy someone else’s plan just to hammer one out.

Don’t use a canned template and merely fill in the blanks.

Don’t waste time building a Biz Plan because you think you should. Put your thought and heart and soul into your Biz Plan. The energy you put into your Biz Plan will super-charge your business.

Do share your Biz Plan with your family and your team. If you would like to share your Biz Plan with a banker or a potential investor, pull out the most critical sections and share those.

 

For showing to bankers and investors, I suggest a formal Biz Plan include:

Setting Sights

  • Your Mission
  • Your Goals
  • Your Target Market
  • Your Elevator Speech
  • The Executive Summary

Building the Team

  • The Organizational Chart

Making Money

  • The Financial Plan

Getting it Sold

  • The Marketing Calendar/Plan

Getting it Done

  • The Top Projects List

Making Sure

  • Your Story

OK. Ready? Set! Go go go! I congratulate you on your Biz Plan and your amazing, expanding, inspiring business!


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