Expert Views on Business Plans & Which Advice I Will Follow

Expert Views on Business Plans & Which Advice I Will Follow

My last blog talked about the importance of a business plan from two experts in the field.  Each one of them had different views on how to put a business plan together. McShea believes an entrepreneur needs to have an intense business plan in order to succeed. Hsu believes that an entrepreneur needs to have a simple plan, and not to spend too much time on writing a plan.   Hsu believes one should put that time and effort into your business, and your customer base.  Hsu believes that you should a have plan, but not the old thinking of a 100 page business plan. 

            I agree with Hsu, and I am taking the advice of that he is giving. I am putting a plan into place because I need to see where my company is going.  I have decided to invest a lot of my time into my customer, and making sure I am bringing them the customer service needed to survive, and the correct product to the market they will buy.  I want to make sure my investors will see the return on the investment with my company.  Also, I would like my potential investors to see that I know my market, understand the importance of marketing, and that I will spend marketing dollars smart, and not frivolous.  In my business plan I will make sure that my investors understand the marketing section, and finance section of my business plan.  I think if an investor understands my go to market plan, and how money I expect to make selling our product they will think of my company as a great investment.

            I have learned a lot on how to put a business plan together, and I am currently using this important information in finalizing my business plan. I think one important aspect I will make sure my business plan talks about the business, and how it will make money.  I will not waste valuable time on the fluff of the business plan, but the meat.