In This Issue, We'll Look at the Final Sections of Your Maxi-Business Plan, Which Can Provide a Roadmap for Success.
PART FOUR
By Ken Tarlow
In our last issue, we looked at various components of a successful business plan. I urge you to review those components (Dream Merchant, Oct/Nov, 2002) before reading on. Once you've refamiliarized yourself with the business plan, study the sections below. These will comprise the remaining sections of a strong plan.
PRODUCTION CAPABILITIES
Describe your company's production capabilities, or if you're using an OEM (Original Equipment Manufacturer), explain in detail who they are.
MANAGEMENT
In the Management section of the business plan, include resumes of key management, especially when management has unique skills or experiences. Put full resumes in an appendix. However, in the body of your statement, use a paragraph or so to describe each individual. The readers wants to know whether the company's management has the ability to run a successful company. It's not necessary to go into any more detail than required to demonstrate these abilities. The resumes should emphasize the skills needed for this company and persuade the reader to have confidence in its managers.
PROBLEMS AND RISKS
Discuss the problems you expect to find and how you propose to solve them. Include them to show your reader that you're honest and sincere, and that you have the problems under control.
PRESENT COMPANY OWNERSHIP
List the company's owners by percent of individual ownership. If any of the owners participate in management, describe the position (for example, "on the executive committee of the board of directors").
FINANCES
A financial statement reflecting your present finances should be prepared by an accountant. In some cases, it might be necessary that this financial statement be certified or certifiable.
THE PRO FORMA AND APPENDIX
The pro forma is the final section of your business plan, followed by the appendix. The appendix contains pertinent backup information that assists the reader or explains in detail general statements made in the business plan or pro forma--engineering reports, laboratory tests, market research studies.
Be sure to revisit your plan regularly to gauge how well you're doing and to make any necessary adjustments.
The above article was excerpted from Tarlow's MIND TO MONEY, a cassette tape/workbook package that can help you develop a new product from the idea stage to the marketplace. MIND TO MONEY may be ordered from the Dream Merchant at $59.95 plus $4.95 CA sales tax and$5 shipping and handling ($69.90 total). Send orders to the Dream Merchant, 2309 Torrance Blvd., Suite 104, Torrance, CA 90501.
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