[[:encoded, "Today we are going to talk about 3 Steps to Writing an Effective Business Plan that Inspires Action.\n\nThe idea of starting your own business can be exciting and inspiring, but for most small business owners, writing an effective business plan is not considered an exciting part of starting the process; therefore, many choose not to create one. Traditional business plans can be very dry and uninteresting, so you are about to learn how to create an effective business plan that not only gets you excited, it will inspire you, and others, to take action.\n\nThe length and details of an effective business plan will be determined by the type of business you’re creating. The key is to create not just another business plan, but an effective business plan that inspires you, and others, to take action. \n\nFirst, let’s get clear on the essentials components of an effective business plan:\n\n-Executive Summary \n-Market Analysis \n-Company Description \n-Organization & Management \n-Marketing & Sales Management \n-Service or Product Line \n-Funding Request \n-Financials \n-Appendix\n\nPart 1: Executive Summary\nThe executive summary is the most important component of an effective business plan because it will be the first thing the reader sees. This is where you’ve got to grab the reader’s attention and inspire them to support your vision through your mission statement. Provide a history of your company, its current standing, and future vision.\n\nPart 2: Market Analysis\nThis is your opportunity to shine and highlight your knowledge of the industry. This will also be where you will identify your target market and what you know about them. \n\nPart 3: Company Description\nKeeping it brief, describe how all the elements of your business fit together. Be sure to clarify the marketplace need and how your company is poised for a competitive edge.\n\nPart 4: Operation and Management\nIn this component, include your business’s organizational structure, details about ownership, and profiles of your management team. A key factor in this section is to clarify what kind of incentives and bonuses will be provided to keep your staff motivated and employed.\n\nPart 5: Marketing and Sales Management\nUse this section to share your vision for getting and growing your customer/client base - as they will be the lifeblood of your business. \n\nPart 6: Service or Product Line\nHere is where you will want to focus on the distinct advantage your product or service has over
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(upbeat music) - Hello, and welcome to the Accountability Coach podcast, where we will discuss proven business success principles related to helping you make more money, work less, so you can enjoy even better work-life balance. This is Ann Bakrak. Today we're going to talk about three steps to writing an effective business plan that inspires action. The idea of starting your own business can be exciting and inspiring. However, for most small business owners, writing an effective business plan is not considered an exciting part of starting the process. Therefore, many choose not to create one at all. Traditional business plans can be very dry and really uninteresting. So you're about to learn how to create an effective business plan that not only get you excited, it will inspire you and others to take action. The length and details of an effective business plan will be determined by the type of business you're creating. The key is to create not just another business plan, but an effective business plan that inspires you to take action. First, let's get clear on the essential components of an effective business plan. You want to have an executive summary, market analysis, company description, organization and management, marketing and sales management, service or product line, funding request, financials and an appendix. So let's take each one of these. Part one, an executive summary. The executive summary is the most important component of an effective business plan because it will be the first thing that any reader sees. This is where you've got to grab the reader's attention and inspire them to support your vision through your mission statement. Provide a history of your company, its current standing and the future vision. Although the executive summary should be the first component in a business plan layout, it should actually be the last component you actually create. Once you have completed all the other components, it will be much easier to come back to the executive summary and nicely tie in key points. Part two, the market analysis. This is your opportunity to shine and highlight your knowledge of the industry. This will also be where you identify your target market and what you know about them. Take this opportunity to spotlight comprehensive market research and projected profit margins. Part number three, the company description. Keeping it brief, describe how all these elements of your business all fit together. This component should include how the nature of your business makes you unique and the primary factors that will make your company a success. Be sure to clarify the marketplace need and how your company is poised for the competitive advantage. Part number four, operation and management. In this component, include your business's organizational structure, details about ownership and profiles of your management team. This is also where you would include information on the board of directors or advisory board if you have one. Outline a plan to keep your staff in place by detailing salaries and benefits. A key factor in this section is to clarify what kind of incentives and bonuses will be provided to keep your staff motivated and happily employed. Part number five, marketing and sales management. Use this section to share your vision for getting and growing your client base as they will be your lifeblood of your business. Clearly define and explain a comprehensive market strategy that will be flexible to changing market needs. Part number six, service or product line. Here is where you will want to focus on the distinct advantage your product or service has over the competition. Emphasize the benefits to clients and why they will be inclined to choose your product or service over someone else. Also include ideas and visions for future products and services. Be sure to carry your passionate message throughout this section and back it up with concrete data. Part number seven, funding request. A vital component to an effective business plan. Clearly define the amount of funding you are requesting and long range strategies that could impact your ability to repay that funding. Outline best and worst case scenarios and back up your request with financial statements. Voice your vision and passion and back it up with a solid financial sense. Part number eight, financials. This is where you'll include financial documents to justify your statements in the previous components. Part number nine, the appendix. This is where additional documents will be placed for any reader on an as needed basis. Now that we've clarified the essential components of an effective business plan, let's discuss how to write an effective business plan that actually inspires action. So there's three action steps here. Create a compelling story. Voice your passion and inspiration. And be confident. So let's take each one of these. Create a compelling story. Write a compelling story will be a factor to inspire action. This is what you will want to focus on in the executive summary. Obviously, the purpose is to inspire venture capitalists or a bank to fund your vision. However, you can also use it to inspire your own motivation to drive the success of the business. Be as heartfelt and passionate as you can when sharing your mission statement and the vision for your company because it will be that sincerity and passion that will create empathy from the reader. Whatever your vision for the future of the company, take it one step further and think just a little bigger. Your dreams will only go as far as your vision. So set it up. In addition, be creative about ways that the company can grow and expand by creating milestones along the way. The big picture is important. However, it's also important to think of ways that you can build momentum by using milestone achievement to drive your passion and motivation even further. The second action step is voice your passion and inspiration. Remember the point is to create an effective business plan that inspires action, whether it's just for your own use or to be read by venture capitalists. The best way to achieve this is to openly share your passion and inspiration at every opportunity. The reader will only be as compelled as your words. So make each word count big in every component. The third action here is be confident. How can anyone believe in you if you don't believe in yourself? Do not allow one word of doubt or insecurity to come through in your business plan. You have got to exude confidence, knowledge, and strategic thinking throughout your business plan. If you're feeling unsure at all, put the business plan down until you get clear on the details. For more information, you can find a detailed explanation of how to write an effective business plan on the Small Business Administration website. The bottom line is, if you don't have an effective business plan, you need to create one. And you need one that you actually implement and not one that you create and file someplace that maybe you might review it one year or more from now. Come up with a game plan that you can execute so you have a business plan that actually gets implemented and gets you the results that you want. If you get value from these podcasts, please take a minute to leave me a short review at iTunes. My hope for our time together is that you got value and an idea or two that will help you be even more successful, personally and professionally. Go to www.accountabilitycoach.com and join the Silver Inner Circle. It's free and you receive 10% off on all products and services in addition to having access to many assessments and complimentary high value resources so you can accelerate the results and enjoy the business and life you truly desire. Get started today by joining the Free Silver Inner Circle. Aim for what you want each and every day. Until next time, make it a great day, today and every day. Thanks for listening. (upbeat music) Let me remind you that this recording is protected by copyright law and unauthorized distribution and copying is prohibited. (upbeat music) (upbeat music)
[[:encoded, "Today we are going to talk about 3 Steps to Writing an Effective Business Plan that Inspires Action.\n\nThe idea of starting your own business can be exciting and inspiring, but for most small business owners, writing an effective business plan is not considered an exciting part of starting the process; therefore, many choose not to create one. Traditional business plans can be very dry and uninteresting, so you are about to learn how to create an effective business plan that no...
