Important Business plan Development Notes

In learning the art of business plan development and writing the importance of writing a good executive summary has been, repeatedly stated to grab and keep potential investors attention. Wile the writing of a good executive summary is indeed important I have found that the most important aspect of writing a business plan is the financials. Taking the extra steps to ensure your numbers as to forecasting your revenue and creating an honest financial statement will go a long way in showing potential investors true growth potential, startup cost, and your breakeven point.  These things are important because the only thing investors really care about is when will they be able to see a return on their investment.

In writing my business plan, I have realized that I must provide accurate information in the financial section of the plan. It is very important not only to display numbers or figures in your financial sheets but just as important if not more to describe why and how you have arrived at your numbers. Excel spreadsheets in this case can be your very best friend making your life much simpler when it comes to constructing your financial section of your business plan.

I feel I can take much from the article Carl Schramm (Straight Talk on Business) in her statement of the characteristics of an entrepreneur, sometimes in focusing on only the business aspect of the business we forget the reason why we have decided to embark on the venture in the first place. Characteristics like being an outsider because we challenge and ask the hard questions surrounding “Why” regarding the status quo, are what makes us who we are and separate us from the everyday person. Realizing that we should embrace our different nature and our approach to the world of business is something that we should become completely comfortable. This and being as honest as we can in regard to the financial aspect of developing the business plan are things that I plan to implement and practice when drafting my business plan, keeping in mind that no sooner the business plan is complete it will already be outdated.