Next Step After the Plan

Now that our business plan has been finished, finalized and presented, I have now only accomplished step one of getting everything off the ground. After finishing a business plan there are multiple options that you can choose to do with a finished plan. Some companies decide to immediately seek funding, open doors, or seek a business partner.

This is why you wrote your plan! Did you write your business plan for a startup or for an existing business? If it's for a startup and you need outside funding for your business, lenders, angel investors, VCs, and pretty much everyone else will expect to see a professional-looking business plan when you pitch to them. And once you have your business up and running (or if your business is already up and running), then you can use your plan to track and manage the real outcome against what you projected. It'll keep you on track, organized, and always ready for the future. Remember, your plan isn't a static document; it can and should change over time.

When seeking financing always remember like my current instructor William (Bill) Thompson at Full Sail University says, “there is more money out there than good ideas”.  Like stated before there are tons of sources and money out there for good ideas for anyone not to receive a piece of the pie.

When finding a business partner its usually because you don’t have the experience or money to receive funding. So make sure that when choosing someone to add as an addition to your company, you make sure that they are a perfect fit and that you get them as excited as you are. Once in the company they should do as much as they can to make the company succeed, seeing that this is the source of there paycheck also.

Business plans are used for multiple external things, such as to raise funds, be apart of your hiring process, attract business partners. Some internal uses could be to set priorities, set people in charge of certain things also detailing how there progress is measured.

Figure what you need your business for and then determine a plan of action to get the next steps accomplished.

What Should Belong in My Business Plan?

When putting together your business plan you always want to make sure that you have the initial things all together and in order. Those initial things would be you cover page, table of contents and you executive summary.

When putting the business plan together one thing that should be structure is that the first page is the cover page. The cover page should entail the company name or logo, the owner/representative name, and disclaimer. The second page of the business plan should be left intentionally blank. Reason being, some companies who print this document, may print on the front and back of each page, this will entail that the table of contents be the next and only thing you see opening the business plan. Of course the next item in the business plan should be the table of contents, with all accurate page numbers and chapters. Subchapters may be included but not necessary. The first of all the rest of the chapters should be the executive summary. The executive summary should be 1-3 pages, outlining the entire business plan, as if it was a 1-3 page summary or book report.

After that, all the rest of the chapters should be determined on whom you are presenting to and what information is most important to them. These chapters should include, but not limited to your company description, industry analysis and trends, target market, the competition, a marketing plan, operations and management, financials, and also try to include an appendix. Sometimes it may be a good idea to include chapters on certain strategic position and risk assessment, technology plan, and social responsibility and sustainability.

Now a days a business plan is typically about 25 pages. Try to narrow down details, especially when they start to repeat themselves from one chapter to another. Include what needs to be there and then add any extras.

Business Plan Critics

A couple weeks ago we looked at two business plan experts, Chuck Blakeman and Kevin Geiger. Receiving insight on what and how they thought about business plans.

Blakeman told us that preparing a business plan is a waste of time, and that time could be spent on doing what it is that the business does. “A business plan helps an entrepreneur plan for the future. But the flaw with that is the future cannot be foretold. Since the future is unknown… Implement now, perfect as you go.”

Kevin Geiger, a filmmaker known from “Chicken Little” and “Reign of Fire” says that filmmakers have too much creativity and not enough knowledge when it comes to business. He explains that investors really only care about how much money you need, how you are spending it, when will you make the money back, and when is he getting paid back with interest.

In my business plan I was able to take both of these experts advice and apply it to my business plan. Blakeman had a point, of course we cannot tell the future, just look at how fast technology moves onto the next thing. In the film industry we rely heavily on technology. If we make a plan now and don’t get financing until two years from now, all what you have planned to do is out the window unless you stay up to date with your logistics. So I understand having a business plan does allow us to easily seek outside financing. But at the same time you should always prepare your business plan yourself that way you know exactly what’s in it and its easy for you to adjust as you need to.

I believe as for investors, the most important sections of the business plan would be your finances, management and organization, and operations. Investors want to see how the company is ran and does everything make sense. Make sure everything is on paper weather it should be common sense to you. Make sure everything is in black and white.

Many people have very different opinions when it comes to business plans, some think you should focus on one thing more than the other, some think its all about the presentation and how they like you personally, some just think a business plan is a total waste of time and money. I believe that it is totally how you feel about the situation, and what you’re looking to get out of things, and what the potential investors require of you. Do research, but it never hurt to have one on standby. What are your thoughts?

Business Plan Experts

Talking about business plans and looking at different opinions as to what goes in them, how they should be formatted, how long and detailed they should be, all have different meanings to some people.

Looking in at Chuck Blakeman, an entrepreneur and business success mentor that says that preparing a business plan wastes time that could be spent actually doing the business. Now for business owners this could really shake someone up. With entrepreneurs being told from day one that to succeed as a company you have to have a plan, you have to have a something for investors to research to get financing. And now Blakeman is telling us that we should not waste the time or money on creating one. “A business plan helps an entrepreneur plan for the future. But the flaw with that is the future cannot be foretold. Since the future is unknown”, Blakeman says, “Implement now, perfect as you go” (Blakeman, 2011). Blakeman explains why he says its best to develop goals with the word “how”, but only use it for short-term purposes. He explains how life determines everything and how life always happens. So when determining goals, your “how” should always be short-term ways to meet your goal. Maybe establishing a couple “hows”, as steps to your final goal will work, that will allow you to change one how instead of everything in all.

As far as films, yes there are business plans for those too. There is Kevin Geiger, known from “Chicken Little” and “Reign of Fire”. He explains that a lot of filmmakers have too much creativity and not enough business knowledge. When creating any project or anything, especially when it involves you trying to turn it into profit, you need to know how that is going to happen and in very much detail. He says that investors want to know how are the investors going to make their money back. You should prepare a cash flow projection. Create a business plan presentation for investors. Select development and advisory teams.

Many people have very different opinions when it comes to business plans, some think you should focus on one thing more than the other, some think its all about the presentation and how they like you personally, some just think a business plan is a total waste of time and money. I believe that it is totally how you feel about the situation, and what you’re looking to get out of things, and what the potential investors require of you. Do research, but it never hurt to have one on standby?