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Business Plans: The Matriarch

Business plans are the modern-day matriarchs of business. They are the wise old women who have “been there, done that,” guiding us, monitoring our business operations to make sure we’re headed in the right direction. Numerous years on earth have given them experience and insight into the way the world works, and we can learn from them because they impart their knowledge in the most direct, and often blunt, way.

Formal business plans are that guiding force, giving us direction in a no-uncertain-terms kind of way. There’s a specific format for creating these documents, and it’s done that way because it works. This doesn’t mean your content has to be dull and lifeless though. In fact, it should be quite the opposite. If you’re passionate about your business, your enthusiasm will be reflected in your words, which can generate excitement in your reader–a necessity if you’re hoping this person will lend you money for start-up or expansion, or invest in your company.

In keeping with the “artistry” theme of the Gallery, think of your business plan as the Georgia O’Keeffe of your company. For those of you who aren’t familiar with her work, Georgia O’Keeffe was a 20th century American artist who painted provocative, often controversial works that many perceived as portrayals of certain parts of the female anatomy.

She used traditional art tools–canvas and paper and oils or pastels (the format of your plan) — to capture with bold vibrancy the essence of her vision (the content of your plan). While shocking to some, Ms. O’Keeffe’s unfettered passion and style gave hope to women everywhere that we, too, could live our passion and prosper. So let your business plan–the spirit of Matriarch O’Keeffe — guide you and inspire you in your pursuit of entrepreneurial independence.http://www.womens-business-gallery.com/wp-admin/page-new.php

Business Plans: Do I Need One?

In one word: Yes. Every business should have a written plan, even if its only purpose is to help you set and achieve your goals. Does it have to be the more formal, comprehensive document outlined on the next page? No. Only you can decide what purpose your written plan will serve, but it can:

Help you obtain financing and investors;

Help you set goals and the timelines for achieving them, so you can measure your progress;

Help you organize and formalize your business thinking process;

Clarify questions that might arise in managing your business.

Although business plan writing can be a daunting task, it shouldn’t prevent you from bringing your business vision to life. Now, thanks to modern technology, you can simplify the process with a computer software program such as BusinessPlan Pro, which has pre-formatted templates for a wide variety of businesses that you can customize for your particular business. Business plan writing has never been easier.

So whether you prepare it yourself or use software like BusinessPlan Pro, you will need to compile the information listed below.

The Basics of Business Plan Writing

Assuming you’ve read the Start-Up Basics article, you already know:

What service or product your business provides and what customers’ needs or wants that it fills.

Who your potential customers are and why they will choose your business over your competitors.

How you will reach your potential customers.

Where you will get the financing to start your business.

This is your starting point, the “background sketch” of your plan. As mentioned earlier, business plans always follow a predefined format, so you’ll fill in details about your own company as you go through each section. Although your particular situation will determine the amount and depth of information, your formal business plan should always be formatted using the standard layout expected by banks, investors, suppliers, and others for whom your business plan serves as your company’s resume.