My Business Plan Evolution

Since originally posting about business plans and experts in the field, I have taken into account what I've learned and this has changed the way I want to communicate my business plan to investors.
One of the simple things that Tim Berry mentions in his blog is to review your business plan often, and keep it "fluid and flexible." I have found this advice extremely helpful, and since becoming a reader of his blog, I have changed some very important things in my plan.
With the business I plan to start being in the photography industry and serving professionals in that field, I feel that the operations section is one of the most important areas to communicate. The business is heavily centered around building loyal customer relationships and providing quality products to clients in a timely manner. So communicating  how this will be done efficiently and differentiate from competitors is essential to getting investors on board and securing start up capital.

Business Plan expert Tim Berry 

The Management and Organizational structure in the plan has also changed dramatically since reading the words of business plan experts. Originally the business staff was quite large, but after doing more research and making calculated assumptions, it was clear that daily operations could be handled by a much smaller group or employees.
"Knowing your numbers." is another thing Berry stresses. In my case this strongly relates to budgeting for employees labor and management salary. Needless to say, this is a section in the budget that will continue to change over time as the business grows and the commitment to clients and the quality service is in greater need.
Perhaps the most important advice that I have taken from researching experts in the field is another thing Berry mentioned in a recent blog that plays off of what I just noted.  "Your business plan is not a document, it's a plan." It is a living thing, that doesn't survive on paper but lives on your computer where it can evolve to better help your businesses future.

Referenced sources include :
http://timberry.bplans.com/2012/03/what-you-think-you-know-about-business-planning-can-hurt-your-business.html ; from Tim Berry's blog

http://articles.bplans.com/writing-a-business-plan/common-business-plan-mistakes/31 from Bplans.com

Business Plan Development: From the Experts

Tim Berry

Recently while researching small business start ups I decided to look for some experts on business plan development. The first person I came across was Tim Berry, founder and chairman of Palo Alto software , and bplans.com. Tim has many ventures and has essentially dedicated his life to helping entrepreneurs plan for their businesses. He does this through his software, speaking engagements and his fantastically helpful blog.

As I read through Tim's blog, a post entitled 10 Tips for Starting a Service Business, really stood out to me. This is especially important because the photography business, in my opinion, is a service based business where you work very closely with clients. Among the helpful tips Tim provides are

•  Understand that your first client is twice as hard to get as your second. 
• Customer service is essential, so don't ever lose a client. 
• Know your numbers. (The difference between sales and money in the bank) 

I like this blog because Tim provides important business plan advice in a way that anyone can understand. One of the other outstanding things about Tim's blog is that you can send him specific questions about your business here, in his "Ask Me" section. 

Daymond John

Another business plan expert I came across who interested me was Daymond John. He is the founder of the FUBU clothing company, turned angel investor who can be seen on the Shark Tank television series. I found a few posts highlighting some of his insight through another blog by Kristoffer Howes. In the blog I am referencing here, Howes mentions how John stresses the importance of knowing your competition, and gaining insight on your industry and marketplace through in depth research. John says to "do your homework" and learn everything you possibly can about the consumers and competitors that surround your business. He continues, saying that it is also important to include a detailed description of your business, including your products and services, as well as your teams talents and professional abilities that relate to the business.