3.22.2012

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

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