Paul Tiffany - Business Plans For Dummies

Ouch; you may get burned unless you heed these warnings.

Don’t forget these timely tips about business plans.

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In addition to the material in the print or e-book you’re reading right now, this product comes with some access-anywhere goodies on the web. Check out the free Cheat Sheet for info on the elements of a business plan, a checklist of planning essentials, and much more. To get this Cheat Sheet, simply go to www.dummies.com and search for “ Business Plans For Dummies Cheat Sheet” in the Search box.

Take a minute or two to thumb through the book and get comfortable with what’s inside. Pick out a couple of chapters whose topics you’ve pondered in the past but never had the time to dive deeper. Better yet, turn to a chapter that covers a subject you think you already know about. Or if you’re really daring, just turn the page and start at the beginning.

Don’t forget to use the table of contents for a chapter-by-chapter breakdown. The index is also an excellent place to turn to find a specific topic right away. Meanwhile, good luck and may your business dreams come true!

Part 1

IN THIS PART …

We start by looking at what a business plan is all about. We convince you of the importance of a plan, just in case you’re still undecided.

After you’re sold on the idea, we identify some really useful planning resources. And to help you get your own plans underway, we outline a planning process for you and review the major pieces of a business plan.

We point out why values and ethics are so important to your company and show you how you can make practical use of them in your planning. We look at how a vision for your company gives you something to aim for and a direction to take.

Finally, we look at how to establish a mission for your company and develop effective business goals and objectives to fulfill that mission.

Chapter 1

IN THIS CHAPTER

Getting your planning resources together

Figuring out who needs to work on the plan

Laying down some planning ground rules

Checking out what the written plan looks like

Planning is serious business. For many companies, a solid business plan is the difference between success and failure. Many people going into business for the first time want to rush right in, create a website or hang up a sign, and start making money — a natural response for anyone excited about a new business idea. But taking time up front to prepare can pay off in many ways down the line, especially when it comes to writing a business plan. And face it: After your company is up and running, you may not have all the time you need to devote to the major pieces of your plan. So, first lesson learned: A business plan is not an expense of either time or money; it’s a necessary investment for a profitable future!

But all that being said, we also want to make something else abundantly clear to you: We live in volatile times! In fact, it’s hard to find anything in the recent past of business and economic life that hasn’t been as disruptive as the present — a revolution in communications technology, globalization, a potentially “new world order” emerging, financial market gyrations, artificial intelligence (AI) and robotics, breakthroughs in neural science, environmental disasters, and on and on. So how can you plan when who knows what might come next?

Fair question. But before you get started on this admittedly lengthy journey, we want to let you in on a little secret: Planning is not about prediction. Nope. What it’s actually about is a rational process of understanding — your market, your customer, your competitors, your organization, and yourself. That is, serious planning forces you to consider exactly and precisely what’s going on out there today. Where you go after that all depends; some things do have a higher probability of occurring than others. But by knowing the realities of the present, you are going to be far better prepared to quickly pivot when those pesky unknowns pop up — and trust us, they will. They always do; that’s life.

So put aside any starry-eyed thoughts you might have about this book being your magical little crystal ball to gaze into the future. It isn’t. But it is your realistic guide to comprehensively analyze a potential business venture and undertake a deeply detailed review of what needs to be done to get that venture off the ground. And if something totally unexpected jumps up to bite you? By rigorously internalizing what we cover in this book, you’ll be far better prepared than anyone else to respond quickly and proactively to get back on the road to success. That, dear reader, is our solemn commitment to you. Now let’s buckle up and get started!

Having the right resources at the right time can make business planning easier and more successful. Fortunately, you can now find more useful and usable business-planning resources than ever before, from websites, books, seminars, and real, live experts. Of course, you may also find plenty of stuff that isn’t worth looking at — much less paying for. And just as you can’t always judge people by their resumes, you can’t evaluate a site simply by its likes.

As you begin to put together your business plan, you may discover that you need some additional tools — an online tutorial in marketing, for example, or business-planning software that can help you create and refine your written document. Don’t be afraid to use these — they can help!

But let’s also recognize the obvious: You are the single best resource for your business planning efforts — your creativity, persistence, and willingness to dig in and do the heavy lifting. No pain, no gain.

Obviously, you’ve already selected one of the best hands-on business-planning sources around (all right, the best, in our humble opinion). But admittedly, you can also find other useful business-planning tools out there — particularly ones that concentrate on specific areas, such as how to do digital marketing, the ins and outs of start-up financing, or others that focus on particular kinds of businesses, such as not-for-profits or selling on eBay. Hey, we even have a slew of these alternative sources available within the For Dummies series — check ’em out!