Or perhaps the Business Non-Plan.
Whichever it is, it’s not the standard 25 to 100 page bound tome that passes for business plans these days.
It’s quick. It’s nimble. It responds to the ever-changing business environment. Most of all, it demonstrates your leadership and your creativity.
I’ve been a business plan writer/researcher most of my career. But I have a real love-hate relationship with business plans.
On the one hand, there is a certain amount of information that investors and lenders need.
On the other hand, most businesses carry the “business plan” concept way too far. It has become a boring, predictable bunch of words. Period.
What your business needs to stand out in this mountain of paperwork is to find a way to present the information needed, but to do in such a way that it truly stands out. For instance, how about:
- A printed document formatted like a PowerPoint presentation, with bullet points and graphics, and even – YES – color. Lenders and investors would be truly grateful for your brevity, and for the interest value.
- A looseleaf binder with the basic information, then a pocket for a CD with a short video showing you and your team in action. There is just no better way to connect than via voice and image – the printed word just isn’t there yet.
- A dynamic interactive website to highlight important aspects of your business development. This would be a website build just for potential investors and lenders, not for the general public.
There was a story on the TV show Sixty Minutes a few years ago about a woman starting up her own advertising firm. How did she get her funding? She told the banker to call any advertising firm in the city and ask them what they would pay her in annual wages IF they could get her. Then she asked the banker to give her that much in a loan to start her own business. Well, her talents were worth a lot, and she got enough to start her own business.
The object is not to get rid of the business plan concept, but to present the information in a manner that is distinctive and informational.
And there are times when there just isn’t enough time to put together a full traditional business plan. How about when you meet a potential investor unexpectedly? Or when you are casually talking with your banker and mention that you are thinking about asking for an expanded line of credit? Or you have just found the perfect location for your business and need to impress the building agent with your professionalism and potential?
No one expects a full business plan in these circumstances. What they do expect is a prompt presentation of necessary information, presented as completely and as creatively as possible.
Keeping your informational materials nimble enough – and creative enough – to meet these kinds of circumstances sets you apart as an exceptional entrepreneur.
MaryAnn Shank is a highly respected industry pro. Her site BusinessPlanMaster.com presents tools, advice, worksheets for creating business plans and developing your business, with particular emphasis on tools for women and minorities.
