Summary: Today we are going to talk about 3 Steps to Writing an Effective Business Plan that Inspires Action. The idea of starting your own business can be exciting and inspiring, but for most small business owners, writing an effective business plan is not considered an exciting part of starting the process; therefore, many choose not to create one. Traditional business plans can be very dry and uninteresting, so you are about to learn how to create an effective business plan that not only gets you excited, it will inspire you, and others, to take action. The length and details of an effective business plan will be determined by the type of business you’re creating. The key is to create not just another business plan, but an effective business plan that inspires you, and others, to take action. First, let’s get clear on the essentials components of an effective business plan: -Executive Summary -Market Analysis -Company Description -Organization & Management -Marketing & Sales Management -Service or Product Line -Funding Request -Financials -Appendix Part 1: Executive Summary The executive summary is the most important component of an effective business plan because it will be the first thing the reader sees. This is where you’ve got to grab the reader’s attention and inspire them to support your vision through your mission statement. Provide a history of your company, its current standing, and future vision. Part 2: Market Analysis This is your opportunity to shine and highlight your knowledge of the industry. This will also be where you will identify your target market and what you know about them. Part 3: Company Description Keeping it brief, describe how all the elements of your business fit together. Be sure to clarify the marketplace need and how your company is poised for a competitive edge. Part 4: Operation and Management In this component, include your business’s organizational structure, details about ownership, and profiles of your management team. A key factor in this section is to clarify what kind of incentives and bonuses will be provided to keep your staff motivated and employed. Part 5: Marketing and Sales Management Use this section to share your vision for getting and growing your customer/client base - as they will be the lifeblood of your business. Part 6: Service or Product Line Here is where you will want to focus on the distinct advantage your product or service has over the competition. Be sure to carry your passionate message throughout this section and back it up with concrete data. Part 7: Funding Request A vital component to an effective business plan. Clearly define the amount of funding you are requesting and long-range strategies that could impact your ability to repay the funding. Outline best and worst case scenarios and back up your request with financial statements. Part 8: Financials This is where you will include financial documents to justify your statements in previous components. Part 9: Appendix This is where all additional documents will be placed for the reader on an as-needed basis. Now that we’ve clarified the essential components of an effective business plan, let’s discuss how to write an effective business plan that inspires action: 3 ACTION STEPS: 1. Create a compelling story 2. Voice your passion and inspiration 3. Be confident Create a Compelling Story Writing a compelling story will be the factor to inspire action; this is what you will want to focus on in the executive summary. Obviously, the purpose is to inspire venture capitalists or a bank to fund your vision, but you can also use it to inspire your own motivation to drive the success of the business. Be as heartfelt and passionate as you can when sharing your mission statement and the vision of the company, because it will be that sincerity and passion that will create empathy from the reader. Whatever your vision for the future of the company, take it one step further and thin
