Released on: March 29, 2008, 12:21 am

Press Release Author: For More Free Resources visit www.oversightsystem.com

Industry: Management

Press Release Summary: Investors, like the rest of us, have different tastes. One
investor may love a concept and/or business plan while the next may hate both. It is
important to understand this as business plans are working documents and are always
undergoing iterations.


Press Release Body: Investors, like the rest of us, have different tastes. One
investor may love a concept and/or business plan while the next may hate both. It is
important to understand this as business plans are working documents and are always
undergoing iterations.

Management teams must not rush to incorporate each potential investor’s comments.
Instead, have several investors, partners and other business colleagues review the
plan and provide feedback. Then incorporate common concerns and probe other comments
to determine if they are valid.

Always try to understand the rationale behind an investor’s comments. For instance,
an investor may poke holes in a business plan if it doesn’t have enough funds to
fully fund the opportunity. In this case, the investor’s criticism is solely for
them to save face.

However, if you are hearing the same feedback from multiple investors, it is
probably valid. In such cases, be humble. Tell investors that you appreciate their
feedback and modify your strategy and plan appropriately. You may then be able to
re-approach these investors with great success.

Many investors have significant operating and investing experience and can quickly
and expertly find potential flaws in a business plan. Seek out investors who have
such experience, and be open to their suggestions. Just don’t take one point of
feedback and blindly follow their advice. It is also important to note that even the
most successful and largest public companies have Boards that provide similar
feedback and advice, so don’t take criticism and feedback as a sign that something
is wrong with your venture. Rather, use it as a launching pad for an even stronger
business.
Is It Necessary To Have a Business Plan?

Are you planning to start a new business? Or are you considering expanding your
current business and require a bank loan or investment from outsiders?

If you are going to look for an investment of capital it is quite likely that you
will be required to have a business plan. If you are starting a business, despite
the work involved, a business plan can prepare you for the obstacles ahead and help
ensure your success.

A business plan is something that many small businesses fail to create, however,
many business owners are adamant that having a written business plan is one of the
keys to their present success. Creating a business plan forces you to contemplate
possible obstacles to your business and prepares you to find solutions that will
help you to overcome them.

To find investors or get a bank loan, they will want to see that you have the
experience or resources to run the business. They will want to see your projected
income as well as your suggested repayment plan already laid out. Taking the time to
do this is not only important for them, but it gives you a measuring tool to verify
if your business is growing properly. You can gage your success on how close to the
plan your business has actually performed. Perhaps you\'ll do worse, or perhaps
you\'ll do better, either way it helps you determine how well your business is
getting on.

If you have never seen a business plan before you may be concerned that is too
difficult a proposition for you to manage on your own.

While there are services available where you can hire someone to write a business
plan for you, depending on your needs it may be wise to familiarize yourself with a
business plan\'s layout. This will not only help you to provide the necessary
information, but may encourage you to try your own hand at it.

There\'s a free tool at www.bdc.ca which will assist you in creating a business plan.
Some of the topics you will be required to explain are your Market, Customer,
Competition, Marketing Plan, and Research & Development along with financial
forecasts. You may consider hiring someone to help you with your financial sheets
after completing the written part of the Business Plan.

Your Business Plan will become your guide and silent business partner - indicating
where you need to improve and helping you stay one step ahead of your competition.
Make it a priority to have this crucial road map for your business.


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