R. Shawn McBride recently spoke about business plans.
Hi folks, Shawn here, talking about business plans, and how do we form Business Plans that really work? How do we make great ones and what form do we use?
Well, here’s the truth, in a lot of ways, it really doesn’t matter what form you use. You know, I start a lot with public company forms, because they are blessed by the SCC, they have certain levels of disclosure that are great. I think they are a wonderful starting point, the SBA also has forms. What you’re really looking for is to communicate what your company is to others.
So, you really need a good base, you want to understand yourself, your business, and your processes. From there, we can evolve a business plan, you’re probably going to want to work with somebody who has done business plans before because just like a partnership agreement, it doesn’t really lend itself to any one form, a business plan doesn’t lend itself to any one form. There might be a check list of things you want to include in every business plan, and we could run through that sometime, but you want to know Company Name, where it was formed, who’s managing the business, what the risks are, where the revenue sources are, and the current income statement. A lot of inclusions, these are very, very detailed documents, but you also want to tailor it to your business, and you want to hit the right tone.
You need to understand what the audience of your business plan is. Maybe it’s a banker, maybe it’s a potential investor, maybe it’s just an internal working document. Each is going to have a different level of detail, and different inclusions and a different feel to it. You really want to fine tune it, you want to get somebody on your team who’s seen a lot of business plans and who knows how these tweaks go. Then you really want to build something that’s custom to you, that explains who you are, where you’re going, but that is also realistic about the risks and uncertainties. Good investors and good bankers know there are risks in business and when you’re aware of those risks, they know that they are safer. Better to put the risks in there, and show others your knowledgeable, than to lose an investor or an opportunity. It’s really, really tough stuff.
Thank you for taking the time for this, I know it’s hard to think about these things, business plans are difficult and overwhelming. This is how the first building block on the details of really how to build a good business plan.
Check out McBride for Business for other videos that will help you. Become part of our community of R. Shawn McBride fans and audiences on the Facebook page. We’d love to have you there, help you out. Get your business valuation check list at mcbrideforbusiness.com. I would really, really enjoy working with your organization to do more.
Check me out at yourbusinessspeaker.com. Love talking to audiences, either as keynotes or as trainees, even do one on one coaching for some custom packages. Really, really we can do a lot together, let’s work on it. I’m R. Shawn McBride, I’m signing off, but I’ll be talking with you again, very soon.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Odan Jaeger.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.