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Actual for You - Serious About Writing A Business Plan... Start A Business Plan Library
It’s been proven when somebody makes a buying decision, they do so for one of two opposing reasons:1) Pleasure or Ego: They want to move toward something. This is known as "chance of gain" positioning. Your product or service helps people further their pleasure, realize a passion, or take some action that makes them happy, e.g. a new car; a pair of skis; a book about being successful.2) Pain or Fear: They want to move away from something. This is known as "fear of loss" positioning. Your product or service helps people avoid trouble, risk, or eliminate something that keeps them up at night, e.g. an insurance policy; an accountant; a gun.The best thing about businesses with websites is you can use both of the above appeals to attract them in your sales communication. Both pleasure and pain, ego and fear will motivate them to take action, and that can be a gold mine, because when you figure out what to sell and how to sell it the first time, you can do it again and again!Which reason would you predominantly reflect in your copywriting? Which reason sounds more impactful or relevant to your subject matter? As an example, we know focusing on pain more likely push prospects into buying a health product. Maybe you can come up with 2 versions of a sales copy and have someone read through them and see which one they prefer (although their preferences do not represent the whole market), or you can run both sales copies at the same time and track the results.
The reason I’m writing this article is simple: revenge.I’m striking a blow for productivity, for my ability to outdo my personal best, and to overcome adversity, even if it comes in the form of gremlins placing pebbles in my shoes.There is a creep who is dinging me by assigning one star, the lowest rating possible, to my articles at a particular Ezine site.There are two things that are interesting about this rating:(1) It always predicts that LOTS of readers are going to be attracted to and are going to devour these pieces; and(2) That I’m on the right track, saying something significant, because at least I have a detractor, a critic, someone who, out of jealousy or inverted admiration feels compelled to take me down a peg.And here’s what I do, instantly, upon seeing this rating: I start yet another article!This, by the way, is THE ANSWER to handling sales rejection or negative feedback of any kind that tries to slime or spurn you.Don’t ask, “Why?”Just say: “Next?”Go on to the next prospect and make the next sale, and the poor sap that negated your offer will be blissfully consigned to the dust heap of insignificance.And if he should pop-up again, what should you do?Take it as a good sign, that you’re on the right track. At least you’re in the arena, trying, putting forth your best effort, while he, and the other also-rans are dogging it, while dogging you.In other words, in selling, writing, or in any endeavor, the best revenge is SUCCESS.
Sample Business Plans
Start by gathering sample business plans. Look at the annual reports and S-1s, S-4s, 10ks, or 10Qs filed with the Securities and Exchange Commission (SEC) of companies in your industry. See how they present their case, explain their business, and discuss their industry and competition.
What exactly are these forms and how do you get them? Good question.
These are forms that public companies must file with the SEC in order to register their securities or to maintain the registration of previously registered securities with the SEC. You can find these forms by going to www.sec.gov, clicking on the Edgar database, and searching for a public company in your industry.
The key is to find the most helpful filings. These are the ones labeled S-1, S-4, 10K, and 10Q. They usually contain descriptions of the business, its products, industry, competitors and strategies. Sections that should sound familiar to you if you are planning to write a business plan.
Go to these sections and read how the company presents their business and its products. Look at how they describe the industry and their competitors. I encourage you to read as many filings in your industry as possible. See what the “big guys” are saying, the issues, challenges, and trends they see in the industry and how they’re attacking them.
Be careful though about mimicking what they write. Many of these documents are written in legalese despite the SEC’s protestations and push for plain English. Just remember, you’re doing this exercise to see how other companies have built their case to business investors.
Another approach is to gather and read professionally written business plans of companies in your industry and use them as guides to prepare your plan. Try to avoid generic business plan templates. They're too general and often not worth the investment. Either way. Start filling your business plan library with business plans and registration statements. Keep them close by and refer to them often as you write your business plan.
Strategy
Now, here's a good book to start your business plan library with. It's called: Competitive Strategy by Michael Porter. In this landmark book, Competitive Strategy, Porter shows you how to identify the forces that drive competition in your industry. Learn what moves your competitors are likely to make within it. Competitive Strategy provides a framework for evaluating the competitive alternatives you must consider and for thinking about how to change the rules of the marketplace in your favor. Competitive Strategy is the bible venture capitalist, investment bankers, and business development executives use when analyzing an industry or business venture. I use this book as the centerpiece of my bu
The major part of an estimator’s job obviously is estimating job costs. In the past, doing this manually left marginal room for error. Today, with technology evolving everyday, software has been developed to reduce the chances of input error. The software offers an assortment of different templates that allow you to enter your costs, inventory and even profits. This allows you to give a more accurate estimate without leaving the jobsite. With this software, what used to take hours and even days to complete can now be completed in a fraction of the time. The software programs can be learned in a short amount of time, and are made so even those who are computer illiterate can learn them.Estimating software allows your business to operate on a higher level by making it look more professional. You are able to estimate jobs faster and more efficiently. Your business will have the appearance of stability and competence. Changes on a jobsite occur often, and in the past, when the changes occurred, it would cause the estimator large amounts of stress adding or subtracting from the estimate. With estimating software, the estimator can adjust the estimate with a few clicks of the mouse within minutes. This saves a lot of time. You can make the changes right on the jobsite and print them out for the customer to sign. It is just that easy.There are several software programs on the market today to assist you in estimating your project. However there are few features that the software must have in order to give an accurate estima
What exactly are these forms and how do you get them? Good question.
These are forms that public companies must file with the SEC in order to register their securities or to maintain the registration of previously registered securities with the SEC. You can find these forms by going to www.sec.gov, clicking on the Edgar database, and searching for a public company in your industry.
The key is to find the most helpful filings. These are the ones labeled S-1, S-4, 10K, and 10Q. They usually contain descriptions of the business, its products, industry, competitors and strategies. Sections that should sound familiar to you if you are planning to write a business plan.
Go to these sections and read how the company presents their business and its products. Look at how they describe the industry and their competitors. I encourage you to read as many filings in your industry as possible. See what the “big guys” are saying, the issues, challenges, and trends they see in the industry and how they’re attacking them.
Be careful though about mimicking what they write. Many of these documents are written in legalese despite the SEC’s protestations and push for plain English. Just remember, you’re doing this exercise to see how other companies have built their case to business investors.
Another approach is to gather and read professionally written business plans of companies in your industry and use them as guides to prepare your plan. Try to avoid generic business plan templates. They're too general and often not worth the investment. Either way. Start filling your business plan library with business plans and registration statements. Keep them close by and refer to them often as you write your business plan.
Strategy
Now, here's a good book to start your business plan library with. It's called: Competitive Strategy by Michael Porter. In this landmark book, Competitive Strategy, Porter shows you how to identify the forces that drive competition in your industry. Learn what moves your competitors are likely to make within it. Competitive Strategy provides a framework for evaluating the competitive alternatives you must consider and for thinking about how to change the rules of the marketplace in your favor. Competitive Strategy is the bible venture capitalist, investment bankers, and business development executives use when analyzing an industry or business venture. I use this book as the centerpiece of my b
I recently had an individual who asked me to give him a detailed critique of his resume. In doing so, I found myself giving him the most important rules for writing a good resume. You might want to use this same technique to review your own resume.His resume started with an Objective that said, “To grow professionally and broaden my horizon as a Pharmacy Technician”. This is not very different from many other resumes, regardless of the position they are seeking. What does it tell an employer? Only that they want a job. Don’t you think the employer who is holding their resume already knows that?Next he lists his job experience as so:2005 to Present - Acme Studio – Chicago, IL Pharmacy Supervisor Coordinate and monitor employees’ duties such as supervising cycle medications for skilled facilities. Ordering, receiving and distributing pharmaceuticals and DME supplies. Maintaining the resolutions of pharmacy errors and resolving pharmacy conflicts.So what does this tell an employer? Only that he had a job as Pharmacy Supervisor. Then it lists the basic job duties of that role. It then goes on for 4 more jobs and lists the job duties of those positions.Isn’t it obvious that an employer would know the basic job duties of these positions? So what has the candidate conveyed. In short, he has said, “I want a good job and I have held these positions.” Not a very compelling message.An employer wants to know the skills and experience you can offer them. So inste
Go to these sections and read how the company presents their business and its products. Look at how they describe the industry and their competitors. I encourage you to read as many filings in your industry as possible. See what the “big guys” are saying, the issues, challenges, and trends they see in the industry and how they’re attacking them.
Be careful though about mimicking what they write. Many of these documents are written in legalese despite the SEC’s protestations and push for plain English. Just remember, you’re doing this exercise to see how other companies have built their case to business investors.
Another approach is to gather and read professionally written business plans of companies in your industry and use them as guides to prepare your plan. Try to avoid generic business plan templates. They're too general and often not worth the investment. Either way. Start filling your business plan library with business plans and registration statements. Keep them close by and refer to them often as you write your business plan.
Strategy
Now, here's a good book to start your business plan library with. It's called: Competitive Strategy by Michael Porter. In this landmark book, Competitive Strategy, Porter shows you how to identify the forces that drive competition in your industry. Learn what moves your competitors are likely to make within it. Competitive Strategy provides a framework for evaluating the competitive alternatives you must consider and for thinking about how to change the rules of the marketplace in your favor. Competitive Strategy is the bible venture capitalist, investment bankers, and business development executives use when analyzing an industry or business venture. I use this book as the centerpiece of my b
With specialized training under his or her belt and walking papers in hand, how does an individual, who spent so many years in the military, adapt to civilian life?Acquiring a franchise may just be the solution. Franchising draws on parallels founded in all arms of military branches, with a strong work ethic and discipline being significant shared traits.Successful franchisers have proven operating systems established, and in turn, search for franchisees to carry them out. Numerous military veterans have found franchised businesses to match their skills, and some exceptional programs are in place to enable veterans to pursue business ownership.The Veterans Transition Franchise Initiative is one such program. Known as “VetFran,” this voluntary discount program was designed to help former military personnel become small-business owners. As of Sept. 1, VetFran has enabled 612 veterans to acquire small businesses, compared to 385 a year ago, and more than 150 veterans are currently considering franchise purchases.In recognition of franchising’s wide variety of business concepts and sizes, the program allows each participating company to determine its own financial incentive. Typically, VetFran participants offer discounts of their initial fees, which make franchises more accessible to these first-time buyers. The only requirements established by the association are that participating companies be current members of IFA and offer the incentives to honorably discharged veterans. The association does not rece
Another approach is to gather and read professionally written business plans of companies in your industry and use them as guides to prepare your plan. Try to avoid generic business plan templates. They're too general and often not worth the investment. Either way. Start filling your business plan library with business plans and registration statements. Keep them close by and refer to them often as you write your business plan.
Strategy
Now, here's a good book to start your business plan library with. It's called: Competitive Strategy by Michael Porter. In this landmark book, Competitive Strategy, Porter shows you how to identify the forces that drive competition in your industry. Learn what moves your competitors are likely to make within it. Competitive Strategy provides a framework for evaluating the competitive alternatives you must consider and for thinking about how to change the rules of the marketplace in your favor. Competitive Strategy is the bible venture capitalist, investment bankers, and business development executives use when analyzing an industry or business venture. I use this book as the centerpiece of my b
What an amazing process! Light, reflected off different surfaces, passes through the eye's cornea and pupil, then forms an image on the retina at the back of the eye which the brain then translates and registers as a colored object. This in turn stimulates the optical nerve system.Colors have varying wavelengths. Reds, oranges, yellows have long wavelengths. Green is neutral. Blues through to violets have short wavelengths. The long wavelengths stimulate and energize us, the short wavelengths calm and slow down.As an illustration of color psychology in practice, walk into a predominantly red room and you will experience an increase in pulse and heart rate. Walk into a blue room and you begin to feel calm and at peace as your heart and pulse rate slow down.Conclusion: Color does things to you - either negatively or positively depending on the circumstances you are in.In view of this, how important that we at least gain a rudimentary understanding of color psychology and what colors do to us so we can employ them to work for us. When it comes to image building and business, color psychology can make a huge difference.If you run a web site dealing with serious business matters, you don't want a color scheme which evokes images of leisure and youth. On the other hand, if you are marketing entertainment or leisure products, you don't want a site which produces a heavy corporate image. The color scheme should COMPLEMENT not CONTRADICT your image.So what is the first step in making col
Opening your mind to strategic alternatives is a creative process. You can never have too many books on strategy in your business plan library. Read as much as you can to learn why some companies can sell their products more cheaply than others. Why others provide the best products...products that are just far superior to their competition. And, why some companies just always seem to provide unmatched service.
Fill your business plan library with business books that inspire, challenge and answer these questions. Read. Read. Read. And, study too. Find out how some companies are reinventing competition in their markets and obtaining funding while others are seemingly oblivious to the changing world around them.
Michael Treacy and Fred Wiersema set out to find answers to these types of questions in their book The Discipline of Market Leaders. Although the authors won't appreciate this comment, I found the underlying fundamentals in The Discipline of Market Leaders to closely parallel those laid out by Porter in Competitive Strategy. Perhaps that's why I like it so much. The difference, however, is that they present their material in a less academic, more engaging way. And, they provide excellent case studies that are sure to generate many aha's! The Discipline of Market Leaders will make you think about what it is your company or new venture does better than anyone else; what unique value do you provide to your customers? How will you continually increase that value? If you can't easily answer these questions about your business, The Discipline of Market Leaders is required reading and a must for your business plan library. The business owners and entrepreneurs that can answer these questions are not only raising the value bar in their industries, they're raising capital for their businesses!
Finance and Economics
Be sure to keep your business plan library well balanced...
Let me give you a sense of that balance. First is finance and economics. We all have got to have a sense of how to make money...the universal laws of business success, no matter whether you are selling fruit from a stand or running a Fortune 500 company. Finance and economics are the basic building blocks of business. Your business plan library needs a few books on the numbers. When you understand the basics of finance and economics its possible to bringing th
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