Page 52 - Business Plans that Work A Guide for Small Business

3 GETTING STARTED

erhaps the hardest part of any business planning process is get-
ting started. Compiling the data, shaping it into an articulate story,
Pand producing the finished product can be daunting tasks. That
being the case, it is best to use a stepwise approach to business planning.
First, write a 25-word statement of your current vision. This provides a
roadmap for you and others to follow as you start the planning process.
Once the team agrees on the vision, expand it into a short summary of
five to six pages. This expanded summary provides details and gives you
momentum to start attacking major sections of the plan.
Although all of the sections interact and influence every other section,
it is often easiest for entrepreneurs to write the product/service description
first. This is usually the most concrete component of the entrepreneur’s
vision. Keep in mind, however, that business planning isn’t a purely se-
quential process. You will be filling in different parts of the plan simulta-
neously or in whatever order is dictated by new information or makes the
most sense in your mind. Finally, after completing a first draft of all the
major sections, it is time to come back and rewrite a shorter, more concise
executive summary (one to two pages). Not too surprisingly, the executive
summary will be quite different from the original summary because of all
the learning and reshaping that the business planning process facilitates.
As you begin this task, perhaps the most important thing to consider
is that the business plan is a “living document.” Although your first draft
will be polished, most business plans are obsolete the day they come out
of the printer. Thus entrepreneurs are continuously updating and revising
their business plan since the entire context is constantly changing. Can
anyone tell you who all your competitors are today, let alone in a month?
Again, the importance of the business plan isn’t the final product, but the
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