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Ten Action Steps of Bankable Business Plans- Step 1 8/15/2008 7:46:28 AM
Action Step #1 The Ten Action Steps of Bankable Business Plans
Starting a business and creating an effective business plan both require a great deal of thought before you set pen to paper or fingers to the computer keyboard. To guide you through this process, I have identified ten Action Steps to consider. I’ll show you how you can put each of these to work in creating a persuasive plan for your company. The process of creating a bankable business plan should follow a streamlined, logical path that proceeds from the most general principles to the most specific. Let’s look briefly at each one so you can begin to switch gears from dreaming about your ideal business to turning it into a reality.
Action Step # 1
Define Your Company: What will you accomplish for
others?
Write down all the specific needs your company will satisfy. Potential investors need to know that your business will be meaningful and marketable to people who can use your product or service. So concentrate on the external needs your company will meet. What will your product or service enable people to do better, more cheaply, more safely, or more efficiently? Will your restaurant make people’s palates delirious with new taste sensations? Will your new mouse trap help people capture mice without feeling sick to their stomachs? Will your new bubble gum scented bubble bath revolutionize the way children agree to take nightly baths?
Think of all the positive benefits your company will provide. Write them down. Admire them. Absorb them into your consciousness. Believe in them. These are the primary motivators that readers of your business plan will respect and value.
