Sunday, April 10, 2016
"The Experts Views on the Value of Business Plans"
The first expert I am choosing is Tim Berry. He is an American entrepreneur and published author. His background starts off in Mexico City in 1971 where he worked for United Press International and then McGraw-Hill and then Businessweek for five years. After a few years he ended up going to Stanford business school and worked for Creative Strategies International where he began creating his own business planning software. After graduation he started his own consulting company working with companies such as Apple Computer, Lotus Development Corporation, Hewlett-Packard, and many others. His company’s main focus was dealing in Latin America. His company started out selling out business plan templates along with his consulting. In 1994 he teamed up with programmers to create and release the first business plan pro software. Now learning from Tim Berry, he created a system that makes the absolute sense. Everything you would need that investors are looking for. He call’s this system the Lean Business Plan which makes sense. Time have change and you have to change with it. The main objective is really about optimizing your life. There are four major components, setting strategy, tactics, concrete specifics, and plan for cash flow. Setting the strategy is defining a specific focus and how it relates to your business identity. The tactics come down working on the core of the business plan which revolves around the financial plan, marketing and product plans. The concrete specifics is basically the scheduling on when different milestones of development are started and completed. Finally planning for cash flow you are dealing with sales forecast , spending budget , and cash flow. All of these in a business plan will show the investors how detail and prepared you are which they are looking for especially if they are giving out there money. Nothing is guaranteed but they need to have some sense of comfort ability. Finally when all is said and done you will want to review and revise as many time that is needed to improve your chances for financing and to keep a clear and sound mind of what you are doing. The second expert I chose was Pamela Slim. She has a unique approach on starting and dealing with business plans. She is an award winning author, speaker and business strategist. She has been an entrepreneur for the past eleven years. Her clients have been from huge corporations to brand new startups. Her client list has been Hewlett-Packard, Charles Schwab, and Cisco Systems to name a few. She currently runs her own blog and is the CEO of her company Ganas Consulting LLC. As researching Pamela’s blog “Escape From Cubicle Nation” I came across her post about business plans. The title of the post is called “Before You Create Your Business Plan, Create Your Life Plan”. After reading this it makes complete sense. Little do some people know that investors also look at the background of the people who are requesting their funds for their business. In summary of the blog its spells out the fact of knowing your surroundings and where you at in your particular stage in life can indeed effect your business. Planning out your life and being aware of certain situations can save you lots of trouble when dealing with the intricate parts of your business plan. Having clarity plays a big role in creating a business plan. Reference: http://timberry.com https://www.linkedin.com/pulse/use-lean-business-planning-get-what-you-want-from-your-tim-berry?trk=mp-reader-card https://www.linkedin.com/in/timberry/ https://en.wikipedia.org/wiki/Tim_Berry_(entrepreneur) https://www.linkedin.com/in/pamelaslim authType=NAME_SEARCH&authToken=JDp3&locale=en_US&srchid=1142742631460376607016&srchindex=1&srchtotal=1&trk=vsrp_people_res_name&trkInfo=VSRPsearchId%3A1142742631460376607016%2CVSRPtargetId%3A709412%2CVSRPcmpt%3Aprimary%2CVSRPnm%3Atrue%2CauthType%3ANAME_SEARCH http://www.escapefromcubiclenation.com/2006/05/19/before-you-create-your-business-plan-create-your-life-plan/ http://pamelaslim.com/about/