The Standout Business Plan: Make Irresistible- and Get the Funds You Need for Your Startup or Growing Business

Abstract

The Standout Business Plan: Make Irresistible- and Get the Funds You Need for Your Startup or Growing Business Vaughan Evans and Brian Tracy AMACOM , 2014 270 pages (including appendixes), $17.20 (Soft cover)This book is an easy read that will put the purpose of writing a business plan into perspective. The reality is that many of us have product or business ideas, which friends and family may think would be a great business ventures, but attaining financial backing requires more than just the trust and praise of our family and friends. A standout business plan can make the difference when asking an investor or bank for funds. The authors write this book from the perspective of a backer and offer a guide to writing a standout business plan!The Standout Business Plan: Make It Irresistible- and Get the Funds You Need for Your Startup or growing Business is composed of 10 chapters and an epilogue, which is followed by very useful appendixes. The authors divide the book into four sections: Chapter 1 looks that what the reader needs to do before writing a business plan (purpose, research, and organization). Chapters 2-9 coincide with each chapter of a business plan (the business, market demand, competition, strategy, resources, financials and forecasts, risk opportunity and sensitivity, and conclusion and executive summary). Chapter 10 focuses on monitoring and evaluating that needs to be done after completing and utilizing the business plan. The appendixes at the end of the book are guides designed to help the reader with the process of writing a standout business plan.The first section, Chapter 1, focuses on the groundwork that needs to be done before starting to write a business plan. The authors make the point to cover the fact that not all business plans are alike, and that it is important to understand why one needs a business plan: what is the purpose of the needed business plan. The first section of the book looks at business plans written for eight main purposes: for a startup, for raising equity finance, for raising debt, for board approval, for a joint venture partner, for sale of the business, for differentiating from a project plan, or for use as a managerial tool.A great characteristic of this book is that the authors are able to create a guide that is not intimidating and speaks to both people with and without a business education. It reduces intimidation by providing from the beginning a good idea of what a business plan is supposed to look like, depending on why the plan is being written. The authors make a point to stress the importance of proper research and organization in order to compose a standout business plan.The second section, Chapters 2-9, focuses on the content of the business plan. Chapter 2 focuses on The Business and the importance of introducing the backer to the essence of the business: who you are, what products or services are offered, the target market, location of the company and where the product is sold, and any successes experienced. Chapter 3 concentrates on Market Demand. This chapter explains both the need and importance of providing backers with accurate information about who the buyers of the product or service are and how much they are willing and able to buy at the prices offered. The authors state the importance of identifying a target market and understanding their purchasing behavior as well as risks and opportunities. Chapter 4 looks at Competition. It is important to understand who your competition is, which is not always easy to answer. …