Adding to the financing challenge is the plethora of high-quality companies, both public and private, in which investors can choose to invest. In this environment, more and more investors are asking companies seeking capital the question "Why You, Why Now"?
The question seems simple at first, but has many complexities. The management team must clearly delineate what it is about the business opportunity that makes it such a good investment now. Should this investment have been made a year ago to cement a market leadership position? Or, is the venture before its time - will slow market adoption cause slow sales over the next few years, and as such, should the investment wait. Questions like these, based on investment failures from the past few years, continue to surface and must be addressed by the management team in their business plans.
Likewise the team must address what it is that makes them uniquely qualified to succeed. Does the team have proprietary (and protectable) technology, management talent and experience that competitors do not, long-term strategic partners? According to Growthink president, Dave Lavinsky, "Management teams must prove to investors why they are unique and why they will succeed. They can't just state how wonderful they are - they need to prove it through detailing past successes and unique qualifications."
A business plan that fails to address the "Why You, Why Now" question, is most likely a business plan that will remain in the stack of "not now" business plans. Business plans must present a compelling argument as to why the investor should invest and in our fast-paced world with unbelievable opportunities and opportunity costs, why investors should invest now.
Work Your Home Based Business Idea in Three Easy Steps
Create a Business Plan first
The primary necessity is to get a perfectly designed plan of action for a genuine business. A business plan on its own is useless. It is a mere reflection, but it will not suffice you also need an action plan. A business scheme is the first step in working out your idea into actions that you can follow. Well-illustrated business plans can be found online or at your library.
Begin now
? Do not be afraid of failure. Remember failure is the first stepping stone to success, if this home based business idea does not work out for you now do not let this deter you. Always remind yourself of the spider when you feel like losing hope.
? Do not let that wonderful home-based business idea gather dust. Start today.
? Waiting for the right time to start your business might make success elude you forever. If there is any specific right time, it is right now. Do not waste your precious time.
?
Put a figure on it
This is the greatest stumbling block for most home-based business owners. That is, they fail to evaluate their work. If you do not give proper attention to this, you may have to wrap up your business. You need to know that real figures and numbers are needed for you to stay in business. If this is not your agenda of work, you are probably going all wrong.
Large businesses usually set up balanced scorecards. The idea is to have a referring point to compare how successful your work is. For example, to get five customers in one month you could settle on free seminars but if you see that your plan is not getting you five clients, you need to reassess your plan. Change of plan prevents waste of energy and resources.
Entire contents copyright ? 2005 Morpheus Institute.
Example Of Business Plan
But, to be successful in business, you need to have a plan in place. The good news is you don't have to write a formal (bank-friendly) business plan to keep your business on track. In fact, until recently, I used my self-made "sticky note business plan" to keep track of my business goals and plans.
The "sticky note business plan" is a simple and fun tool you can use anytime, any place to keep your business pointing in the right direction. Here are a few simple steps to get you started:
1. Gather Your Planning Supplies. Thankfully, you won't need fancy computer software, or heavy reference books to write your plan. All you'll need is a wall, six poster boards, three pads of sticky notes, scotch tape, a note pad, a Sharpie marker and a pen. It'll also help to have a quiet place and a few hours of time to enjoy this process. You may even want to light your favorite candle and play some relaxing music.
2. Lay Out Your Plan. Tape the six poster boards up on the wall. Once the boards are up on the wall, grab your notepad. Sit down for a few minutes and quietly think about the aspects of your business you want to plan. For example: do you need to design a new product or event, do you want to create a marketing plan, do you need a timeline plan for the next 3 years of your business, or is it time to plan the launch of a new service?
Use your notepad to collect all of your ideas and decide on the six main categories you want to include in your plan. Next, write each category on six separate sticky notes using your Sharpie marker. Then, stick one note on the top center of each poster board... so each board is labeled for one of your six topics.
3. Download Your Ideas. Here comes the fun part. Get your pen and sticky notes and begin to write down every single idea that comes to mind for each category. Don't edit or censor any ideas. Simply write them down and stick them on the poster board for that category. Try to stay with one category at a time as best you can. But, if other ideas keep coming to mind, write them down and pop them on the appropriate poster. Let the ideas flow and enjoy the process of getting everything on paper.
4. Organize Your Ideas. So, now that your ideas are on the poster boards, begin to organize them. Look for themes, sequences, and categories of items. Physically move the sticky notes on the poster board to group ideas together. Sometimes I'll organize ideas by timeline, sometimes I'll organize by concept... you can organize them in the way that makes sense to you.
5. Put It All Together. Now, step back and take a look at your whole plan. After going through this process, you may discover some items need to move higher on your priority list; while other ideas may need to be dropped from your plan completely. The right things to do (and the order in which to do them) will surface now that you have the whole plan in place. Next, rearrange the posters so the highest priority plan is at the left side of the wall and the lower priority plan is to the right side of the wall. Finally, transfer your highest priority tasks to your calendar to make sure you begin executing your plan.
6. Keep Going. As you make progress with your plan, continually re-evaluate where you are... and keep moving forward with your projects. Personally, once I complete a concept from one of my poster boards, I remove the sticky notes so I can visually see my progress and all that I'm accomplishing. You may enjoy doing the same thing.
Now that you know how to write your "sticky note business plan", you'll discover it's actually FUN to work on your plan. And, it's a huge asset to your business.
Both Parveen Kumar & are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
has sinced written about articles on various topics from . . 's top article . Bookmark to your Favourites.
Benefits Of Energy Drinks Therefore, energy performance certificates for business allows an adequate assessment of the energy hazards that the business might procure on the establishment of its business