The Business Plan

Introduction
Planning is a process of determining the organizations objectives and deciding how to accomplish them. Thus, planning involves:

Identification of goals and objectives Formulation of strategies to achieve them Arrangement or creation of the means required Implementation, direction and monitoring all steps in their proper sequences

Introduction

Planning is a continuos process that never ends for a business. It is important both in the early stages of any new venture when the entrepreneur will need to prepare a preliminary business plan as well as in the stages when the venture evolves from an early start-up to a mature business when management seeks to meet its short-term or long-term business goals.

Types of Plan
There are three general types of plans for meeting objectives: Strategic Plans Describes the overall directions and targeted outcomes required to achieve the organization's mission. It requires the organization to take a longer- term (three to five years) perspective. Tactical Plans Describes the overall activities, measurable outcomes, responsibilities and targeted completion dates required to succeed during a relatively short period of time (such as one year). Operational Plans Describes the actions of individuals, work groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic

Types of Plan
Even though they may serve different functions, all of these plans have one important purpose To provide guidance & structure to management in a rapidly changing market environment.

Business Plan - Define

A written statement that describe the rationale for the enterprise and a step by step explanation of how it will achieve its goal. The business plan is a written document prepared by the entrepreneur that describes all the relevant external & internal elements involved in starting a new venture. It is often an integration of functional plans such as marketing, finance, manufacturing & human resources. It also address both short-term & long-term decision making aspects. In short, a business plan should answer such questions as these: What do I want & what am I capable of doing? What are the most workable ways of achieving my goals? What can I expect in the future?

Business Plan for New Business

In starting a new venture, the pivotal step is to prepare a business plan, which calls for entrepreneurs to anticipate

The potential market for products or services The potential costs of satisfying that market The potential pitfalls in organizing operations The early signals of progress or setback

Importance of Business Plan

The business plan will: Help clarify and research the business development and prospects. Provide a considered and logical framework within which a business can develop and pursue business straggles not just for the near future but through out your business. Work as a basis for discussion with third parties such as investors and creditors. Offer benchmark against which actual performance can be measured and reviewed.

Preparation of a business plan

There is no single best way to begin the preparation of a business plan. Business plans are versatile tool.

Elements of a Successful

Business Plan
Executive Summary Company Overview Industry and Marketplace Analysis Marketing Plan Operations Plan Management Financial Summary Offering Appendices

5-yr P&L 5-yr Balance Sheet 5-yr Cash Flow 1-yr monthly CF Other support docs

Iterative Approach:

Twelve Steps Twelve Weeks

1. 2. 3. 4. 5. 6. Assess Concept Industry Analysis Marketing Plan Operations Plan Development Plan Build Strategy

7. Revenues & Expenses 8. Financials 9. Funding 10. Valuation and Offer 11. Publish your Plan 12. Present your Plan

Step One Assess Concept

Quick feasibility study Bring all members of team up to speed Review critical plan components Identify missing information / research Complete all parts of Step One Turn in handwritten copy next week

Industry and Marketplace Analysis

Overview of industry and marketplace

Trends, dynamics, problems, opportunities Demonstrate need or hole in marketplace Show how trends lead inevitably to your concept Arms-length viewpoint, outsider looking in

Tone of dispassionate analysis

Not the place to describe your concept or firm

This is not where you present your market strategy

Organization of Analysis Section

Industry Analysis Marketplace Analysis Customer Analysis Competitor Analysis

Conceptual Picture
Save for Marketing Plan

Your Industry
Your Marketplace Buyers

You Sellers

-- Industry analysis
Overview of industry organization

Pure competition, oligopoly,

Focus on major and important trends Identify disruptive technologies (if any) Porter analysis is a good exercise

May or may not include in plan

Porter Analysis
Ease of Substitution

Power of Suppliers

Industry Industry Rivalry

Power of Customers

Barriers to Entry

Industry Questions
How do we define our industry? How is the industry segmented? What are current trends and important developments? Who are the largest and most important players? What problems is the industry experiencing? What national and intl events influence our industry? What are growth forecasts?

-- Marketplace Analysis
Define and describe your marketplace

Niche, geographic area, subset of larger industry

Whats happening in your market? Network! talk with the marketplace

Customers, competitors, vendors, suppliers, salespeople, Chambers of commerce Industry trade groups

Marketplace Questions
How do we define our marketplace? How large is it and how fast is it growing? How is our marketplace segmented? What companies currently service this market? What trends are important in our marketplace?

-- Customer Analysis
Identify current buyers in your marketplace

Segment these customers What problems are not being solved? What needs are not being met? Which customer segments are currently ignored?

Talk with current buyers!

Customer Questions
Who are the traditional customers in this market? How is the market segmented? What motivates buying decisions? What channels of distribution are used? What channels are being ignored In what ways are customers dissatisfied with current offerings in the marketplace? What customer needs are currently unmet by the market? What emerging customer groups are being ignored?

-- Competitor Analysis
Identify current sellers in your marketplace

Niche and focus Target customers Strengths and weaknesses Sellers themselves Vendors Customers

Talk with current marketplace sellers!

Competitive Matrix Comparison

Competitive Matrix
Competitive Matrix Chart
Product or Service Competitor A Production / Quality Unique Features Distribution Marketing / Geographic Strengths & System Advertising Location Weaknesse Market Share

Competitor B

Competitor C

Competitor D

Competitor E

Competitor F

Competitor Questions
Who are current sellers in the marketplace? What are the attributes and characteristics of these sellers and their products/services? What is there size, location, target market, and other important characteristics? For their products or services, identify price, quality, features, distribution, and other important attributes. What problems and concerns to customers have with these sellers?

Product/Service Description
Introduction Description

What is your product or service? Describe carefully.

Market comparison

Why is our product or service unique or better? What problems does it solve for customers?

Proprietary rights (if any) Stage of development (brief) Use this section to sell your concept

Product/Service Summary

Introduction
Write an evocative paragraph that attractively presents your product or service
Entering Hills Kitchen, customers are engulfed by the aroma of warm, hearty soups and freshly baked breads. They relax to music and peruse our menu of original gourmet recipes and freshly baked breads. A friendly and knowledgeable kitchen staff person greets them at the counter to offer suggestions and health information, and to take their order. Within moments the customer is served a generous portion of hot, hearty, and delicious Hills Kitchen soup. Accompanying the soup is a large slice of freshly baked bread and a fresh fruit choice, all of which can be carried out or enjoyed in our clean and comfortable dining area. In just those few brief moments, Hills Kitchen has served another healthy and delicious meal, and satisfied yet another customer.

Marketing Plan

Company Overview

Company Overview
Introduction (1 paragraph)

Name, location, organization

Slogan Mission Statement History and Current Status (1 paragraph) Markets and Products Objectives Length: about 1 page

Slogan
Pithy 4 to 10 word statement of company purpose Use in business plan, advertising, descriptions of business, business cards,

Mission Statements
Examples

Mission Statement

Semiconductor Equipment
[Semiconductor Equipment] will become a world leader in supplying lithography automation and productivity enhancement products for the semi-conductor industry through innovative design and unique customer insights.

Mission Statement

Website Management Co
The mission of [Website Management Technologies] is to help businesses engaging in ecommerce achieve their sales and customer service objectives by enabling a better understanding of Web site visitors behavior.

Mission Statement

Tech Support Company

[Tech Support Company] exists to provide outstanding technical support service and technical training to its customers. The Companys target customers are developers of computer applications, companies with high demands for technical service and support, and retail consumers of computer products. We are committed to becoming the premier provider of technical help desk solutions and professional training for IT personnel. Towards this end, our management has affirmed that it will adhere to the qualities of integrity, challenge, innovation, enjoyment, shared leadership and customer satisfaction.

Mission Statements
What is a mission statement? What makes a good mission statement?

Mission Statements

Fast Food Industry

To make, distribute and sell the finest quality all-natural ice cream and related products in a wide variety of innovative flavors made from Vermont dairy products.
Ben & Jerrys

To satisfy the world's appetite for good food, well served, at a price people can afford.
McDonalds

Mission Statement

LL Bean
Sell good merchandise at a reasonable price;

Treat your customers as you would your friends.

Leon Bean, 1911

Collins and Lazier, Managing the Small to Mid-sized Company

Mission Statement

General Electric
Become #1 or #2 in every market we serve and revolutionize this company to have the agility of a small enterprise.
Jack Welch, 1983

Collins and Lazier, Managing the Small to Mid-sized Company

Mission Statement

Shipbuilding
We will always build good ships. At a profit if we can, At a loss if we must, But always good ships.
Bath Ship Works

Mission Statement

Great Britain WWII

Our whole people and empire have vowed themselves to the single task of cleansing Europe of the Nazi pestilence and saving the world from the new dark ages. We seek to beat the life and soul of Hitler and Hitlerism. That alone. That all the time. That to the end.
Winston Churchill, 1941
Collins and Lazier, Managing the Small to Mid-sized Company

Mission Statements
What makes a good mission statement? Compelling Inspiring Clear, measurable objectives Concise

Marketing Plan Objectives

Most important piece of your plan Build on industry and marketplace analysis define your niche Identify your customers Demonstrate how you will solve problems for customers Describe how you will reach customers advertising sales Convince reader that there is an eager market for your product or service

Marketing Plan Outline

Introduction Target Market Product/Service Strategy Pricing Strategy Distribution Strategy Advertising and Promotion Sales Strategy Sales and Marketing Forecasts

Introduction
Seven sentence introduction
1. The first sentence tells the purpose of the marketing strategy. 2. The second tells how youll achieve this purpose, focusing upon your benefits. 3. The third tells your target market or markets. 4. The fourth, the longest sentence, tells the marketing weapons youll employ. 5. The fifth tells your niche. 6. The sixth tells your identity. 7. The seventh tells your budget, expressed as a percentage of your projected gross revenues.

Introduction Example
The purpose of Prosper Press is to sell the maximum number of books at the lowest possible selling cost per book. This will be accomplished by positioning the books as being so valuable to freelancers that they are guaranteed to be worth more to the reader than their selling price. The target market will be people who can or do engage in free-lance earning activities. Marketing tools to be utilized will be a combination of classified advertising in magazines and newspapers, direct mail, sales at seminars, publicity in newspapers and on radio and television, direct sales calls to bookstores, and mail-order display ads in magazines. The niche to be occupied is one that stands valuable information that helps freelancers succeed, the ultimate authority for free-lancers. Our identity will be one of expertise, readability, and quick response to customer requests. Thirty percent of sales will be allocated to marketing.

Target Market Strategy

Identify the market niche you will serve Be as specific as possible

Better to be too specific What problems do you solve? What needs do you fulfill?

Benefits to target market

Two Types of Benefits

Emotional

Hope, fear, love guilt, greed, convenience

Financial

Increased profit, value pricing, save money, payback period

Talk to Your Customers

Imperative that you talk with customers!

Casual conversations Interviews Surveys Focus groups

Identify needs Listen!

NOTE: see The New Market Research (online INC article)

Target Market Questions

What buy now? How get service? Would you be interested in ? Demographics Newspapers, magazines, TV Would you buy? Where would you expect us to advertise? Who do you consider our competition? Other comments?

Levinson, Guerrilla Marketing 3rd edition

Creating New Market Space

HBR, Kim & Mauborgne Reduce
What factors might be reduced well below industry standards?

Eliminate
What factors might be eliminated that the industry has taken for granted?

Create New Market Space

What factors might be created that the industry has never offered?

What factors might be raised well beyond industry standards?

Raise

Product/Service Strategy
Describe how the design of your product/service fulfills unmet marketplace needs Differentiate your product/service from the competition Explain why and how customers will switch to your product or service Describe how you will defend your product or service from competition

Product Attribute Map

Attribute 1
Competitor 3

You

Competitor 1

Attribute 2
Competitor 2

Pricing Strategy
Describe and justify your pricing strategy Provide evidence that your target market will accept your price Position your strategy relative to current and potential competition
NOTE: Low price often (usually) is NOT a good strategy for a startup!

Advertising/Promotion
Describe how you will communicate with current and potential customers

Advertising Public relations Personal selling Printed materials Other means of promotion

Explain why this be strategy is most effective in reaching your target market Note: See Guerrilla Marketing

Distribution Strategy
Explain how you will deliver your product or service to your customers

How will your customers acquire your product or service

Describe and justify the distribution channels you will use Describe how you will gain access to your planned distribution channels

Sales Strategy
Describe to whom you must sell your product or service (not always obvious) Explain how you will sell

An internal sales force Manufacturer's representatives Telephone solicitors internal staff service operations

Describe how you will support your sales effort

Goals for Marketing Plan

Compelling story that there is a need in the market Need flows logically from industry analysis Product/service designed to fulfill market needs Advertising, price, distribution, and sales all flow logically, convincingly from characteristics of the market WOW! What a great idea! I wish I had thought of that

Operations Plan

Management Team

Management
3 most important attributes of start-up Company Organization Management Team

Management
3 most important attributes of start-up

Management, management, management

Company Organization Management Team

Management
3 most important attributes of start-up Company Organization

Organizational structure Ownership structure Board of directors/advisors

Management Team

Management
3 most important attributes of start-up Company Organization Management Team

Key managers Duties and responsibilities Unique skills Compensation Planned additions to the team

Management
3 most important attributes of start-up Company Organization Management Team Length: ~2 pages

Management
3 most important attributes of start-up Company Organization Management Team Length: ~2 pages Examples

See sample plans on course website

Operations Plan

Operations Plan
Introduction (1 paragraph) Operations Strategy (~1/2 page) Scope of Operations (~1/2 page) Ongoing Operations (~1/2 page) Total Length: ~2-3 pages

Operations Plan

Operations Strategy
Added Value

How will we use operations to add value for customers in our target market?
How will we win in the marketplace on the dimensions of cost, quality, timeliness, and flexibility? Which dimensions will we stress and which will we de-emphasize?

Operations Emphasis

What comparative advantages do we have with our operational design?

Operations Plan

Scope of Operations
Make vs. Buy

What will we do in-house and what will we purchase (make vs. buy?) Why does this make sense for our business?
What will be our relationship with vendors, suppliers, partners, and associates? What kind of people will we need to hire?

Partnerships

Personnel

When is Virtual Virtuous?

Type of Innovation
Autonomous Systemic

Needed Capabilities

exist outside

Go virtual Ally or bring in-house

Ally with caution Bring in-house

must be created

Chesbrough and Teece, When is Virtual Virtuous, HBR, 1996

Operations Plan

Ongoing Operations
Execution

Describe ongoing operations Specific to your business hard to generalize What will you be doing on a day-to-day basis?
Key performance indicators

Critical success factors

Include detail in an appendix, as necessary.

Operations Plan
Order in Plan

Assignment Order

Introduction Operations Strategy Scope of Operations Ongoing Operations

Introduction Scope of Operations Ongoing Operations Operations Strategy

Development Plan
Stephen Lawrence and Frank Moyes
Graduate School of Business University of Colorado Boulder, CO 80309-0419

Development Plan

Development Plan
Introduction (1 paragraph) Development Strategy (~2/3 page) Development Timeline (~2/3 page)

Total Length: ~2 pages Examples

See sample plans on course website

Development Defined
What must be done between now and when you open your doors for business (or collect your first dollar in revenue) Development plan may include

Product / service development Organizational development Successive products / services Roll-out strategies

Development Questions
What work remains to be done? What factors must come together? What are we doing to bring them together? What are the risks our development?

Are they technological risks? Cost risks? Competitive risks?

How will we mitigate these risks?

Flexible Product Development

Iansiti and MacCormack, Developing Products on Internet Time, Harvard Business Review, 1997

Flexible Product Development

Start Concept Freeze Market Introduction

Development Implementation
Total Lead Time

Development Implementation
Start Concept Freeze Market Introduction

Flexible Product Development

Sense the Market Specification

Design Testing Implementation Stabilization / Ramp-Up

Development Timeline
Schedule for development Major milestones Tie-in with marketing plans Major obstacles and mitigation plans

Development Timeline
Tool for illustrating timeline

Build Strategy
Stephen Lawrence and Frank Moyes
Graduate School of Business University of Colorado Boulder, CO 80309-0419

Building Strategy

Building Strategy

Outline
Marketing Plan

Advertising and Promotion Strategy Sales Strategy

Operations Strategy Development Strategy

BUILD STRATEGY
Marketing Strategy
Target Customer Benefits Positioning Differentiation

Operations Strategy

Development Strategy

Add Value

Steps to Accomplish

Drivers to the Financial Plan

Income Statement Balance Sheet Cash Flow

Marketing Plan

Advertising Strategy
How will we advertise and promote our product or service? How will we communicate with our customers?

Advertising? Public relations? Personal selling? Printed materials? Other means of promotion?

Why will this be strategy be effective in reaching our target customer?

Marketing Plan

Sales Strategy
How will orders be taken?

Personal selling? Online purchasing? TV infomercials? Direct mail? 800 telephone?

An internal sales force? Manufacturer's reps? Telephone solicitors?

How will we recruit, train, and compensate our sales force? How will we support our sales effort?

Who will do the selling?

Internal staff Service operations

Operations Plan

Operations Strategy
How will we use operations to add value for customers in our target market? How we add value to our customers with operations?

Quality Flexibility Timeliness Price

Which dimensions will we stress and which will we de-emphasize? What comparative advantages do we have with our operational design?

Development Plan

Development Strategy
What work remains to launch our company and our products? What factors need to come together to make our concept work?

What are we doing to bring them together?

What are the risks to the successful implementation of our development plans?

Technological risks Cost risks Competitive risks How will you mitigate these risks?

Differentiation Road Map

Brand Communications Features Trademark Packaging Delivery Bundling Augmented Benefits Quality Warranty Tangible Benefits Color Installation Size Time of sale Core Benefits Style Service Options After sales Timeliness Special terms Whats it for? Customize Usergroups Design helpExample: Whats it do? Morton Salt

Morton Salt
Core Benefit

Flavor enhancer, preservative, health Iodize, pourability, granual size, color flavor, packaging, organic, sea salt Delivery (restaurant, road dept.), healthy recipes When it rains it pours (girl with umbrella)

Tangible Benefit

Augmented

Communication

Forecast Revenues and Costs

Financial Plan
Income Statement Balance Sheet Cash Flow Summary Assumptions

Operating Expenses
Marketing R&D Administration Total 60 Year 1 Year 2 Year 3 30 45 65

90

140

Cost of Goods
Direct Indirect Total

Year 1 Year 2 Year 3 70 130 160 30 70 90 100 200 250

Income Statement
Year 1 Year 2 Year 3 Revenue 250 350 500 COGs 100 200 250 Oper Expenses 60 90 140

Fixed Assets (Plant)

Year 1 Year 2 Year 3 Assets 200 300 400 Depreciation 140 210 260 Fixed Assets 60 90 140

Working Capital
Year 1 Year 2 Year 3 Receivables 100 200 300 Inventory 50 75 125

Balance Sheet
Year 1 Year 2 Year 3 Receivables 100 200 300 Inventory 50 75 125 Fixed Assets 60 90 140

Revenue Drivers
Number of customers, transactions or units Price per customer, transaction or unit Average revenue per customer or transaction Distribution channel discount Market penetration Response rate Churn rate Growth rate New services or product

Cost of Revenue Drivers

Personnel costs (labor and/or salary) Materials costs Yields Website operating costs Systems costs Warehouse and shipping expenses Returns Outsourcing expenses Lease and/or rental expenses Cost reductions Depreciation large capital expenditures

Operating Expense Drivers

Sales & Marketing

Customer acquisition cost Personnel expenses Sales commissions Exhibitions Brand building Tech support Customer service

Operating Expense Drivers

Research and Development

Personnel expenses Beta testing Time to market Patent and copyright application Prototyping Subcontracting Personnel expenses Recruiting expenses MIS expenses Office rent and utilities

General and Administration

Financial Dynamics
Who does the financial projections? Investor questions Drivers Optimism vs. Pessimism

Financials Spreadsheet Template

Determine Funding Needs

How much money do we need?

Review cash flow statements Find periods with negative cash balances Schedule cash infusion(s) to eliminate negative balances Add safety cushion (~10-25%) Develop funding strategy

E.g., staged funding tranches

Sources of Funds
Equity funding Debt Non-traditional

Equity Funding
Private Placement

Friends, family, and fools Well to-do investors Professional investors working alone Colorado Capital Alliance (www.anglecapital.com)

Angels

Venture Capitalists Most expensive form of financing Advantages and disadvantages

VCs Ideal of an Entrepreneur

Qualified in hot area Technically feasible and likely Compelling story, presentable Recognizes need for speed to IPO Good reputation, references Understands need for team Diligent, but flexible Gets along with investors Understands and accepts VC deals Is sought after by many VCs Realistic expectations

Debt
Credit cards Bank loans

Typically want to make secured loans Second mortgage on house or property Can use equipment & facilities to secure loan Revolving lines of credit

Investment banks Less expensive than equity Advantages and disadvantages

Nontraditional Funding Sources

Customers

Development Prepay Co-invest

Vendors

Leasing Factor receivables Other sources Advantages & disadvantages

Financial Plan
Written Financial Plan

Statements (appendices)

Monthly Income (1 yr) Monthly Cash Flow (1 yr) Annual Income (5 yrs) Annual Balance Sheet (5 yrs) Annual Cash Flow (5 yrs)

Introduction Financial Summary Financial Assumptions Funding Requirements Sources & Uses of Funds Business Risks

Ratio Analysis
Compare to your industry

Financial ratios Profitability Returns

Understand differences Adjust financials as necessary

Formulate an Offer

Valuation and Offer

Valuation
Use VC Method to value company

Assume IPO or acquisition Five year horizon (max) Use reasonable PE ratio to estimate FV Use reasonable discount rate Calculate equity give-up

Develop offer consistent with value

Price-Earnings (PE) Ratio

PE = 15

Long term average of stock market

Hot sectors of the economy with rapid growth Mature sectors of economy, slow growth

PE > 15

PE < 15

Look for comps in the market

Discount Rates
Seed capital

80 to 100%
50 to 70% 40 to 60%

Startup financing

Second-stage financing

30 to 50% 20 to 35%

First-stage financing

Bridge financing

Restart financing

variable

Factors Affecting Discount Rates

Total Discount Rate Risk of failure Cash Flow Adjustment adjustment Value Added Value of VC advice Investment Liquidity not liquid Systematic Risk Market sensitivity Risk-free Base Rate investment
Seed Stage 1 Stage 2 Bridge IPO
Sahlman, A Method for Valuing High-Risk, Long-Term Investments, teaching note, HBS 9-288-006.

Justifiable Discount Rate

Offer
Use valuation to determine offering Offer percentage of ownership consistent with investment and future value For investor, report

IRR ROI Future Value

Valuation & Offer Spreadsheet

Executive Summary

Executive Summary
Critically important First (and only?) chance to sell your concept Two pages (max) Sections match major parts of plan Cut and paste from the rest of the plan Rewrite for logic and clarity

Organization

Introduction Company Overview Product/Service Description Industry and Marketplace Analysis Marketing Strategy Operations Development Financials Offering

Alternative Executive Summary

Single page Selling vs. Summary Excite quickly VCs have less time, less patience

Headings

Opportunity Solution Competitive Advantage Process Positioning Revenue Financial Management

Present Your Plan

Presenting your Plan

Tell a story!

Tell em what your going to say, Say it, Tell em what you said

Organization? Hand-offs? Length? Pictures? Exhibits/props/demonstrations/examples? Q&A?

Advice from Ray Smilor

Own your space

Arrive early, make sure everything works Arrange the stage the way you want it

Know what you want to accomplish Stress one central theme

Build a structure around it Return to it often

Be prepared for mishaps

Publish Your Plan

Publishing your Plan

Tell a story! Color? Binding? Paper? Length? Appendices?

Comments on Writing
Of all those arts in which the wise excel, Nature's chief masterpiece is writing well.
Sheffield, Duke of Buckinghamshire, 1669-1720

Reading maketh a full man, conference a ready man, and writing an exact man.
Francis Bacon 1561-1626

You write with ease to show your breeding, But easy writing 's curst hard reading.
Richard Sheridan 1751-1816

Writing is easy; all you do is sit staring at a blank sheet of paper until the drops of blood form on your forehead.
Gene Fowler

Writing Good
Be succinct Be logical Be assertive Revise, revise, then revise Remember your purpose Let your passion show Tell a story! Be memorable

Be Succinct
Brevity is the soul of wit.
Shakespeare

Be Logical
I do not feel obliged to believe that the same God who has endowed us with sense, reason, and intellect has intended us to forgo their use. Galileo Galilei Do your ideas work together? Are there logical inconsistencies? Are your thoughts well organized?

Be Assertive
All you need in this life is ignorance and confidence, and then success is sure. Mark Twain (1835-1910) Write with confidence

Use a confident voice even if you are not We feel that Unique Unicycles might achieve versus Unique Unicycles will achieve Rather, quite, hopeful, somewhat, might Use footnotes or endnotes for assertions that may be questioned

Avoid the use of qualifiers

Support your assertions

Revise, Revise, then Revise

I can write better than anybody who can write faster, and I can write faster than anybody who can write better.
A. J. Liebling (1904-1963)

rewriting is the key to improved thinking. It demands a real open-mindedness and objectivity. It demands a willingness to cull verbiage so that ideas stand out clearly. And it demands a willingness to meet logical contradictions head on and trace them to the premises that have created them. In short, it forces a writer to get up his courage and expose his thinking to his own intelligence. Swift, Clear writing means clear thinking means,
HBR, Jan-Feb 1973.

Let your Passion Show Passion

Nothing great in the world has ever been accomplished without passion. G. W. F. Hegel As life is action and passion, it is required of a man that he should share the passion and action of his time, at peril of being judged not to have lived.
Oliver Wendell Holmes, Jr. (1841-1935)

Tell a Story!
A story is worth a thousand pictures (unknown) A good story (and a good strategic plan) defines relationships, a sequence of events, cause and effect, and a priority among items and those elements are likely to be remembered as a complex whole. That likelihood, supported by a substantial amount of cognitive science, argues strongly for strategic planning through story-telling
Shaw, Brown, & Bromiley, Strategic Stories: How 3M is Rewriting Business Planning, HBR May-Jun 1998.

Be Memorable
netLibrary will do for electronic publishing what Gutenberg did for printing and Amazon.com has done for book retailing. netLibrary business plan, 1998

Be Professional
Grammar and spell check Use an attractive layout Organize layout for easy comprehension

Bullets and numbered lists Font changes Headings, subheadings, Tables, charts, graphs

THE END