Biz Plan Hacks

© Horasis

Some people look at business planning as a means to an end. They just want to create a business plan in order to qualify for business loans, for example, and don't see it as being very useful beyond that. But a business plan is essential no matter what business you are in because the plan is your vision for your business.

It is not enough to just think about what you want to do and the goods and services you intend to offer. If you do not know how to organize and market your business, even a great idea will not guarantee your success. There are many decisions to be made that require solid planning, including the legal form under which the business will operate, and the location. Whether to hire employees or use independent contractors and the tax implications of these decisions are all critical for the entrepreneur to plan for.

© takomabibelot

Small businesses must protect their business premises from theft. Burglars equipped with hand-held radios and power equipment spent hours pulling off an elaborate heist at a Fayettville, North Carolina pawn shop. The burglars got into the store by first cutting through the ceiling, then boring through an exterior wall and an 8-inch thick concrete vault to steal jewelry and cash totaling more than $227,000. The thieves were interrupted at the outset of the heist when they set off an alarm system, like that of the ADT Security System, but somehow avoided detection as police and a store manager searched the premises inside and out.

They then disabled the alarm system, cut through the metal and concrete and made off with the jewelry, cash and computer equipment. The store's general manager said that the shop's security system is state of the art, with camera surveillance all over. The burglars were clearly sophisticated and knew exactly where to enter the building and the vault. The police and store manager, nonetheless, would not have known of the burglar's break in had it not been for the security system.

© Phil Sexton

The Miami Herald newspaper is seeking entries for it's annual business planning challenge from South Florida residents. If your business is less than 2 years old or only exists on paper, you are probably eligible to enter. Entries must be no more than three typed pages, and must include one more page of supporting material.

This can be a product picture or diagram, a spreadsheet or marketing materials. Entrants should think of their plan as an executive summary, offering just the highlights of the business plan. However, these plans should give specifics such as why the market needs your product or service and what sets it apart from the competition. What is its value to the customer, and what is its market opportunity-is the business scalable? Your product or service should be well defined, and you should make it clear if you already have a prototype or have hit an y milestones.