Advice From Two Leaders in Writing Business Plans

When writing business plans, it is important for writers to receive advice from experts in the field.  There are many experts in the field that have their view on how a business plan should be set up. I have researched 2 experts and found their advice to be very useful.

The first expert to be discussed is Mark Cuban. According to sources, he is a billionaire entrepreneur.  Cuban is the owner of the Dallas Mavericks of the NBA and has invested several business opportunities, including startups.  He grew up in Pittsburgh and received his Bachelors in Business Administration from Indiana University.  Cuban's blog on different business advice can be found here.

One of Cuban's articles explain how important startups should not hire PR firms. Cuban's view on PR and startups are valid. The most important time of a startup is building personal relationships with customers and businesses. Startups usually need to save money as much as possible. I agree with Cuban about PR with startups; there is not an immediate need for a PR at the beginning of your business.  Building direct relationships with customers are long lasting instead of through a PR. 

Another expert in the field of writing business plan is Bill Payne.  Payne is an entrepreneur as well as an angel investor.  He breaks down each section of the business plan and what is expected in each section.  What I found to be the most important advice in one of his articles is the elaboration on a growth plan for investors. Payne discussed what investors would like to know in your growth plan.  The exit strategy will explain to investors how the benefits of the return on investment.  The capital plan will explain how investors will achieve cash flow that will potentially increase growth in the company.

In conclusion, gaining expert advice, especially critiques, can make your business plan more pleasing to investors.  Making sure that the advice from experts relate to your business plan is also important. Furthermore, knowing exactly how you want your business can be managed will help you gain the advice you need from experts.  Take time to research the experts and their qualifications to somewhat validate their advice given. 

Sources

Burhoe, S. (2011). Expert Views on Business Plans. Retrieved on February 6, 2011 from www.bpexpertviews.blogspot.com.

Cuban, M. (2012). Blog Maverick: The Mark Cuban Weblog. Retrieved on February 6, 2011 from www.blogmaverick.com

Payne, B. (2010). Writing Effective Business Plans. Retrieved on February 6, 2011 from www.flatheadbeacon.com.