Ten tips for writing a strong business plan

by Tony Novak, MBA, MT, OnlineAdviser at Freedom Benefits revised 11/29/2011

1. Write It yourself. You will learn far more than if you use a professional writer or a canned template.
2. Break it down. Writing a whole business plan can be an overwhelming task but doing a small part is far more manageable. It will come together step-by-step .
3. Use fewer words. Outline format or bullet points are fine. Avoid long passages of text. Most business plans wind up being in excess of 20 pages anyway.
4. Get input. Get advice, feedback and comparisons from friends, advisers, and colleagues.
5. Discuss demand. Consider the size of your market. If you are proposing a new product or service, prove that the demand exists.
6. Discuss supply. List and describe your competitors.
7. Emphasize differences. Highlight the distinctions that make you different from your competitors. Be fair about your disadvantages.
8. Emphasize the marketing plan. This should be the most developed portion of your business plan.
9. Edit for consistency. Make sure the same numbers used in the text are reflected in the financial statements.
10. Update it often. Realize you plan will change before the ink dries, so keep a copy on your desk to be used for mark-ups and frequent revisions. Change is good.

Tony Novak is a member of the Pennsylvania Institute of Certified Public Accountants, the New Jersey Society of Certified Public Accountants and an accredited member of the Better Business Bureau.

Ask about personal professional and affordable help with

reviewing tax returns with lingering questions
improving personal and small business accounting
tax planning strategies
managing health care expenses and insurance
special needs planning
revamping stalled retirement plans
providing benefits to employees
negotiating executive benefits

Find my business articles online at these Web sites:

Status: available for reprint

This article is available for republication in its entirety without charge after obtaining the express written permission of the author.

Please e-mail a request to the author that includes the name of the requestor (individual and corporate) and the intended destination of publication.