The Foundations of Business Planning Edition

Welcome back! Today, we're exploring the ins and outs of business planning. What is business planning, anyway? What are the main ingredients of a successful business plan? And who was the writer/author of the first business plan? We aim to answer these questions, and more, in this edition of the Business & Entrepreneurship digest newsletter.

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Top Story of the Week

The Ultimate Guide to Business Planning

Do you know what the highest-paid activity in business is?  Some might suggest it would be sales … or even marketing… Truthfully, it’s none of these.   So, what could it be then?  

Well, the answer is thinking.  

I know you probably weren’t expecting that, but the truth remains. That said, for those new to me and our work, I’m probably most remembered for the statement: “Dreamers fantasize; thinkers materialize.”

You’ve probably read Think and Grow Rich (AFF) by Napoleon Hill and are familiar with his statement: “Whatever the mind can conceive, the body can achieve.” …   Well, like you, I very much agree with what Mr. Hill wrote about. However, most people confuse brain activity with thinking. Our brains are constantly active, but that doesn’t mean thinking has occurred. Your brain is not your mind, and your mind is not your brain.

Consider this thought: Your brain allows you to see what is in front of you, but your mind enables you to think about what you’re seeing – to ponder.

By making the above statement, I don’t mean to imply that I don’t view dreaming or fantasizing as valuable. Quite the contrary, actually … I believe Jordan Peterson said, “Dreams are the birthplace of thinking.” 

That said, thinking is the first step to materialization. It is through thinking that the activity of strategy and planning begins. In this piece, we will provide an all-encompassing rundown of business planning, including an explanation of why business planning is important, a brief history of it, and the main elements of your business plan.

What is Business Planning (and Why Does it Matter)?

Read the full story HERE.

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Tips and Strategies

9 Key Ingredients to Cooking Up The BEST Kind of Plan for Your Business Venture

"It's been said a failure to plan is a plan to fail, but even worse than that... To plan, and then fail to work (implement) the plan is nothing more than a waste of time" -- William Ballard

I'll be honest: creating a successful business plan is not something you can do overnight. That said, your business idea shouldn't be something you thought of overnight. It should be a dream that has kept you up at night for years and years.

Here are 9 key ingredients for creating the best plan for your business idea or concept.

1) Clearly Define What Your Business Idea Is

Could you determine and briefly describe the essence of your business idea or concept? Again, this idea should have been eating away at you for years and, therefore, should be relatively easy to describe or articulate.

Moreover, this description can be partial or extended and take up several pages. Still, it would be best if you took the time to define this idea so that others can read it clearly and immediately know and understand what you are trying to reach for.

For example, suppose the formerly great Railroad Companies of the past had recognized that their core industry was transportation. In that case, they might still be the giants in that industry, owning valuable assets (segments of the industry, holdings) such as UPS, Federal Express, airlines, buses, and motor freight companies.

To get down to the industry essence of your business idea, I suggest utilizing the following industry research tools:

• The North American Industry Classification System (NAICS) is the standard system federal agencies use to classify businesses.
• National Trade and Professional Associations (NTPA) -- Trade associations like this are also valuable industry information resources.
• Risk Management Association (RMA)—This source provides annual statement studies and reports of benchmark financial ratios for businesses in over 370 industries.

2) Be Able to See, in Your Minds Eye, Your Ideal Customer/Client, and Target Market

Read the full story HERE.

Basic Guide to Starting a Business

If you are considering starting your own business -- and wish to maximize your chances of success -- I don't care what anyone else has told you; if you want to make it in business, you will need the following ...

A Business Plan

There is much talk out there about how you don't need a business plan to start a business, but this is not the case.

You may be able to start a business without a business plan, but you won't get very far without one. And the chances of you being able to stay in business without one is slim to none.

Even if you want to start something small, like a freelance writing business or online operation, you will need a business plan.

Plus, if you ever need to apply for some working capital, you have to understand that Lenders are never going to give you any time or attention without having a business plan—it's just that simple.

With that said, a business plan is a written document that contains the following information about your proposed business idea:

Read the full story HERE.

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Calling all Driven Business Owners and Aspiring Entrepreneurs:

I encourage you to invest in yourself. Consider subscribing to the paid version of the Business & Entrepreneurship newsletter; it is a front-row seat to some of our freshest material.

You will discover our core foundational frameworks, which include:

• Strategic Business Planning: It all starts with a well-thought-out plan.
• Business Execution: What to do during the first 100 days (prelaunch 1-30 days, postlaunch 31-100)
• Business Management: The start of leadership development, identify specific strategies, and assign tasks for tactical effectiveness
• Business Development: Advanced leadership skills, explore new markets, and a look into landing government contracts

Thank you for reading this week’s edition. We will be back in a couple of weeks!

This newsletter is curated and written by William Ballard, MBA – connect with him here on LinkedIn.

At William Ballard Coaching, we aim to help aspiring entrepreneurs and small business owners transform from merely surviving operations to genuinely thriving organizations. We believe new entrepreneurs and business owners shouldn't have to grow a business alone. 

© 2024 William Ballard Coaching. All rights reserved. You may not reproduce this article, or any part of it, without written permission from William Ballard Coaching.