BPW1: Experts Views on the Value of Business Plans

Business Planning Expert: Tim Berry

Tim Berry is an entrepreneur, published business author, and a professional business planner. He also happens to be the founder of Palo Alto Software. The website for his company is called Bplans.com. According to Tim Berry, the key components that investors are looking for in a business plan include the following:

1. Executive Summary: Would be considered your company’s first impression.
2. Products and Services: Explains what you’re trying to achieve and technologies you’re using to do so 
3. Target Market: Lets your investors know whom you are selling to, and how you are solving their problems.
4. Management Team: Includes team biographies, and would be what is most needed for those seeking investments.
5. Financial Plan: Releases information on how much money you are spending and how much you are bringing in.

I will consider including the target market section in my business plan. The reason why is because I want to make sure it is known that my company is not just targeted for a certain type of stereotypical person. I want it to be known that any and everyone can take advantage of my products and services.

Expert Business Planning Consultant: Akira Hirai

Akira Hirai also happens to have experience in entrepreneurship. He has a combined 20 years of experience in management, business planning, financial analysis, software engineering, operations, and decision analysis. He is the CEO and founder of Cyenne Consulting, LLC. The website for his company is called Caycon.com. According to Akira Hirai, the key components that investors are looking for in a business plan include the following:

1. Pick one business model: In order to focus on making your plan appealing to a specific possible audience.
2. Keep the investor interested, beginning with the executive summary.
3. Promises: Don’t make big ones unless you are confident you can keep them. Don’t be too optimistic when it comes to measuring the size of the market.
4. Refrain from being repetitive: We should avoid repeating catchphrases and ourselves.
5. Acknowledging competition: Make sure that all information isn’t a carbon copy of another person’s business plan and works.

I will consider including the acknowledging competition section in my business plan. The reason why is because I want to ensure that I am able to be different from my competitor. I don’t want to make it look like I am trying to copy anyone.