Imagine you wake up in the morning, find out that your breakfast cereal is running out so you need to go out and buy your breakfast outside. It is like you have 15 minutes to have your breakfast, otherwise, it is too late for you to come to the office. So you quickly go to the restaurant 3 blocks away from your home to eat your favorite food, but when you arrive, the restaurant is closed for 3 days due to renovation, so you just lose your precious 10 minutes. Finally, you decide on buying fast food in another restaurant which is located precisely across from your house and eat it in your car. You cannot focus on driving while eating so you drop your drink to your pant by accident. When you arrive in the office, you forget to bring something for the meeting, you have 2 options either to run and prepare the material quickly or go home and take it but it will take a lot of time to come back. You choose to be honest, telling your boss the truth and get more time to go back to your home and take it by consequence that your boss will definitely want to talk to you in private after meeting. After the meeting is delayed, finally you come back with your material, present it but unfortunately, your work is not in line with the assignment given before.
Now for the second scenario, let’s imagine you wake up in the morning with the alarm set to wake you up 1 hour before your work started. You have a lot of cereal stock for your breakfast but you really want to eat something else for now. You already have a note that your favorite restaurant is closed for 3 days due to renovation, therefore, you will just walk to buy fast food across from your house. You eat there while having a conversation with your neighbor. After that, you drive to your office, and then download the material from Dropbox because you already upload 1 day before it. On the same day, you also have sent the material to your boss and team to confirm the suitability before the meeting. You present the right material that your boss wants on time and finally get compliments.
Can we see the big difference between lucky and unlucky life scenario? Sad and happy ending, this loser and winner are not just naturally different. There is one factor why the loser can be a winner and vice versa, which is planning. People always ask how I can succeed in running my business but it does not happen by chance. An anonymous said that a goal without a plan is just a wish. Now I can say that knowing what you will do has been 50% of your success, another 50% will depend on the execution which means other factors out of the plan. Setting up a business will need a budget and whoever spends the budget, they will definitely need to know how their money is going to be spent, what the risk is, what they get if it works out and what we will do if it does not work out.
That is the benefit of a business plan
It is difficult to ensure other people even yourself that your business will be successful without a proper business plan. Business plan by definition can be made inside our head but a lot of information and analysis will need to write down therefore usually it is in form of written document and includes all management functions inside the organization as the elements such as finance, operation, marketing, and human resource plan, from macro to microanalysis, strategic and tactic. Without goals and plans to reach them, you are like a ship that has set sail with no destination says, Fitzhugh Dodson. This is very true and investors will see our professionalism from our business plan proposal. As people say the first impression is important therefore many companies even need external consultants to make a business plan because of their expertise, experience, and sometimes investor networks.
Then how to have a good business plan proposal?
The investor always sees 3 things from us. The first is an idea, it is essential because this is the product that we want to sell and that’s what makes us money. Therefore a brilliant idea is always demanded and innovation is pushed because without innovation, we must compete with the sea of competitors and we can never make more money because they already run their business before us. We must make a difference! The second is our team, who is the guy? Is he the guy? Therefore in business planning, don’t be shy to mention all our achievements, strength and build personal branding from now on. Make sure you and your team is solid and completes each other. However not all innovation works, the big question why? This is related to the third thing that investor wants to see from our business plan, it is market. It does not matter if we have the weirdest innovation in the world if people do not need it. Therefore market research should be conducted before the innovation created, not after. This is because R&D needs a budget and always remember that inventing a business idea must come from what market wants and needs, not what we can do. These 3 things are an essential element of a successful business plan.
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