According to an interview by associatedcontent.com, Donald Trump listed business plans by saying,” Solo practitioners are probably the worst offenders of this. Without a plan, it is a plan to fail.
It is too easy to become distracted, or find the newest thing to promote. With a business plan, there is a direction and a focus.” I remember back in the 80’s, Donald Trump went broke! However, he had a distinct focus and a plan for getting through it and return to his once prominent status. While the argument remains weather a prominent upbringing produces a prominent well being or not is still under discussion, but either way the production and execution of a strong business plan is key to success.
Many people are very aware of Trump and Buffett, but not so many are aware of Mark Cuban.
Mark was only born in July 1958, which makes him fifty-three, but he is also the flamboyant owner of the Dallas Mavericks NBA basketball team, and Magnolia Pictures just to name a few. On Mark’s personal blog site blogmaverick.com, Marks lays out his idea for a business plan and most direct road to becoming rich. He says, “First thing not to do is use credit cards. Save as much money as you can, put them in six month CD’s. Remember, cash is king. Be a smart investor, invest in things you like and can enjoy. Do a lot of reading on the subject of business and finances, become knowledgeable. The main message is discipline, especially in the first years of business.” Mark created his version of a successful business plan and followed through with it to create a mega-empire for himself.
Last, but not least is Mr. Warren Buffett. In 2008 Buffett was ranked as Forbes richest man in the US, only to be toped by Bill Gates as of recent. For Buffett it was always about keeping the overhead low and the revenue high. That simple business practice made Buffett only a lot himself an annual salary of $100,00 and continue to live in the same house he bought in 1957.
Truly Warren Buffett believes in a strong business plan as he stated in his Annual Report, I found it on klariti.com. Buffett had nine steps to effective business and they were listed as follows. Customer Focus, facts like sticking to the facts in what you know. Include technical and legal document as attachments meaning having the information you may need in a Appendix to be easily referenced. Jargon, which is writing in a professional tone avoiding slang, jargon and acronyms. One page max meaning to try to keep your business communication down to pone page in length. Proof the letter, checking and having a trusted colleague double-checking all forms and letters that leave your desk. See the big picture, this is what is considers taking a good look at all the possibilities before you even began. He suggests using short words and not trying to sound more intelligent that you probably are. Not meaning you are not intelligent, but no Nobel prizes were handed out for emails. Finally, structure your letter, this means before writing a letter, make a list of key points that you need to cover. As you see, Warren Buffett was much more about structure with his business plan. He was in a way much more involved on a paper trail level than Trump or Cuban.
According to a 2009 article from the New York Times, there are five things potential investors are looking for in a business plan. First, investors want to see your background in the industry and business experience. Second, they want to see a need for the product or service you are inquiring about funding for. Most do not want to invest in little ideas. Third, no matter how unique your product is, show that you know your demographics and will reach your target market in an ongoing manner. Fourth, they want to see that you have researched and know your competitors very well. They also want to see how you plan to contend with your competitors and how you will distinguish yourself. Lastly, investors expect to see a return on their investment. They want to see realistic financial projections that show how ling it will take for the business to show a profit and for them to recoup their initial investment.
Keep all of these items and ideas in mind before you begin to start your business. Remember, many of the most important things you need to do as a new business owner start long before you ever are actually selling a product. Creating a business plan and not becoming distracted from that plan is one of the most important things to practice. I hope you received some information that you didn’t think about before. If you want to read more about these powerful businessmen, or want to see the articles that inspired me to write this blog, check out these sites:
http://www.nytimes.com/allbusiness/AB12322189_primary.html
http://www.klariti.com/business-plan/warren-buffets-nine-steps-to-effective-business-english/
http://blogmaverick.com/
http://www.associatedcontent.com/article/1634723/ten_donald_trump_business_tips_for.html?cat=3
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