Summary: The Successful Business Plan

Review and Analysis of Abrams' Book

BusinessNews Publishing

• Publisher: Must Read Summaries
• Year: 2016
• eBook ISBN: 9782511018590
• Topic: Business
• Subtopic: Business Strategy
• Index: Business

The must-read summary of Rhonda M. Abrams' book: `The Successful Business Plan: Secrets and Strategies`.

This complete summary of the ideas from Rhonda M. Abrams' book `The Successful Business Plan` shows how a business plan is designed to be a road map for a company. A well-written and professional business plan articulates a company’s goals and acts as a guide for future growth and development. In this book, the author explains that a good business plan should specify where the company is heading and how it plans to get there. The process of preparing a business plan is also highly instructional and provides an opportunity to learn more about the company. This summary provides a useful guide for creating a business plan that will not only get you funding, but will also provide you with a plan for reaching your goals.

Added-value of this summary:
• Save time
• Understand key concepts
• Expand your business knowledge

To learn more, read `The Successful Business Plan` and discover the key to creating the perfect business plan.

Summary of The Successful Business Plan (Rhonda M. Abrams)

1. WHY WRITE A BUSINESS PLAN?

Main Idea

A business plan is designed to be a road map for a company. A well written and professional business plan articulates a company’s goals and acts as a guide for future growth and development.

The vast majority of business plans are written to secure funding. However, a well thought out business plan can be beneficial to any company whether it is large or small, just starting in business or long established. In essence, a business plan specifies where the company is heading, and how you plan on getting there.

Supporting Ideas

The advantages of writing a business plan are:

1. It enables a manager to make better business decisions in the future.
2. Preparing a business plan educates the management on the financial aspects of the company, particularly from a cash flow and break even perspective.
3. A plan draws together in one document industry and marketing information critical to your business operations.
4. The plan can anticipate future obstacles that may arise.
5. A business plan sets out future goals and the criteria by which progress can be measured.
6. A plan can highlight new and profitable operational areas that may be available to your company.
7. A business plan can be persuasive to a funding source such as an equity investor, bank, etc.
8. A plan enables a business manager to increase understanding of the company and gain an increased control over future success.
9. A well written and refined business concept as detailed in an effective business plan will distinguish you from any competitors and give a competitive edge in many situations.
10. An effective plan saves money and time by keeping your business operation focused on the area where you enjoy the greatest market advantages.
11. The process of developing a plan is fun. It gives you a chance to visualize where the business is headed, and what you plan on achieving in the future.

The factors which contribute most to the success of any business and which should dominate a business plan are:

1. The actual concept of the business. What is it the specific competitive advantage your company enjoys? Do you have something new, something better, service an untapped market or offer some other key benefit?
2. An understanding of the market you service. Why is the market primed and ready to accept your product or service?
3. The health of your industry. What are the general trends, and what factors have been taken into account in developing or expanding your business concept.
4. The experience, skills and abilities of the management team. Who are in the key positions in the operation, and what blend of skills and experience do they bring to bear.
5. Financial projections and control. Does the management have a realistic picture of what is required to operate and grow the company, and what specific mechanisms are in place or will be put in place to monitor and control the company’s finances.
6. A clear and consistent business focus. How will the company ensure that it stays focused on its targets and resist the urge to branch out into other areas.
7. Anticipation of change. What technological, demographical or competitive changes are anticipated in the company’s markets, and how will the business be positioned to benefit from these changes?

Generally speaking, developing a business plan involves five steps:

1. Identifying your basic business concept. Develop a mission statement style paragraph which sets out exactly what your business is working towards. Decide on your goals and the purpose of writing a business plan.
2. Gather all available data on the feasibility and the specifics of your business concept.
3. Refine your business concept based on all the information gathered. Adapt your original business concept in the light of the market specific information.
4. Outline the specific elements of the business plan that are applicable. Add information about your company, your product or service and your markets to the plan framework.
5. Refine the plan, looking at it from the perspective of your target market. Put yourself in their position and look at your plan without bias.

Generally speaking, the business p...

Table of contents

• Title page
• Book Presentation
• Summary of The Successful Business Plan (Rhonda M. Abrams)
• About the Summary Publisher
• Copyright