Mike Schorah

( Writing a Business Plan ) The Executive Summary is the single most important section of the Business Plan. For many readers it could be the only page of the document that they read and for this reason you should keep it down to a single page, with as much 'white space' and bullet points as is reasonable ... The point is to be as concise as you can while engaging interest and excitement to learn more. Remember, the key question your readers will have in their mind is What's in it for me? Assuming that the majority of the readers of a Business Plan are investors, whether they're making a loan or buying shares, then you've really got to use this section of the plan to show them how this idea is going to make them more money than the alternatives open to them. Because this section is the most critical to get right then it is wise to make it the very last thing that you write; although, of course, it's often a good idea to start drafting things much earlie...

As I've got another one to write in the next couple of weeks, I thought I'd start a mini-series on How to write a business plan . Today's post is simply an overview of where we're headed, but tomorrow we'll look at Why have a business plan in the first place - despite conventional wisdom, they're not always necessary in the detail that's often talked about. But, if you're going to put together a business plan, here are the major headings to cover: Executive Summary A concise summary of your Business Plan. No more than one page long, and normally it should be the last thing you write, after all the rest is pulled together Business products/service A concise description of your business and what it will do. This section should give overview information on each of the revenue streams you envisage, and over what time frame. Analysis of market opportunity This should be consistent with your financial plan and should justify the activity: just becaus...

I got asked for more detail after yesterday's post on using cost justifications to support a business project. In this hard-pressed and competitive economy it's important to seek a positive return in months.    For example, replacing paper forms and processes with electronic ones on iPad, iPhone and Android phones and tablets can give some real, measurable benefits: Great savings in time as paper forms don’t have to be transcribed; no delays in processing, no lost forms and no errors in transcribing or mis-keying   Staff can be unchained from desks and workstations and data submitted at once, straight into existing line of business systems   Increased accountability as time and location can be recorded automatically, photos attached to documents etc   T here are competitive advantages in being seen to work efficiently and effectively with attractive technology like the iPad (rather than paper) Get more like this

You should almost never do a business project just because it feels like a good idea. The most successful projects come with a cost justification that's going to deliver benefits as near-certain as possible. Colleagues have just taken a paper-based process and turned it into an electronic form, almost an 'app,' that runs on iPad, iPhone and Android phone and tablet computers ... It is estimated to save £20k So, how do we calculate this? Sixteen users are each saving about half an hour per week; that's one full eight hour day Assuming that it costs about £50 per hour to employ someone (not just salary, but space and utilities and other support costs) ... That's about £400 per week At fifty weeks in a year you've found a saving of around £20,000 This £20k saving is achieved with a software project that, in this case, was £5k. That number is going to change depending on the size and scope of the project, but here was to take a suite of paper processes.    S...

Yesterday we noted the importance of achieving 'short-term wins.' It's important to use each of those as a stepping-stone towards more change on the way to achieving the overall vision for change. Keep working towards that goal, looking all the while for ways in which processes can be improved. Identify what is working, and what is not, and work with your team to make the necessary course corrections. And repeat successes: sometimes early 'wins' arise, but from a fluke set of circumstances. Trying to replicate the success will help to check that processes are working and appropriate for the range of situations that you will encounter. And you'll be helping all the while to embed the new way of doing things in the culture of the organization, to make sure that change doesn't fizzle out as soon as you move, or energy starts getting applied in a new direction. Learning points: Take opportunity to analyze what went right and what needs improving. Set goals t...

Whenever a group embarks on change there's a lot of nervousness around whether or not it will work, normally because the stakes are pretty high. Nothing motivates more than success so one of the best ways of building and keeping momentum is by striving to ensure that there are some things that people can see are successful quite early on. These 'wins' don't have to be huge, but they do have to be real, and they do have to be relevant. The most important factor, though, is that they are shared successes by the team that you want to continue to drive the change through. One of the best ways to work on this is to break the bigger goal down into smaller chunks, some with milestones that can be seen and reached within a short time frame, perhaps weeks or months depending on the length of the overall project. Celebrate each success and use it as a springboard to get everyone gathered around reaching the next target. Important factors: Look for things that you can imple...

As I write this my wife is giving a presentation as part of a job application that she's making. If she sticks with the ideas she was having in her practice run-through earlier then she'll be making the point that she boils down a lot of the fancy phrases and detailed research concepts that she's come across in management training books and articles. In fact, at heart she says that leading a small team is about two things: Make sure that the team consistently (daily) understands what is expected: not just what to do (task) but how to do it (quality) Remove the obstacles by making sure that they have the resources they need, and nothing holding them back from doing it I think that simplification is super. But when it comes to introducing a broad change initiative it's often necessary to go further and consider whether anyone is actively resisting the change. Are there processes or structures that are getting in the way?   More than this: Make sure you have, beyond...