Over my next posts, I’m going to share with you some important things that I’ve learned over 26 years of business experience from some of the most successful investors, investment and venture capital firms in the world about how they read business plans and what they look for in them.

First some basic advice: With business plans, size does not matter.

Let me say that again.

Size does not matter.

Never lard up a business plan just to make it a hefty read, thinking to “wow” people based on its bulk. That does not impress experienced business people, knowledgeable investors and funding sources.

Experienced and successful business professionals know this and focus their business plan to make it concise and succinct; one that hits all the “hot buttons” but does not say more than it should.

If you use a template to create your business plan, use it as a guide only and modify extensively to give it its own distinct identity. Strip out and replace any “boiler-plate” language that is not necessary and put in only the important things you need to convey (read on to learn what that consists of).

If you hire a business plan writer (who may write well but does not have a great deal of business experience), be sure not to just accept what they give you as being the best for you. Make sure it answers the five most important things (we’re getting to them shortly) that investors and funding sources look for … no more … no less.

What to leave out of your business plan is just as important as what to put in!

• With business plans, telling them you graduated from John Smith high school, love cats and your hobbies are snorkeling and bear wrestling do not matter.
• Telling about your dream to own your own business does not matter.
• Telling them any thing not directly related to the business or your capability to run that business, does not matter – leave it out. Let that simple rule govern what you put into your plan.

You get the idea without me having to add more bullet points (see … less is more!).

What does matter?

I’ll get to that in my next post, because if your business plan does not have what matters most – and you’ve filled it with things that don’t – you have wasted your time and more importantly someone else’s time (and from the all important point of attracting an investor or funding source that is a death blow).

You get one shot at a first impression. Don’t blow it!

Be sure to watch for:

The 5 Most Important Things Your Business Plan Should Contain (that investors want to read about)

Until then best wishes and good fortune to you (and fortune favors the prepared),

Dennis Lowery
Adducent, Inc.

Considering that my core focus is building, developing, coaching, and mentoring sales teams for emerging companies, many people ask me what it takes to get sales going. The answer is simple, but all too often the greatest challenge a young company faces. If you just decided your product is ready for market, then take a long hard look at your first sales person. Take a look in a mirror, because it is you.

The problem is, in some cases, you are a website designer, or a programmer; possibly a business man or a finance guru, but a sales guy? You are not the one who gets people to buy. Well wait a moment, because all the efforts you put into your state-of-the-art offering that will change the world will sell itself right? We just have to advertise and the sales ready buyers will flock to our website, phone line, and inbox.

I do not relish being the bearer of bad news, but if you believe the latter, prepare to move back into the corporate world and slip those boots off for good. Someone in the founding group must be a capable sales person, and one who understands the innovators in your field. They have to know how to evangelize your offering without pitching and convincing. No one like this on your team? Then the first thing you should do is get a coach. Then read some books, articles, blog posts, and get ready for another education as you get your degree in selling.

There are some other basics to getting a competitive advantage when selling. First of all, innovators like other innovators, and while you can find many helpful hints on my blog and in other posts, most of my work here will be in sharing how to use Web 2.0 and cutting edge technologies to better sell your products. I hope you find this helpful as we journey through the advances of the 21st century. If you want to have a successful sales team, you have to start by getting some sales.