Don’t Kid Yourself, You Do Need a Business Plan

moniqueriviere

It happens to a lot of businesses that start out self-funded: since nobody is requiring a business plan from them, they don’t think they need one. It’s not long before they realize what they’re missing.

That’s what happened to Monique Riviere, of Springdale, Maryland, when she bought her V2K Window Décor & More franchise two and a half years ago. V2K is an independently owned franchise providing custom window coverings and installation services to residential and commercial clients.

“There didn’t seem to be a need for a formal business plan — I didn’t have a lender that I needed to present my case to. Midway into my first year, I realized I was being pulled in many different directions. I needed to get my goals down on paper so that I didn’t respond to every whim, which could waste both time and money,” Monique remembers.

logo2Like many small-business owners, Monique wasn’t sure she could write a business plan herself, but found the cost of having a professional do it prohibitive. “I felt very intimidated by the process and didn’t know where to start. I got estimates from a few companies starting in the low $1,000s, which was out of my range.”

Before she knew it, she was in her second year of business and still didn’t have a plan. Small business counselors with whom she consulted wanted to see one but, she says, “I had nothing to show.” It was time to get serious about writing a business plan, so she set out to find a computer program to help. Her requirements for the software: user-friendly, low-cost, and updatable.

She discovered that Business Plan Pro met those criteria. “I was immediately comfortable with the step-by-step interview process and impressed by both the interface and the content. My most intimidating areas – financials and market research – were even made simple.”

Being at ease with her business plan allowed Monique to enjoy the aspect of owning a business that excites her most: the freedom. “Charting my own path and determining how successful I want to be. The rewarding feeling at the end of a long, hard project makes it all worth it.”

Besides recommending having a business plan, Monique has some advice to entrepreneurs starting down the same road she did: “If you can partner with someone you know, like, and trust, do it! If not, make sure you have the consistent support of family, friends, and colleagues. You’ll need it to get through the bad days.”

The take away from Monique’s experience? Don’t kid yourself — you do need a business plan.

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Jay Snider
Palo Alto Software

Customer Spotlight: Carol Graham, Bulldog Communications, LLC

At Palo Alto Software, we’re used to talking with entrepreneurs about their businesses. Most are enthusiastic about what they do, but you can hear it in their voices when they truly love it. Carol Graham, a relatively new user of Business Plan Pro, is one of those people. As founder of Bulldog Communications, LLC, in Tallahassee, Florida, Carol has forged a career based on this passion for her work, and we’re happy to spotlight her experiences here.

Give us a quick snapshot of what your business is all about.

bulldogBulldog Communication is a communication consulting firm. Our slogan is “Innovative Solutions to Launching Ideas.” The type of communication services we provide does not focus on mass media or technology. We focus instead on internal and external business and personal communication strategies that are essential to successful and thriving business cultures.

Our corporate culture is simple: Do What You Love. Anything less makes for a “venture” instead of an “adventure.” At Bulldog we are committed to only accepting projects that excite and stimulate our team of experts.

Bulldog Communication was named for the tenacity associated with the logo and is comprised of three major program areas — Judson, Legacy and J.A.N.E.

First is our Judson program. Judson programming is aimed towards assisting businesses in achieving their goals through communication excellence, including full communications audits, communication seminars, part of a full array of services to assist in the launch of a not-for-profit organization or small business.

Next is our Legacy services, which focus on the needs of nonprofit organizations and short term “crisis” projects, to assist organizations who are in immediate danger of losing their status or funding.

And finally we have our J.A.N.E. program, which stands for “Just Actions, New Expectations,” the philanthropic program of Bulldog Communication which provides pro bono assistance.

What are the most important lessons you learned during your business planning process?

Although I began as an experienced grant writer with a PhD in Communication, I found quickly that there was much to the planning process that I had not considered. My writing skills were an asset, but I still greatly benefited from the step-by-step process that Business Plan Pro applied to my planning. I too often jump from point A to point Z without clearly articulating to my audience how I made the leap. Business Plan Pro helped me to bridge that communication gap.

Did you write your business plan for funding or investment purposes?

I did not write my plan for funding, because I already knew how to write grant proposals. I was looking for something different. I wanted to articulate my business dreams and goals so that I could bulldog2clearly identify the steps needed to achieve my goals. While grant writing is a wonderful skill, it is rare to find a grant that will allow you the academic and ethical freedoms that your own dreams can conjure!

As your business continues to grow, do you find yourself going back into the plan to update and adjust?

My business plan is a continual work in progress. The planning software allows me to analyze my progress and current status, and then adjust as needed. My weakest area was cash forecasting and accounting. Left to my own devices, I will market my services and in short time, find myself unable to take on the projects I love because I have become involved in the wrong projects for the sake of profit.

Business Plan Pro helps me to prioritize my projects, recruit the appropriate associates, and decline projects that are not a good fit for Bulldog.

What, in your opinion, is the most exciting part of being an entrepreneur? What are the biggest challenges?

The most exciting part of entrepreneurship for me is simply “doing what I love.” If I don’t love a project, I don’t take it on. Having said that, however, it may be that I have an associate with great passion for that same project, and if that is a good fit, then it is appropriate and exciting for Bulldog to take on the project.

The biggest challenges, ironically enough, are in pacing ourselves. This is a most exciting undertaking. It is not a “get rich quick scheme” (those only make you poorer faster in my humble opinion). Fortunately, Business Plan Pro provided the tools I needed to launch my business in a strategic and well-thought-out manner. I had 4 four projects before I launched a website or produced a brochure. That is heady stuff; it is important to proceed carefully, making absolutely sure that you can deliver a product that greatly benefits your client, and at the same time also leaves you with a great sense of satisfaction and desire to do another just like it!

Any final thoughts? Do you have a piece of advice for someone who might just be starting out in their own business or planning process?

Owning your own business is simply not for everyone. Take a serious personal inventory and make sure this is your passion and pleasure. If you do not love what you are doing, you will not continue to do it, or at least not well. Take the time you need to write a full business plan. It might impress others, but much more importantly it will help you analyze your readiness to take off on this adventure.

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bulldog3Carol Graham is an ordained chaplain, a novice horsewoman, an avid racquetball player and the “Momma Bulldog” CEO of Bulldog Communications, LLC. Carol and the entire Bulldog Communications team are dedicated to the motto of only doing what you love.

1400 Village Square Blvd., Suite 3-121 Tallahassee, FL 32312 TEL: 850.933.4074

If you or your company would like to be considered for a Customer Spotlight by Palo Alto Software, please contact ‘Chelle Parmele at chelleparmele@paloalto.com

Want to win $675K in cash and prizes?

2008-11-05_1614The Rice Business Plan Competition is now accepting applications for the 2009 competition, to be held April 16 – 18 in Houston, TX. Only 36 teams will have the opportunity to compete in this prestigious competition, and one lucky team will walk away with more than $675,000 in cash and prizes.

All interested teams must submit an Intent to Compete no later than February 13, 2009 to be eligible for the competition. Palo Alto Software is proud to once again sponsor the competition and provide all teams who submit an Intent to Compete by the February 13th deadline with a free download of Business Plan Pro Premier Academic Edition software.

If you meet the eligibility requirements and are interested in the opportunity, I would highly encourage you to submit an Intent to Compete. I attended the competition in 2007 and can honestly say it was an experience I will never forget. It is by far one of the best business plan competitions out there today.

Kristen Langham
Manager of Business Development
Palo Alto Software, Inc.