Hello there world!

It’s me again, Grace-C!

In my last post I highlighted two very successful business people, and shared the advice that they have given on the importance of a well-developed business plan. Dave Lavinsky, and Oprah Winfrey both have an extensive business background, and one would be almost foolish to not heed their advice on the matter.

When writing my business plan I have absolutely taken some of the professional advice that I’ve discovered, to make sure that I develop the best business plan that I possibly can. Both Ms. Oprah Winfrey and Mr. Dave Lavinsky’s advice has been implemented into my personal business plan writing process.

The Oprah Winfrey given advice when it comes to creating a business plan was to make sure that you cover every single detail. She adamantly stresses the NO DETAIL SPARED method. Even the things that people may not think to include in an ordinary business plan, then include it. You can never go wrong for being too thorough when it comes to business planning. Every cost, every product, every employee, ect. needs to be thought about and planned accordingly for.

So in drafting my business plan for Grace Note Talent Development I make sure to try and think about every possible situation that may be in relation to my business venture. What types of situations may I face? How much money will it realistically cost to do certain things? What type of team do I need to develop to pull a project like this off? All of these thoughts should circulate when conjuring up a business idea and drafting the plan for it.

The advice given by Dave Lavinsky basically stated that there should be 4 components included in EVERY business plan model, and if included you will have a successfully developed plan. Those 4 pieces are: 1) A one-line summary of what your company does, 2) A Financial Model, 3) Risk Mitigation Milestones, and 4) Your unique qualifications for success (Lavinsky, 2011).
I have applied Mr. Lavinsky’s advice to my business plan writing process by making sure that my plan contains all of these components.  I have not yet included the Risk Mitigation Milestones but that is definitely something that I will make sure is included in my completed and final draft of the business plan.

For more information on successful business plan writing check out:

Thank you for reading! Until another post!