Ron Kornfeld - Guest Speaker

Ron Kornfeld had given us a lecture about the steps to creating a perfect business plan. He had told us that the actual process is rarely ever changed, and it is used pretty globally. Business plans fall into two categories, operational plans and plans designed to attract investors. Operational plans are plans that detail the logistics for development. While other business plans are made in a way to attract investors to support your business by showing them through the plan. When starting your business, marketing cost and operating capital is vastly overlooked. It is like building up a business, without considering costs for advertising.. because without marketing, the business has no room to grow. When you're business is suffering financially, and business is slow, people tend to overlook the need for operating capital, which is money that you store away that you can use in dire situations. You are not supposed to write the executive summary until the business plan is complete. You must spell check, spell check, spell check. Having spelling and grammatical errors in your business plans can be detrimental to your investors interest. Mr. Kornfeld had shared with us the Five Step Program to creating the business plan.

1. Identify the audience (Who are you aiming this towards? investors, potential employees, partners, management team, etc.)
2. Outline the Business Plan (How is it going to be structured?)
   
3. Write the Business Plan (Complete info, relevant research in hand, proformas. Make sure to spell check!)
   
4. Review the Business Plan (Get feedback not ideas on CHANGE.)
   
5. Update the Business Plan (commit to regular updating, business plans are always a draft)