Your Business Plan Is Your Business: The Rest is Execution

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Your Business Plan IS Your Business

 Your Business Plan Is Your Business: The Rest is Execution

Having a great business plan is absolutely, positively the single most important thing you can do to ensure the success of your business.

How Important Is Your Business Plan?

It is generally more important than raising all the money that you could ever need or even hiring the very best employees that you could possibly find. It is usually more important than having the first product to market or having the lowest cost structure. It is generally even more important than having a better product or service than your competitors.

Every single thing you do in your business should be guided by your business plan. So, in essence, if you have a great plan, then the business plan is the business.

By having a great plan, you are taking a huge step toward strategizing, positioning, planning, and managing your business well. If you don’t have a plan, you probably aren’t managing your business at all. At best you are running your business by the seat of your pants; at worst you are setting yourself up for unnecessary challenges and disappointments.

Why You Will Fail Without a Good Business Plan

Many small businesses never rise to their full potential, suffer from low profit margins, and aren’t able to grow significantly because they never put together and follow a great business plan.

Often small business owners create a product or deliver a service that they believe is better than a competitor’s while, in reality, it’s not better at all. Sometimes their product or service is different from competitors but not in a way that customers really care about.

A great business plan analyzes key variables such as your target market and your competitors, as well as your strengths and weaknesses, to help you develop, change, or refine your business concept. It helps you challenge yourself to determine whether your concept is viable, and, importantly, if your concept is truly differentiated from your competitors in a way that really matters to customers. This is the part of the “secret sauce” that can lead to vastly higher profit margins and a dramatically faster growing business.

Good Business Plans Lead to Higher Profits

A great business plan pulls together all of the major issues facing your business in a balanced and analytical way. Creating your plan helps you to decide where to focus your resources and time in ways that will matter the most. Once your business is operating, your business plan gives you a framework, a big picture, for evaluating the day-to-day issues and opportunities that you will encounter.

Businesses operating without plans tend to give less thought to how they package, price, and deliver their goods and services. They tend to operate more by chance and impulse, and less by analysis and deep thought. They tend to take on expenses that seem like a great decision at the time, but aren’t necessarily the best decision based on the overall needs of the business. They also tend to run out of cash or become so cash flow crimped that they must cut back on crucial expenditures that limit their future potential.

Particularly with very small businesses, owners who don’t have a business plan tend to spend too much time on activities that aren’t that important and too little time on those activities that could really drive their business ahead.

Running a Business Without a Plan Is Like Piloting a Ship Without a Rudder

OK, so you bring a lot of energy, ideas, and enthusiasm to your business. Great, that’s analogous to having built a big ship with a strong engine. You may even have some money to invest; that’s like having lots of fuel to fire up the engines and set your ship in motion.

But not having a business plan is like not having a rudder or a navigational map. Where is your ship going to go if you don’t have a plan? How are you going to steer your business if you don’t have a rudder?

How important is a rudder? Consider the fate of Germany’s great warship Bismarck, arguably the most powerful and most heavily armored battleship of all time. In the Battle of Denmark Strait in 1941, Bismarck quickly fired on and blew up the British Royal Navy’s battle cruiser the HMS Hood, and seriously damaged another British battleship, the HMS Prince of Wales. Bismarck suffered minor damage herself, despite several direct hits.

There was fear that Bismarck was invincible and would roam the Atlantic sinking Allied convoys and warships at will. In desperation, Prime Minister Winston Churchill ordered the British Navy to take whatever risks necessary to sink Bismarck. The navy ordered dozens of warships to follow Bismarck, leaving troopship convoys carrying tens of thousands of soldiers totally unprotected from the danger of German submarines.

A squadron of British fighters and torpedo planes eventually located and attacked Bismarck. They caused little overall damage but did score a direct hit on her hull. After another chase, the British Navy located and attacked Bismarck again, damaging the ship’s rudder and eventually making it impossible for it to steer.

Taking advantage of Bismarck’s broken rudder, British warships were able to carefully position themselves to inflict such damage on Bismarck that its crew gave up and scuttled the ship.

To come to my point, if even the greatest warship in the entire world, equipped with the heaviest armor and the most powerful guns of that era, couldn’t survive without a workable rudder, what do you think your chances are of success for your business without a workable business plan, which is basically the steering system of your enterprise?

How a Great Business Plan Made All the Difference for Me

For years I competed in the book publishing business. However, I was a minnow in a highly competitive sea dominated by whales. I entered the industry with no experience whatsoever, had limited resources (having started with just $1,500), couldn’t afford to hire big name authors, lacked efficiencies of scale, and was forced by large booksellers and wholesalers to offer them deeper discounts than our larger competitors, further squeezing my profit margins.

Nonetheless, by the time I sold this business, my profit margins were three times higher than those of the largest publishers. How? I had developed a business plan that truly differentiated us from our competitors in way that mattered. Our competitors sourced most of their books from literary agents who auctioned off new manuscripts to the publisher who offered the highest guaranty and/or the best royalty rate. The authors were the brand names more than the publishers, so an established author had bargaining power.

I sat down with my employees one year and very carefully thought through our strategy and our business plan. We decided we shouldn’t make it our primary effort to compete with the biggest publishers for the biggest and most expensive authors. We decided that instead of bidding tons of money for big name authors, we would focus on our own series where we owned the brand. Instead of waiting for a literary agent to propose a book topic to us, we would research and decide what book topics were most saleable and go find our own writers. We paid a good fee, but we paid no royalty. So if the books sold well our costs were a fraction of other publishers.

There are many other instances where having and following a good business plan made a huge difference for me. There were also times when I either didn’t have a good business plan or didn’t follow it and often ended up with an underperforming business or even an outright failed enterprise.

Some Very Famous People Say They Didn’t Have a Business Plan

Yes, I am aware of these tales of people who managed to succeed without a business plan. I admit it is possible to succeed in business without a plan, especially if you start with a truly unique concept and plenty of funding. But not having a plan will greatly decrease your odds of success. Why shoot yourself in the foot and then try to prove that it is still possible to run a marathon? Sure, it’s possible. But why handicap yourself?

Why Do so Many Entrepreneurs Not Have Business Plans?

Entrepreneurs who don’t have a business plan generally don’t appreciate how helpful a plan can be. They may have writer’s block and just can’t complete or plan. Or maybe they are just lazy about writing one. The nature of the human mind is to avoid deep thinking and to avoid challenging our currently held beliefs. So instead we might tend to work long hours day in and day out, all year long, doing things the same way, as opposed to really thinking deeply about whether or not we are working on the right things at all.

Why Are Many Business Plans Worthless?

I believe many business plans lack a truly differentiated strategy, utterly failing at one of the core purposes of a business plan. For example, I often hear independent retail business owners say they differentiate themselves by offering superior customer service. Well, that sounds nice, but wait, isn’t that what many other independent stores are thinking? Aren’t the corporate stores trying to do the same thing? What is “superior customer service” anyway? Some customers don’t want sales people offering advice and following them around the store at all. Some customers just don’t want any customer service. I’ve seen a lot of independent retailers go out of business following a strategy of “superior customer service.”

To develop a successful differentiated strategy, a good business plan should first carefully analyze customers, customer needs, and competitors. Then, a plan should include a frank and realistic assessment of the business’s own strengths and weaknesses as well as current threats and opportunities.

Plenty of business plans do a decent job of summarizing the basic competitive inputs. But many plans fall short when it comes to the critical and insightful analysis that is required to move from summarizing the facts to assessing strengths and weaknesses and then probing for risks and opportunities.

There are many other reasons business plans are often worth little. They may not be realistic. They may not be thorough.

The Key Difference between a Business Plan and a Budget

Some people confuse a business plan with a budget, or think the budget is what matters most. This is ridiculous; a budget is not a business. The core of your business plan is your written text and particularly the text that you write that defines your business.

Many businesses do not review and update their business plans, especially the non-financial parts, as frequently as they should. I believe every business should carefully review its entire business plan at least once a year. Otherwise you aren’t really managing your business; you are just floating with the current.

Using a Business Plan to Raise Funding

Some people see a business plan simply as a way to raise money. However, I emphasize that a good business plan can allow you to start and grow a business without raising any money. I’ve never raised equity money. Yet I have built some good-sized businesses. And I have done so by carefully developing, updating and following my business plans.

Sure, a great business plan should be a basic tool to help raise funding for your business. However, if you came to me to raise money and I felt you were using the business plan primarily to raise money, I wouldn’t invest a nickel. Nor should anyone else.

No matter how good of an idea you have, a good business plan can greatly increase your chances of success. But it needs to be a plan truly designed to operate the business, not just a plan designed to sound good on the surface merely to help you raise money. Even if you are absolutely sure you are going to succeed anyway, a great business plan can raise the level of success you might achieve.

What Are the Key Elements of a Great Business Plan?

Perhaps the most important element of a great business plan is whether or not you have really, carefully thought it through. Yes, a great business plan should be relatively complete and address all aspects of your market, your customers, your competitors, and, of course, your business and your budget. But a complete plan isn’t necessarily a great plan. You may decide some elements of your plan are much less important and spend less time focusing on them, or even skip them altogether. What really matters is how much deep thought you gave to the elements that matter most.

You want to challenge yourself, challenge your initial thoughts, challenge the way you were planning to do business or are currently doing business. To create a great plan you must approach the planning process with a really positive attitude. You want to approach it with the idea of exploring possibilities. Yes, it may be possible to do something really different. Yes, it may be possible to make some tweaks and have really better results next year. But if you can think positively and envision a great outcome, you will be much more likely to achieve one.

For this reason, I try to think about my business plan when I am in a good mood (which is not necessarily that often) and/or when I am feeling relaxed, such as at night or on the weekend. I tend to not work on it for more than a few hours at a time. But I come back and look and think about key parts of the plan time and time again.

What matters most in a business plan? While it differs in every situation, usually some core element such as those that I have mentioned already (analyzing the market, customers, competitors, your strengths and weaknesses, risks and opportunities) are always critical.

Planning out your marketing is typically very important, but I find that marketing is fragile. It is hard to find marketing that always works, and even if it starts to work it can often fall off. However, great marketing is not a substitute for true product differentiation.

The budget is important too, because this puts down in writing where your priorities are headed.

For most entrepreneurs, how they devote their time is a very important decision that often does not get the strategic thought that it deserves, but tends to be more a reaction to current demands. Thinking about where your focus, your time, and your energy (and not just your money) belong should be included in your business plan too.

For ongoing businesses I find that what is most important to emphasize in your business plan will change from time to time. You want to be proactive in making changes to your business plan. For example, you may want to focus on three key changes in how you operate your business next year.

Change is difficult, which is why it can help for you to get your proposed changes down in writing in your business plan, and to also focus on just a few changes at a time.

How Should I Get Started on My Business Plan?

The hardest part of creating a business plan for most people is getting started and overcoming the inertia. My advice on this is simple: start on it right now.

Even if you only have a few minutes, jot down a few thoughts, a few sentences, a few fragments. The first words are the most important, so just get something down and then go back and edit them later. Anyone can write a business plan. It’s certainly doable. But it’s not necessarily easy.

The most difficult parts of the plan, such as doing some deep thinking on alternatives for your unique differentiation, you might want to tackle when you are in the mood. If you’re having a bad day or feeling tired, it’s not a good time to tackle this critical aspect. So shift around your schedule; work on more mundane parts of the plan when you have less energy, and the more trying parts when you have more energy and are feeling creative.

Don’t try to do your business plan all at once or even within a few days. Your business plan is the lifeblood of your business; you want to work on it carefully over a period of time. Don’t rush to merely “finish it.”

OK, I’ve Finally Completed My Business Plan! Now What?

Congratulations! If you’ve really given the business plan process the time and effort it deserves, chances are you have a great roadmap for success. But another great obstacle remains in implementing your business plan to help you succeed: everything else that happens every day.

Soon after you finish your business plan, the tendency is often to jump back into the thick of things: wrestling alligators or whatever else your daily business issues seem to feel like. The tendency is to then forget about your business plan. Instead, you need to discipline yourself to really utilize your plan.

What was your plan for how you were going to change your product or service? What was your plan for how much you were going to spend on marketing this month? What was your plan for prioritizing your time? Set aside a regular specific time to review how you are progressing versus the schedule in your business plan.

Once, while at a book signing discussing how to run a business, I was asked if there was any one moment when I felt my business was really started to prosper. I thought for a while and said, “Yes.”

While I had business plans for several years, I was unhappy with the profitability of them. One year, I decided that the culprit might be that I wasn’t following the plans. Every year I was sold on the advantages of more marketing and advertising plans than I had budgeted. But the results were disappointing. So that year, I really followed the budget and didn’t overspend on marketing. Bang! Sure enough, sales didn’t suffer and my profits surged – I believe they actually tripled. It likely would not have happened if I didn’t refer back to my business plan throughout they year.

Why Are You Such a Crazy Fanatic about Business Plans?

One of the differences about my background is that I have started not just many businesses, but many different types of businesses. So I have learned about the universal core reasons for success and failure across the board in business.

More importantly, I am usually the underdog who, on paper, is the least likely to succeed. I go into many businesses not only with no experience, but also into businesses that I know nothing about. Often I’ve also been terribly undercapitalized. My competitors, on paper, usually have all of the advantages.

It’s in these kinds of situations, when all of the odds are seemingly stacked against you, that you learn to quickly get a much deeper insight into what else really matters for business success.

If you have read this far, you should know by now that what I have discovered that really matters in determining my success or lack thereof is whether or not I have a great business plan.

In a nutshell, when you are the perpetual underdog, you learn all of the tricks that really matter to stay in the game. And in the game of business, the number one trick is having a fabulous business plan.

Takeaways You Can Use

  • Your business plan is the business.
  • Running a business without a plan is like sailing a ship without a rudder.
  • If you don’t have a differentiated strategy, your business plan is worthless.
  • There’s no time like the present to get started on your plan.

Bob Adams

Bob Adams is the founder of BusinessTown the go-to learning platform for people starting and running their own businesses. Bob has started dozens of successful businesses, including one he launched with $1500 and sold for $40 million. He also has an MBA from Harvard Business School.

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Learn how to start your own business.

Start-a-Business 101 is a complete program for starting your own business.

  Find a great business idea. You’ll get my 6-step method for finding a great business idea. Plus you’ll get my insight on hundreds of proven, money-making businesses that you can start.

 Turn your idea into a profitable business. I’ll take you through every step of starting a business from finding your idea, to turning it into a solid business model, to making your first sales.

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Start a business you love, earn more money and live the life you want. With Start-a-Business 101 you can…

Be your own boss. Enjoy true independence and be the star of your own show. Work when and where you want.

Start a business you love. You’ve got one life to live – so why not start the business of your dreams? I’ll show you exactly how to do it.

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Start-a-Business 101 is perfect for you…

If you don’t have an idea yet.

Start-a-Business 101 includes the proven 6-step method for finding a great idea. Plus you’ll get hundreds of proven, money-making ideas.

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In Start-a-Business 101, you will learn exactly how to start your own business from start to finish. You will have access to dozens of videos, worksheets and templates that will walk you along the way.

If you want to make sure that you are doing things right.

Start-a-business 101 covers all the common mistakes that entrepreneurs make when getting started. No room for errors, you will learn how to start your business right.

If you want to get guidance and know exactly what to do at any given time.

Follow my step-by-step process that will get you on your way to business success. It will be like having a business coach by your side at all times.

If you want to start any size business or any type of business.

Start-a-Business 101 will help you start any size of business from a one person home-based business to a larger business. And it will work for any type of business including all service businesses, product businesses and Internet businesses.

If you want to become a knowledgeable entrepreneur.

By watching just one video lesson a day, you will quickly become a knowledgeable entrepreneur. You will be ready to start your own business now or at any time in the future.

Hi there, I’m Bob Adams.

I’m a serial entrepreneur and self-made multimillionaire.

I’ve started dozens of successful businesses of all types and sizes including … bike rentals, house painting, employment service, retail business, multimedia company, book publishing, tourist maps, job fairs, Internet businesses, software business, employment advertiser, and used boat sales. 

Most of these businesses I started in my home on a very small budget. 

My biggest success is my book publishing company that I started in my basement apartment with just $1500 and later sold for $40 million. 

I’ve learned what really matters in business. I’ve discovered the concepts that make or break businesses. And I’ve used them to build one successful company after the next. 

Now, my mission is to share what I learned with you – so that you can succeed in your own business. 

That’s why I created Start-a-Business 101.

Success = recipe + ingredients

In Start-a-Business 101, you will get my exact recipe and ingredients for success. I will show you what to do at every step in starting a business. 

You’re not going to go through years of trial and error. 

You won’t have to make mistakes or learn anything the hard way. 

Because the recipe for business success is waiting for you in my course, Start-a-Business 101

In this course you will get the same proven strategies and tactics that I used to create my successful businesses.

My books and courses have been featured in…

Start-a-Business 101 will show you exactly what to do at each step of starting your business.

You will get proven strategies, real-life examples, ready-to-go templates, checklists and worksheets to help guide you along and save you time. 

You won’t have to guess what you should do next or if you are doing things right.

 You will be following the best advice available today. 

You will be getting the same techniques and strategies that I used to build one successful business after the next including the one I started with $1,500 and sold for $40 million. 

You will put your startup on the fastest and most proven path to success.

Here’s the course for your new business journey. Beginning entrepreneurs will hugely benefit from Start-a-Business 101. The videos clearly explain each element of building a new business. The advice is savvy and on point throughout. I highly recommend it for anyone involved in any kind of startup.

Rick Williams – Managing Director, Williams Advisory Partners LLC

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Watch just one video lesson per day and you will complete the whole program in about 10 weeks. Or you could even binge watch the entire course in one weekend. It’s up to you!

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You can access the entire course as long as you want and as many times as you want. For example, you could go through the entire course to quickly build your entrepreneurial knowledge. Then you could go back to specific lessons as you are working on various aspects of your business.

Watch the overview video

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Start-a-Business 101 gives you everything you need to start your business.

Rock-solid advice

You will learn my proven strategies and tactics for starting your own successful business.

Easy to follow videos

You will be guided step by step through the whole process by 76 short and easy to follow videos. 

 Business tools

You’ll also get 46 downloadable templates, worksheets and samples to guide you along.

  Start-a-Business 101 Course Content

1.  How to get started with your business

2.  Discover hundreds of great business ideas

3.  How to choose the best business idea for you

4.  How to validate your business idea

5.  Find the perfect name for your business

6.  How to choose the best legal entity for your business

7.  How to create a powerful competitive advantage

8.  How to create your business plan

9.  How to do your accounting and financial statements

10.  How to get the money you need to start your business

11.  How to create your marketing and attract customers

12.  How to build your online marketing presence

13.  How to make sales and land your first customers

14.  The Small Business Toolkit

15.  The Discussion Board

Every step of the course is filled with videos and companion tools to show you exactly how to start your business.

Start-a-Business 101 includes 46 templates, worksheets, checklists and samples

These tools will save you a lot of time, keep you organized and further guide you along the way to launching a successful business as soon as possible.

Fill-in the blank templates make it easy to plan your business.

Watch sample videos

Looking for a business idea? Discover the critical questions that you must ask to find the very best idea for you.

Learn how to create a one page business plan – the most important document for starting your business.

Learn how to find the best customers for your business.

Discover how to create a unique sales message for your business.

   Having run across your videos was a godsend to me. Your method provides me the structure I need to be successful. I am willing to put in the work to go through your complete course which so far has been incredibly helpful.

Phyllis Marks – Starting an Online Business

Will Start-a-Business 101 work for me?

This course is made for you:

  • If you want to generate a new income stream.
  • If you don’t have a business idea yet but want to be your own boss.
  • If you have an idea but are not sure how to get started or what to do first.
  • If you are ready to get started but want to make sure you are doing things right.
  • If you want guidance from someone who has done it before – multiple times.

Start-a-Business 101 will work for all types of businesses. And it will work for all sizes of businesses from one-person home-based businesses to larger enterprises.

Don’t have an idea yet? No problem. I will give you my 6-step process for quickly finding a great business idea. Plus I’ll show you hundreds of my best, money making business ideas, along with my insight on each one.

Wondering how to turn your idea into a profitable business? I will show you how to do it – every single step of the way.

You will learn how to plan your business, how to get the money to get started, how to do marketing, how to do accounting, how to make sales, how to set up your website and much more. You will have access to all my tools – including worksheets, case studies, checklists and templates – that will save you time and money.

I can promise you that you will get the very best strategies and ideas available today. You will get the exact techniques that I used to build my businesses, including the one I sold for $40 million.

Still skeptical? I get it. Sometimes you have to see it to believe it.

I got you covered. You can take this whole course completely risk-free.

You can test drive the entire course for 60 days.

That’s right. You can have full access to the whole course for 60 days. If you decide it’s not for you, or if you don’t love it, I’ll give you a 100% refund. No questions asked.

I can’t promise you that your business will absolutely succeed. No one can.

But I can promise you that I will give you the very best strategies and ideas for every step of starting your business.

And I stand behind that with my 60-day, 100% money-back guarantee.

I want you to start a business. And I want you to start it right.

 I have researched the marketplace for over a month to identify a viable and comprehensive ‘go-to’ guide on how to best launch a small business. This course offering from Bob Adams met more than what I was looking for.

Steve Cox – Experienced Businessman

Get Start-a-Business 101 and get $750 in bonuses – free

I am pleased to tell you that I am adding two limited time bonuses to Start-a-Business 101

These bonuses will make it even easier and quicker to get your own business up and running. 

The Ultimate Checklist to Starting Your Own Business 

This 18 page checklist will show you exactly what to do to start your business.

This extremely comprehensive 18 page document includes all the steps to start a business. Plus I give you my expert advice on every single step. 

This checklist will keep you totally organized and make sure that you are not missing anything important. 

This checklist is the ultimate shortcut in getting your business up and running. It will be your constant companion in starting your business. The checklist has a $500 value but I will give it to you as one of my welcome gifts for joining Start-a-Business 101.

How to Launch a Business Fast and on a Tight Budget Using MVP

Use this video to start your business fast and on a tiny budget.

The second bonus is a game-changing video/lesson. In this video/lesson I will teach you the concept of Minimum Viable Product, or MVP. 

You will learn how to start your business faster and for less money, than any other way possible. 

This important video/lesson has a $250 value but I will give it to you as one of my welcome gifts for joining Start-a-Business 101

So consider joining Start-a-Business 101 now if you want to get these limited-time free bonuses – a $750 value.

 Bob has been a close friend and trusted business adviser of mine for years… guiding me through the challenges we all face as entrepreneurs. Hands down Bob is one of the most talented, and successful entrepreneurs I know. Thanks Bob!

Matt Marshall – Founder, MGM Capital Investments

Frequently Asked Questions

When does the course start and finish?

This online course is completely self-paced – you decide when you start and when you finish.

How long do I have access to the course?

After enrolling, you have unlimited access to this course for as long as you like – across any and all devices you own.

What if I am unhappy with the course?

If you are unsatisfied with the course for any reason, please contact us within 60 days and we will give you a full refund, no questions asked.

What are the course requirements?

This course is for anyone thinking about starting a business. You don’t need to have any previous business experience whatsoever. Even if you have business experience, you will discover a vast amount of powerful new ideas that will help propel your business ahead.

Can I download any of the content?

Of course! All the worksheets, case studies, samples, and templates are downloadable.

Start a business you love, earn more money and live the life you want.

Start-a-Business 101 is the fastest and easiest way to learn how to start a business and become a knowledgeable and successful entrepreneur.

Start-a-Business 101 is a complete proven program that will take you step-by-step through your entire startup journey.

You will get…

  Easy-to-follow videos

  Ready-to-use tools

  Discussion board

  Inside advice

  Proven strategies

  Complete lifetime access

In just a few minutes a day, you will learn how to start your own business.

You can test drive the entire course for 60 days.

That’s right. You can try Start-a-Business 101 risk-free for 60 days. You will have full access to the entire course. If you decide it’s not for you, or if you don’t love it, I’ll give you a 100% refund. No hassles. No questions asked. I want to help you succeed in your own business.

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Start-a-Business 101

Learn how to start your own business.

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