I chose to consider the
values of business plans from experts Paul Heyworth and Alan Hughes.
Paul Heyworth is the
Director of Business Development at Orivia Group Limited in the United Kingdom.
This company provides assistance with Enterprise startup and growth, skills development,
access to finance and commercial property rental. It also provides a strategic
planning service, executive coaching and young peoples leadership development.
Initially, I chose to
view Heyworth’s expertise on business plans after reading an article about him
in Lancashire Business Review. In this
article he explained, “The value of
creating a business plan and how it will have many more uses beyond impressing
potential investors.”
I am interested in
Heyworth because he has competence in business areas such as management and development.
His current and previous position as the Director of Business Development at
Orivia Group Limited for nine years, and former Business Manager role of 32
years at Barclays Bank PLC is appealing to me. I too desire to become an expert
of Business, therefore, Heyworth’s resume and business intellect attracts my
interests.
From research, I have
discovered, that Heyworth’s position as Director of Business Development at
Orivia Group Limited (UK) is not one to be taken lightly. His present roles and
techniques include but are not limited to
intelligence gathering on customers and competitors, follow-up sales activity, assessments of target marketplaces and marketing prospects,
generating leads for possible sales, formal proposal writing and business model
design.
Heyworth mentioned some of the tasks of a Business developer
to Zimbio.com. He said, “Business development involves evaluating a business and then
realizing its full potential, using such tools as marketing, sales, information
management and customer service. These tasks are carried out by business
development managers. This is my role.”
Heyworth said, “A plan will help you to put your ambitions for the business down on paper so that you have a clear vision. Then you can monitor your progress.” Reading this quote was beneficial, I had never thought of business plans in that way. Primarily, I’ve been focused on the development of a plan for my business in regards to financial purposes. However, I’ve never questioned, ‘What would I need a business plan for if not for money?’.
Reading the article on Heyworth’s business plan strategies opened my eyes to a whole new realm of business. Heyworth stated, “Firstly, it is very useful to write one (A business plan) even if for nobody else’s benefit but your own. A business plan will help you make sense of a number of key factors.” My assumption is that this statement is factual. Because it is something I have witnessed during my business planning compositions.
Writing down my plans has given me the ability to discover answers to questions Heyworth presented, “Who am I and what are my skills and background? What is my product or service? Where is my target market and how will I reach them? Who is my competition? What are my strengths, weaknesses, opportunities and threats?” In addition he said, “A business plan must also include a breakdown of the financials. How much money do I need to survive (bills, food, mortgage)? How much are the running costs of this business (rent, stock, utilities, marketing)? What is my monthly income and expenditure likely to be?”
Alan Hughes is the second business expert I analyzed. I chose to review his expertise not only because we share the same last name, but because of his credibility. As the Multimedia Editorial Director for Black Enterprise, Hughes has interviewed and analyzed numerous businesses and their owners. Below Hughes’ Bio from Black Enterprise is indicated,
“In this role he is responsible for overseeing business, entrepreneurship and technology content for the brand’s print, online, broadcast and events platforms. An award-winning journalist with nearly a quarter century in the field, he’s a vital member of the editorial management team.”
Hughes also directs the editorial coverage of the BLACK ENTERPRISE June issue, which ranks America’s largest black-owned businesses and examines the growth and impact of those BE 100s companies each year. He also oversees content and provides direction for the Black Enterprise Entrepreneurs Conference + Expo, the company’s flagship event that draws thousands of business owners and aspiring entrepreneurs annually. He also regularly spearheads all international business coverage pertaining – including opportunities and global trends.
A quote from Hughes that I enjoyed reading was stated in a Black Enterprise article, “Let’s face it, you’re in business because you want to make money and you want to do it your way. But whether you’re just starting out with your business, or you feel like you need to reassess the company’s goals and direction, there are strategic steps you can take to make sure you position yourself to make moves–smart ones. This is what a business plan is for.” I interpret this as Hughes’ way of saying to business folk, “Be flexible, yet never lose sight of your central goal.” People in business must consider adding flexibility to their business model, but must has a clear concise view of the primary goal and desired outcome for success.
From reading both experts analysis on the values of business plans, I can see that critical & key components that investors are looking for in a plan are analysis of business full potential, marketing, sales, information management, customer service, and projected financial loss and gain. These factors would be considered key investors want an outline of a businesses projected development and the techniques that will be utilized to assure economic enterprise growth. Investors want to know that their investments will profit their finances, so a business plan is essential for financial sponsorship.
The value of a business plan goes outside a written document with the archetypal substance: vision, purpose, sale and marketing plans, operation models and cash flow projections. The actual worth is in the development the business goes through to get the plan. The analysis, evaluation, and measurement of the core workings of the business that result in the plan is the physical appeal. Anyone can have a document called a “business plan” but successful businesses understand that the “plan” must be frequently examined and changed to reflect the strategy of the business.
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