Bankable Business Plans
by Edward Rogoff
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Book Summary Information
Author: Edward RogoffEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2003-10-23
ISBN: 1587991632
Number of pages: 272
Publisher: Texere
Book Reviews of Bankable Business Plans
Book Review: Financial projections in a business plan are important - they should be meticulous!
Summary: 5 Stars
Chapter 10 in this book opened my eyes to a publication produced each year by the Risk Management Association (RMA). It's called the "Annual Statement Studies - Financial Ratio Benchmarks" and is a compilation of information supplied by member banking institutions that get their information from small business loan applicants. The author of Bankable BPs says a sound business plan must favorably compare to the information in the RMA publication, or it probably will not help the loan applicant get her funds.
I recommend after reading Bankable BPs that anyone creating a business plan will do themselves a favor by examining the RMA publication to use as a guide for creating meticulous financial projections included in their business plan. Don't write the business plan first, and then compare it to the RMA publication figures. Instead start with the figures and then write the business plan.
Another similar (but not as good) publication you might want to look at is called "Financial Studies of Small Business" written by Financial Research Associates.
Besides the impressive information contained in Chapter 10 of Bankable BPs, I thought the book was a great read on the subject of putting together a business plan. The author is an associate professor at one of the CUNY schools in New York. I would have liked the book better if he had not emphasized that a business plan was a tool to help raise capital. But he does point out that a business plan is an important tool for running a small business, too.
The author listed 10 action steps necessary to create a business plan:
1. Define the business
2. Figure out initial needs
3. Outline how the business expects to make money (business model)
4. Perform market research (study industry, competitors, and potential customers)
5. Write a marketing plan
6. Describe sales effort as it relates to marketing
7. Systematize operations & team building
8. Decide on capital requirements
9. Put together pro forma financials
10. Write the business plan in an acceptable format
I'm pretty sure the author felt the action steps were meant to be done in the above order. I tend to agree with the list of action steps, but not the particular order. I think #8 and #2 should be sequenced just after #9. I find it hard to believe it is possible to decide on capital resources BEFORE you have figured out the pro forma financials. And, without knowing the capital resources needed, it seems to me it is hard to determine what the initial needs of the business will be.
All in all, this was a very informative books and I am sure it will be a very helpful book to anyone who has to put together a business plan. 5 stars!
Summary of Bankable Business Plans
Bankable Business Plans reveals the secret of creating a compelling and successful business plan for anyone who ever dreamed of starting or expanding an enterprise. This invaluable book guides readers through a comprehensive, step-by-step process to produce a professional-quality business plan that will attract the financial backing entrepreneurs need. Bankable Business Plans is the only book on the market that demonstrates how to make each business plan uniquely suited to every endeavor. It is also the only book which explains how to employ the guidelines that banks, venture capital firms and the Small Business Administration use to grant loans and other financial support to businesses. By describing how to apply the relatively unknown, but easily available Risk Management Association data to each business concept, author Edward Rogoff provides a virtual answer key to anyone seeking financial support for a business idea. Rogoff?s years of experience in both founding and improving startup and established companies, as well as teaching entrepreneurship to college graduate and undergraduate students, enables him to delineate the elements that make a business plan attractive to investors and lenders. Bankable Business Plans is essential for anyone interested in opening a business, expanding an existing enterprise, or simply testing the financial reality of a dream.Guides Books
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