For the past several months, enable has shown you how to benefit from a wide spectrum of valuable sites. Today, we being a series of articles on using the Internet as a tool for business and strategic planning. We will apply many of the sites covered in the past, as well as introducing new ones.

We will start with developing a customized business plan. This will be a long process, so we will strive to make each column pointed and self-contained.

For Busy Executives and Entrepreneurs

If you are a busy executive or entrepreneur, you are probably wondering if you should take time away from your tight schedule to learn how to develop a business plan using the Internet. Each column will be prepared with the aim of giving you value for the time spent. We will selectively provide you with the vital information you need to grasp the "big picture" and with crucial, bottom line insights for developing a professional business plan and for raising capital.

The objective is to make you aware of problematic areas unique to the process. Your awareness of these areas - at the earliest possible stage - will help you deal with them effectively, or better yet avoid them altogether.

Furthermore, by incorporating the advantages of using the Internet into the business planning process, enable will save you time and resources.

Every Company Needs a Proper Business Plan

In today's highly competitive, fast-paced, global business arena, if you fail to plan you are planning to fail. Successful companies grow and prosper because they know where they should be going and have a specific, fine-tuned plan for getting there. A plan that exists in your mind is not enough; the plan should be put in writing. The best place to put your mental plan in writing is in a business plan.

Your Business Plan Should Be Tailor Made

Every business is different, and the organization, structure and content of a plan that makes sense for one company will be inappropriate for another. Investors expect to see a business plan that was developed according to your specific business.

Moreover, developing a business plan is more of an art and a process than a simple fill-in-the-blank writing assignment. Many far-reaching issues must be addressed if your plan is to have any impact in-house or externally.

What's a Business Plan For?

A business plan has two principal functions:

1. Strategic Planning Tool and Benchmark for Success

   In helping you develop your plan, enable will force you to think through all of the aspects of your venture. The discipline involved in putting your plans into a structured document will enable you to organize your thinking and make fundamental strategic decisions. You are not only forced to deal with business realities, but you may save the time, energy and resources you would have consumed through trial and error.

   Once completed, a proper business plan enables you to know where your company is heading and measure progress. To properly monitor your business, you will have to determine the reasons for deviations from your plan, and then correct them. Early detection of such deviations will also impact scheduled financing and help identify potential cash flow problems.

2. Capital Raising Tool

   A business plan is the first step in the investment process. A well-written, hard-hitting business plan will encourage serious investors to meet with you. The plan is your company's ambassador to potential investors, and it should speak to them in the language that they understand.

   You only have one chance to make a good first impression, so your plan should be highly professional and customized to show your company's unique advantages and abilities. Investors look at myriads of business plans; yours will have to stand-out and be flawless if you want to get and keep their attention.

What Your Business Plan Says about You

The business plan is your company knocking on the door of potential investors. In addition to the business and financial information it contains, the plan will also convey to investors your:

• Organizational Abilities
• Thoroughness
• Analytical Skills
• Perceptiveness
• Realism
• Ability to See the Big Picture

Enable's goal for the next several weeks is to make your investment of time in learning about business and strategic planning pay off by saving you time in carrying it out.

Published by Israel's Business Arena on June 15, 1999

Michael Neuvirth is the CEO of IPbanking, a company that uses creative and conventional techniques to help inventors, early stage entities and mature companies maximize the value of their Intellectual Property. He has over 15 years of experience in the high-tech business arena as an Intellectual Property Attorney, Entrepreneur, CEO, VP Marketing, Investor and Strategic Advisor to numerous companies. He has developed business and strategic plans that have helped a wide-spectrum of high-tech companies raise the investment they needed. Michael is a member of Phi Beta Kappa. You are welcome to email Michael with any questions you may have about Enable.