Best practices of business plan writing

While I prepare write my business plan, I have sought the wisdom of those individuals that have mastered the art. I will share two of these people and what I've found to be good advice from well-versed experts.

First, I have looked at Elizabeth Wasserman. Elizabeth has written for Inc. Magazine and since I'm an avid reader, have seen her material. She is the Editor of Inc.'s technology brand. She lives in Washington (many think tanks there) and has over 17 years of experience writing for various publications and in many mediums.

What I took from Elizabeth was essentially that the business plan is your map. If it's a map for your business, it had better be a correct map. This doesn't mean it error free. What it does mean is that your map needs to have north, south, east and west correct and your direction must be defined. She writes about how it must be committed to memory. Memory doesn't need to have everything, but you need to have the vitals at the forefront of your lobe. Knowing your plan and that it constantly changes is the biggest challenge. Also, when you think you're being conservative with your numbers, reduce them again and don't be too optimistic.

The other expert I looked at is Mark Cuban. Mark is the owner of NBA's Dallas Mavericks, an investor on "Shark Tank" the TV show and founder of broadcast.com. Not only does he know computer technology well, he knows a great deal about successful business.

I've read his blog many times over the last handful of years. He is a big proponent of open-source anything. The concept is that many eyes looking at something can only help your business in the long run. With business plans of all types, you must have a clear vision. This vision is only better defined within the plan.

A couple of years ago he invited the public to post their business plans on the Internet via his blog. Then, if you fulfilled certain requirements, he would invest in your company. This is a very scary prospect, but I'm sure it turned out well for some people. Even if he didn't invest, the amount of readers giving feedback on the plans could have proved priceless. Of course, theft of an idea would be the most concerning. All said though, if you think you've got a tight plan, why not go for it? Showing your plan is very well done would be the component needed for investors.

I don't think I would have done the posting, but I certainly admire those that did.