Emeril Lagasse is no doubt one of the most famous and successful chefs of all time.
In fact, Emeril's media, products and restaurants generate an estimated $150 million in annual revenues. Not bad.
One of the reasons for Emeril's success is his personality. And in particular, his ability to make cooking exciting. Particularly when he shouts his catchphrases including "Kick it up a notch!" and "BAM!"
I want to focus specifically on Emeril's "BAM!" and its implications.
Emeril say "BAM!" only at a specific time. He says it when he adds a pinch of a certain ingredient that will make a good recipe extraordinary. Also, like other chefs, Emeril spends time "plating" or focusing on the appearance of the dish.
So why am I telling you this?
Because Emeril gives us a great lesson in developing business plans, particularly if we hope to present our business plans to investors and/or lenders.
To begin, your business plan must have a "BAM!" factor. The "BAM!" is what makes your plan extraordinary or worth reading. I believe that the biggest "BAM!" factor is your list of success factors that MUST go on the first page of your business plan.
Specifically your success factors must detail, ideally in bulleted form so it's simple to digest, why you are uniquely qualified to succeed.
Most business plans neglect this, and most entrepreneurs think that the quality of their idea is more important than this. Not true. Your ability to execute on the idea is of paramount importance.
In addition to including your "BAM!" factor, like Emeril, you need to spend time "plating" or making sure your business plan has a great appearance. Since if it doesn't, investors won't read it.
Making your business plan graphical appealing, with pictures, logos and the right fonts and spacing helps. But even more important is laying the "story" of your business out in a format that constantly compels the reader to want to read and learn more. Rather than bombarding them with every detail about your venture, you lead them down a path.
You succinctly tell them about what your venture is all about. You tell them why you are uniquely qualified to succeed. You show them the market need. And customer wants. And your marketing plan. Etc.
Few people, including investors and lenders looking for deals, really want to sit down and read your business plan. Those business plans that are inviting, and have the "BAM!" factor are the ones that investors pick up and can't put down. And those are the ones they fund. So make sure yours is like that too.
Watch this video for tips and shortcuts for completing your business plan.