0816_TOEFL-Test-and-Score-Manual-1997

42 ● 201 Great Ideas for Your Small Business
mileage, round trips, and waiting time. Few customers complained about
these minor adjustments, which brought in an extra $100,000 a year.
“It was really manna from heaven,” said Carpel, who also “fired” some
customers who rarely used his services. Based on Schimel’s brainstorming
sessions, they also installed a toll-free 800 number for drivers who had been
calling dispatchers collect.
So look around your office today and find ways to cut expenses and
boost profits.
GREAT
Write a Killer Business Plan
If two down-on-their-luck beggars approach you on
IDEA
the street asking for money, are you more likely to give
money to the dirty, scruffy guy or the sincere, clean guy who asks politely
for spare change?
Too many entrepreneurs circulate scruffy business plans and wonder
why they never get funding. Remember this: your business plan has less
than a minute to catch the eye of a serious investor. Messy, typo-filled,
poorly written plans end up in the trash, according to the private, so-called
angel investors and busy venture capitalists I’ve interviewed. Thousands
of business plans hit their desk or inbox every year. They don’t waste time
reviewing second-rate pitches.
A veteran venture capitalist (VC) agreed to share some insights, but
asked not to be identified. She said, first of all, she looks for succinctly
written plans printed in an easy-to-read font. “The less the plan weighs, the
better,” she said. “I always read the two-pound business plans last.”
She and other professional investors interviewed said the most
important element is the executive summary. If it’s not concise, yet
comprehensive, the potential investor will go no further. If you aren’t a
great writer, hire one to help.
“The content is critical, especially in a technical area like biotechnology,”
she said. “Always include the most compelling research results
and data. Your plan must explain why someone should invest in your
firm and not the competition.”