Customer Reviews

Bankable Business Plans

5 star:		(23)
4 star:		(3)
3 star:		(0)
2 star:		(0)
1 star:		(0)

 

 

This book is terrific because it directly addresses the issue that probably undermines more business plans than any other: unrealistic assumptions. After 20 years as a banker and financial advisor to growth companies, both large and small, I believe that professional equity investors judge entrepreneurs by their ideas, their ability, and the reasonableness of their assumptions. Aggressive business plan assumptions raise significant doubts in the minds of investors, who don't just want 25% IRRs but want 25% IRRs that are achievable. Rogoff wisely advises entrepreneurs to ground their plans in reality, using solid industry data and benchmarking techniques. He teaches you to think like an investor or banker before writing your plan. Very solid advice. A must-read before going to market with your plan.

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!

Bankable Business Plans by Edward Rogoff is the Bible of how to start and grow your own business. As a small business owner with little time and even less formal business education,I needed a resource that would tell me exactly what I needed to know without needing an MBA to understand it.Bankable Business Plans is so clear, concise and informative it almost feels like having your own business advisor.This book isn't just for entrepreneurs, but for anyone who wants to take their career to the next level. It teaches you how to think like a business professional.

This book will have you thinking like a CEO, acting like a CEO, and making as much money as a CEO. What a great way to painlessly acquire a businessman's way of approaching problems and opportunities. Professor, why didn't you write it 50 years ago?---you would have saved me a lot of trial-and-error mistakes.
MK,Pompano Beach, FL

I bought this book because my job includes helping nonprofit organizations analyze their businesses and undertake effective business planning. As I read the book, it became clearer to me that my own nonprofit organization desperately needed a business plan -- and I found myself grateful for the path outlined in Bankable Business Plans to guide us through the process. While Mr. Rogoff's work is geared toward for-profit companies I found this book extremely helpful -- clear, encouraging and occasionally humorous. Perhaps the most important thing Mr. Rogoff makes clear is that the job of a business plan is to convince others to invest in a venture -- as such, we must be clear that our ventures are worthy of investment...

I am a professor at the University of Missouri School of Journalism and I teach a course titled The Economics and Finance of the Media. The final project in the course is to write a business plan, and Rogoff's Bankable Business Plans is a required text in the course. It is a perfect guide for students and entrepreneuers who want to write an excellent business plan. I've looked for years for a book that would guide students through the maze of creating a good business plan, and Rogoff's book does this. It is well organized, thorough, and full of practical advice.

Bankable Business Plans by Edward Rogoff and Jeff Bezos is clear, concise, comprehensive, easy to read and a joy to assign to my students. Some of the material presented can be rather dull and complex (especially the financials) but Bezos and Rogoff's treatment of the subject was refreshing and even fun. Their step-by-step approach to understanding the RMA was right on the mark. Those seeking financing should feel both comfortable and confident approaching banks and investors if they have followed the techiques outlined by Rogoff and Bezos.

Rogoff and Bezos are clearly entrepreneurs and educators. They capture and keep their audience with real-life examples and anecdotes. The advice is solid and result-oriented. I have read many books on the subject and Bankable Business Plans is the best, by far. Bankable Business Plans is must for potential entrepreneurs; it should be required reading for entrepreneurship students as well!

I found this book easy to undersatnd and very user friendly.

It serves as a really good practical guide that cuts thorugh complications and irrelevant material usually associate with business plans.

It has special relevance for small business owners who may not be accustomed to dealing with banks and major ivestmentors. It allows you to cut to the chase and put your best thinking, assumptions and business strategy right out front where it beloongs.

A great tool and easy to use - I found it invaluable

This book is a must-read for anyone who is involved in starting a business or extending an existing business/product line. Ed Rogoff approaches 'how to get the money' from a real-world, results oriented perspective.

No theoretical mumbo-jumbo - "just the facts" on how to navigate successfully through the financial waters of a new ventures. Even folks who have launched new ventures can learn something from this book.

This book is a must read for anyone starting a new business. Professor Rogoff's approach forces a prospective entrepreneur to determine if s/he can afford to start a new business or if its worth risking your life's savings. Having taught "Creating a Business Plan" at DePaul University in Chicago and having worked with entrepreneurs during my entire legal career, following the advice in this book will produce a plan that demonstrates your commitement to the business and increase your potential for success.