March 18, 2008 by mrbizplan.

Note:  I changed the settings for comments to “open to anyone” and it doesn’t require math problems anymore to make a comment.  All past comments were deleted before the changes were made…sorry to those who tried to share their opinions and could not.

Email me if you have trouble in the future.

Donovan Wadholm

 PS - I love www.logmein.com   Awesome free service to remotly access your computers over the internet.  I use it to check sales at our pizza restaurant every morning, when I forget a file on my work computer, to check my outlook on my home computer…it rocks!

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March 17, 2008 by mrbizplan.

I started reading Inc. and Entrepreneur Magazines monthly last year.  I like both magazines about equally but for different reasons.  I let my subscription slide on Entrepreneur so I am only going to speak to Inc. Magazine. 

Inc. Magazine has a case study featured every month that looks at a specific company’s business decision on some issue and then experts weigh in.  The articles usually entail some dire consequences facing a company and the decision made by the CEO to handle the problem.  These articles are always interested and informative but you never really find out if the final decision was the right one. 

 Starting in 2006 Norm Brodsky ran a nine part article entitled “The Offer” on on his attempt to sell one of his multimillion dollar businesses.  Norm seems perpetually out of touch with the average entrepreneur.  I believe his success has placed the problems he faces and his mentality on a different level.  For example the last article I read of his was about choosing a company to service a multimillion dollar policy.  But he is interesting to read none the less, kind of like the crazy old uncle that on rare occasions gives some true gems…but mostly you just find your self saying “Oh Norm…” 

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March 13, 2008 by mrbizplan.

I received a call this afternoon from a guy out in the New England area asking which program works best for raising investment capital.  After a fairly long conversation explaining the key differences between the programs I decided to recap them here for your use:

Ultimate Business Planner - Pros:Plug & Play Financial Projections, Comprehensive Narrative Outline, User-friendly Interface, Will help you create a business plan quickly even if you don’t have a lot of experience writing one in the past.  Cons: Tough to integrate current financial projections into program if you are an existing company, locked cells mean you can’t write spreadsheet formulas into the program, simplistic financial program = simplistic financial information reported.  Best Use:  New companies without complex financial projections - Start-up retail, service, restaurants, etc…who are seeking bank financing. 

PlanWrite Business - Pros: Again has an easy to use interface, plug and play financial projections, templates for different types of plans, loaded with additional resources.  Cons: Not as polished as some of the others, limited functionality for some key areas, only average presentation of finalized plan.  Best Use:Another good one for startups seeking bank financing. 

Business Plan Pro - Pros: # 1 business plan program in terms of sales, comprehensive program that will work for most companies, advanced financial projection program but not overly technical.  Cons:Most startups will only use a small portion of the program’s abilities, financial projection inputs integrated into the narrative sections are sometimes confusing.  Best Use:Existing companies needing a strategic plan, bank financing or possibly investment capital.  Startups can use but it can be like drinking from a fire hose.

BizPlan Builder - Pros: Cool features including multi-user access, pre-formatted outlines for different plan types with “starter text”, advanced financial projections, excellent features for those looking for private equity.  Cons: Dependant on Microsoft Office to run program, Complex and sometimes onerous financial projection templates, time intensive program to use.  Best Use:  New or existing companies looking for Angel or Venture Capital in need of comprehensive financial projections, investor driven templates and presentation outlines for raising capital. 

For more information and complete reviews of these products visit www.diybizplan.com.

Donovan Wadholm

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