EP68. Peter Mehit: The Three Times You Absolutely Need a Business Plan
Peter Mehit, co-author of Killer Business Plan, has as his biggest strength that he can quickly visualize business concepts and distill them down to a set of strategies and tactics that can be acted upon. He’s used this ability in the creation of over 500 business plans that raised over $100MM, the direct start-up of […]
Peter Mehit - The Three Times You Absolutely Need a Business Plan
Peter says, “most people don’t like the idea of creating a business plan, but there are times that you absolutely need to have at least worked through the work required to create one, even if you don’t actually write one. The main reason to do this is to identify and minimize risk.” He goes on to say, “if you create a business plan, it will keep you out of trouble and maybe help you survive.”
He honed this experience as he worked across many industries worldwide as a professional consultant to multi-national firms such as Panasonic, DuPont, IAMs, Boeing and government agencies such as the U.S. Postal Service, the State of California and agencies in Los Angeles, Orange and San Bernardino Counties.
Peter also has the unique experience of working at the other end of the scale, as a member of many launch teams or as owner of several start-up companies. His work spans multiple industries including finance, construction, information technology, internet services, application development, retail, wholesale and distribution.
Peter tells us the three times that we absolutely need a business plan, on this episode of Revenue Chat.
- 03:06 How it all started for Peter Mehit of KillerBusinessPlan.com
- 05:28 The level above must-have-more-money.
- 05:40 The worst way to find happiness in this life.
- 06:20 We have a business now, why do we need a business plan?
- 07:07 The first and most important time you need a business plan.
- 07:19 Almost no new business owner does this step.
- 07:54 The biggest obstacle to your business.
- 08:08 These steps require a lot of visualization which is not something you normally do at first.
- 08:33 The second time you need to have a business plan.
- 09:03 This activity is a lot cheaper than failing.
- 09:21 The third time you really need to have a business plan.
- 11:11 The real reason you need a business plan, and it’s not to raise money.
- 12:01 Visualizing your customer and how they use your service or product is the important thing.
- 12:50 After doing over 600 business plans, we know this…
- 13:11 What about the entrepreneur and small to medium size business that is doing well?
- 13:45 The reality is this step is a skill that every business owner needs to have.
- 14:00 However you organize it, your business plan needs to address these 5 factors.
- 15:59 How do we get started on our own business plan? This step comes first.
- 16:42 Sit in the chair and imagine your clients using your service and…
- 17:49 The real value of any plan is to show you where your blind spots are.
- 18:53 After decades of being told supply side economics is the way things work …
- 19:17 There is an Ideal Customer for every business out there and I guarantee it is not who you think it is.
- 22:32 Things you wish you knew when you got started-for newer entrepreneurs and startups.
- 23:08 The one factor you must guard against even in a super-successful business, and which your business plan will help immensely.
- 23:45 Pricing: You won’t believe this one. Think you’re charging too much?
- 24:20 The most dangerous word in the English language.
- 25:00 A lot of businesses underestimate this one factor which hurts in the long run.
- 25:57 Serious pricing advice for the startup business.
- 27:01 Here’s a simple method to ensure you are charging properly for your products and services.
- 29:09 Employees are told what their worth is which impacts when they start their own business and why.
- 30:26 The canary in the coal mine on when an ongoing business needs to re-do their plan.
- 31:53 What to do when someone comes into your market place doing something totally different?
- 32:36 Is an app going to come along that does what you are doing right now?
- 33:14 Is your revenue doing well, but you’re feeling uncomfortable cause you’re in a rut?
- 33:38 Nothing wakes you up like a challenge to your finances.
- 34:00 What to do if you need help with a business plan.
800-741-8444 or custombps.com for a free consult
- 34:47 Free and other resources to get the business plan help you need.
- 36:06 The simplest and best way to learn everything about a business, meet all the people who will fund you, meet the customers who will buy from you and know how to run the business.
- 36:53 If you already have obligations in place, and you need a short cut to improving your business model, the best thing to do is this.
- 37:19 When the rubber meets the road.
- 38:00 Anecdote about Bill Bruford drummer for King Crimson, Yes and Genesis, and his reason for discipline.
- 39:23 About the book Future Shock by Alvin Toffler in 1970 and his predictions.
- 39:58 Technology changes so fast, can you really keep going back to school?
- 40:55 Connect up with your peers to keep abreast of future changes.
- 41:09 Can you call your competition and why? A great source of information.
- 42:03 Why Peter Mehit keeps doing what he’s doing. His purpose. The reward. One person at a time.
- 43:54 There’s nothing more important in this world than the love of someone who loves you back.
- 44:49 Get your Free e-book of Killer Business Plan by Peter Mehit. Call him and he will send it to you. 800-741-8444
Peter Mehit provides a lively and very educational discussion on the need for a business plan in various stages of a company’s growth, as well as being able to adjust to the ubiquitous industry changes that beset us daily. An exceptional informative, intelligent interview.
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