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Warren Buffet’s Nine Steps To Effective Business English

September 1st, 2010 · Business Plan

‘Price is what you pay. Value is what you get.’ Warren Buffett

Warren Buffet is from Omaha. Not sophisticated LA or cosmopolitan New York. Saying their simple folk is a bit patronizing. Rather they saw things as they see them. His Annual Reports are a joy to read. Most mainstream annual reports are like sedatives. You read a page or two and then zzzz.

Warren Buffet’s Annual Reports were the first I ever read. To this day, I go back and re-read them to remind myself what business writing is really about – making a connection with words. That’s it. The more you can connect, the more people will read you. They may not agree with you – more on that later – but they will read what you have to say.

Warren Buffet’s Nine Steps To Effective Business English

What’s this got to do with business writing? Well, if customers don’t understand what you’re selling, they won’t buy. If employees don’t understand your principles, they won’t follow. If you don’t understand your own vision, you can’t lead.

Writing is a process of clarification. We edit to make things clearer. Let’s start at the top.

  1. Customer Focus – it sounds obvious but… write the letter so that it addresses ‘their’ needs, not yours. It’s easy to get caught up when under pressure to sell or promote your ideas but, step back, and look at this letter from the customer’s perspective. Put yourself in their shoes. What’s their impression of your letter?
  2. Facts – likewise, stick to what you know. Don’t make up facts, figures, amounts, dates or other numbers to impress the reader. You’ll look very foolish when these are seen as ‘mis-informaton’. We all know what that word really means? Avoid saying, "I feel that". Rather use "I believe that" or "I think that" and then explain why you believe this to be true.
  3. Include Technical and Legal Document As Attachments – if you need to refer to technical documentation or other such material, don’t insert it in the document, rather cross-reference in the Appendix. For printed material, print out the material and include it in a binder. This also applies to sales collateral, such as case studies and white papers.
  4. Jargon – write in a professional tone, avoiding slang, jargon and acronyms. Few things annoy me more than unexplained acronyms appearing in the middle of a case study. Am I supposed to know what this means? If I don’t, I feel a bit stupid. Is that what the writer meant?
  5. One Page Max – train yourself to keep business communication under one page. You can do this by compressing the main points together and using lists to break out the key points. If the document needs to be more than a page, then consider calling the person or arranging a meeting. Also, if it’s more than a page, it’s unlikely that the customer, employee, or colleague will respond to all the points.
  6. Proof the letter – for business critical information pay special attention to the financial data. You can be forgiven for the occasional grammar or spelling mistake, but you won’t be forgiven if the numbers are wrong. Check these more than once. Where possible, get a colleague to check them also.
  7. See The Big Picture – have the overview in mind before you start. Don’t start writing your next business plan when it’s still half cooked in your brain. Think it through first and then start writing.
  8. Short Words – don’t write ‘utilize’ when ‘use’ will do. Don’t procure meat products when you mean get a sandwich. Use simple everyday words. There are no Nobel prizes for emails. Use direct, immediate language that describes the main topic. If you go over a page, the reader may leave it to later… and never get to read it. So, if shorter letters have a better chance of getting read, then use this approach.
  9. Structure Your Letter – Before writing your business letter, make a list of the key points you need to cover. Prioritize them. For example, as prospective clients are more likely to read the first two or three bullet points, highlight these to convey their importance. Then work through the other points.

Conclusion

What I’ve learned from Buffet is that annual reports, proposals and other business documents can be written is a simple, easy-to-read format. They don’t have (and shouldn’t) intimidate the reader. Or bore them.

The next time your boss says the Annual Report needs to be more ‘serious’ and more professional, hand them a copy of Buffet’s letter and see what they think.

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the Business Plan Consultant Blog at http://www.ivanwalsh.com

PS: The Business Plan Template is here

PPS: Another great read from Buffet is this Plain English Guide He wrote the Foreward for the SEC.

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Half Your Words, Double Your Salary

August 21st, 2010 · Business Writing

A few weeks ago I wrote that I didn’t like business writing when I started out. Why? Well, it took me several centuries to write very long white papers, data sheets, and other sales collateral. Strange word ‘collateral’ isn’t it? The main reason we did this was the ‘assumption’ that customers preferred lengthy documents. These doorstoppers covered all aspects of the product/service. Sure, it had its place. But not all documents have to land with a thud. It’s the same with writing Business Plans. It doesn’t have to be fifty pages if you can get it under twenty and keep the material focused.

USA Peace Dollar 1921

Getting Paid By The Word

When I worked in London, I got paid by the word. I was writing case studies and white papers for the Financial Services. So, I was paid by the word. Later I was paid by the article. And the articles were 750 words minimum. But, above that, you didn’t get paid extra. So, I started to write with one eye on the word count. Maybe you want to make a living and get paid by the word. If so, read on…

Do you make money from writing? I mean any type of writing? Business writing, proposal writing, technical writing? If you do, you probably get paid by output. The more you produce, the more you earn, right? If you do, here are some ways I write more words per day. My aim isn’t to win the Nobel prize for literature. I make money writing words. That’s it. I type all day long. The more I type, the more money I make. Real simple.

1. Keep it short

Train yourself to write short, punchy sentences. Put your text on a diet. You’re not at university now. In the real world, you’re rewarded for brevity. A 300 page thesis is fine for your professor. For busy customers, thirty words is fine if it does the job!

Instead of writing:

Refer to the following documents for Process Improvement instructions relating to the Credit Card process narration and process flow diagrams.

Use the active voice and write

This document outline the Credit Card process with supporting process flow diagrams.

Instead of using seventeen words

The screenshots outline the steps required to execute the request for printing the invoice copy from Oracle.

Reduce it to eleven. The meaning is the same and the content is easier to understand.

The screenshots show how to print the invoice copy in Oracle.

Instead of taking two lines…

The user can choose to email the invoice to the Customer. Alternatively the invoice can be faxed using Webex within Lotus notes to send the copy invoice to the Customer.

Get to the point faster and write

You can email the invoice to the Customer or fax it by using Webex option in Lotus Notes.

2. Be consistent

Don’t chop and change. Choose one term and stick with it throughout your document.

I’ve seen these three words used in the same document.

  1. Key in the invoice numbers
  2. Enter in the invoice numbers
  3. Type in the invoice numbers

Choose the correct word and stick with it. Don’t change words to make your document more ‘interesting’. Readers will often dip into a document at different pages; very few read the entire document, report or proposal.

3. Do you really need to add a Screenshot?

Do your documents really need screenshots? If not, don’t add them. Don’t add screenshots to fatten up a thin document or just to increase the page count. If you do need to add screenshots, decide if you need to capture:

  1. The entire desktop/screen/web browser
  2. One part of the desktop/screen/web browser
  3. One part of the application, for example, a specific field, table, or button.

Tip: use ALT+PrntScrn to take the ‘floating’ screen only. Highlight the active field with a red box and label each screenshot.

4. Taking Web Screenshots

Turn off the Favorites menu. No one needs to see your favorite websites. Likewise, you may want to turn off or delete icons near the lower status bar. Remove the URL if the web address is private.

5. Write in the Present Tense

Instead of writing

The screen that you get would show the links to these invoices

Use the present tense

The results screen displays links to these invoices.

Likewise, avoid using the conditional (if) and other tenses. Remember, the reader is using the application right NOW!

6. Email v Mail

Choose one term and stick with it. Email or mail. To me, Mail implies ‘snail mail’ as in regular mail.

…files are sent by email. Log onto your Lotus Notes to access the mail

…files are sent by email. Log onto your Lotus Notes to access your email

7. In v Within

Within usually refers to a timeframe. The meeting will be held within the next three to five days.

In refers to a location. The folder is in Lotus Notes.

Don’t

Copy to a folder within Lotus Notes.

Do

Copy to a folder in Lotus Notes.

PS: notice the Lotus and Notes are both uppercase.

8. You v User

No-one wants to be called a user! So, where possible, write the text as though the reader is sitting next to you.

Instead of

The user can print the invoice…

Suggestion

You can print the invoice…

9. Click v Select

Again, these are often confused. Buttons get clicked whereas you select options from a list.

Click a button

Select from a list of options.

Don’t

Select the Display Document button

Do

Click the Display Document button

10. Active v Passive

We’ve all been guilty of this one. Active gives your writing more energy. It tells you, the reader, what’s going to happen next. Passive, in contrast, fudges the issue slightly.

Saying that, there are times when you should use the passive voice. Such as? When you want to avoid blaming the reader (for example, if the application creates an error when they enter data incorrectly) or if you want to tone down a sensitive issue.

Instead of

The invoice is printed by SAP

Be direct. Say who does what.

SAP prints the invoice.

Instead of

Select the transaction SAP Transaction code: XXX201

say

Select the XXX201 transaction code.

Instead of

Select the line items by double-clicking on the item which takes you into the screen shown below – Line Item 001

Write

Double-click on an item to open the Line Item 001 screen.

11. Lowercase is fine, sometimes!

Don’t user uppercase for emphasis. It’s a cliché that has crept into technical writing and needs to be monitored. Lowercase if fine and usually correct.

Instead of:

Line Item Drill down

Write

Line item drill-down

Note: drill-down is one word. Line item is not a noun.

Enter User ID and password

Enter the User and Password fields.

12. Hide the Header/Footer on the first page

I’ve added this, even though it’s not to do with writing per se. Most business and technical documents don’t require the page number on the first page. To hide the page number on the first page of your document:

  • Open Microsoft Word,
  • On the Insert menu, click Page Numbers.
  • Select or clear the Show number on first page check box.

clip_image002

Those are some ways I control the style and format of my business documents.

How about you? What do you do to get documents out the door that bit faster?

About the Author: Ivan Walsh is a Business Consultant who writes short business proposals for big clients. He also gives Business Tips for Smart People at Klariti.com. Follow him on Twitter at http://twitter.com/ivanwalsh

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9 Tips When Writing Abstracts, Headlines and Summaries for Business Documents

August 18th, 2010 · Business Writing

I had planned to call this article ‘The Nine-Step Strategy for Writing Summaries That Intrigue Readers’ but had a second look. It’s a bit long. And as this article is about writing headlines, summaries and abstracts, well… Let’s stick to the plan.

“An abstract highlights the key points you want your reader to remember after they’ve read your document.“ [Read more →]

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Ernest Hemingway’s 10 Step Guide to Better Business Writing

August 16th, 2010 · Business Writing

Look at how Hemingway does it. His writing style is crisp, direct and engaging. All the signs of a great writer. Look at how he makes long sentences short, mundane subjects interesting, and clips along at a nice pace. And without ever losing the thread. Us business writers can use these techniques to improve business plans, proposals, white papers and case studies. Let’s get started.

ernest-hemingway-writing-desk

10 Step Guide to Better Business Writing

Here are some ways to improve your business documents:

  1. Highlight the Benefits to the Reader – Write from the reader’s perspective. Instead of writing about you and your products, turn it around and show the reader what’s in it for them. How does this proposal solve the company’s financial problems? How does this email keep the project on track? How does this procedure simplify complicated business processes?
  2. Give the reader a compelling reason to open your email, read it through, and then take action. We’re all the same. When you get a business proposal, you’re first reaction is, "What’s in it for me?" It is your job as a writer to tailor the material so that it answers these questions.
  3. Write at Appropriate Level – Match your writing style and choice of words to your audience. Do not use complex terms or jargon that the reader will not understand. Likewise, do not use simple terms or use poor examples if the reader is capable of understanding your material. They’ll assume you’re being condescending or patronizing them. Get the tone right and go from there.
  4. How to Structure Paragraphs #1 – Business letters are not read the same way as articles, reports, or books. Usually, they are read by people in a hurry. Business people looking for answers. Quickly. Structure your material so that it’s easy for the reader to find the answers to these questions. Don’t make them dig it out. Use short paragraphs, lots of information rich headings, bullet points and useful summaries.
  5. How to Structure Paragraphs #2- Fine-tune each paragraph for purpose, content, and function. If you have a paragraph that cover more than one idea, consider dividing it into two or more paragraphs. Likewise, if two paragraphs cover the same ground, merge them into one.
  6. Be Specific – don’t mix two ideas in the same paragraph. Make it easy for the reader by giving each topic its own paragraph. Use language that describe your ideas correctly and highlights the relative importance of each concept.
  7. Understand Relative Importance – Use phrases such as "most important," "major," or "primary" when discussing business concepts you want to emphasize. Use phrases such as "a minor point to consider" or "least important" to introduce ideas of less importance.
  8. List Key Points – Use verb-leading lists whenever possible. These are lists that start with a strong action verb. Lists also help the reader identify the important points and get a feel for the material with a quick scan.
  9. Prioritize Information – Consider how you introduce and position important information. Remember, content at the start and end of the paragraph tend to be read first. People scan documents. Critical business information buried in the middle of long paragraphs is easily overlooked. Knowing this, put important information in high-visibility points.
  10. Get the Tone Right – Consider the tone and word choice when writing negative or critical communications. For example, in a ‘negative’ project assessment email, you can thank the team member for reader for their input or involvement but state that you cannot comply with their wishes. Then follow this response with your explanation.

Business writing is not difficult but…

Business writing is not difficult. What makes it hard is that the way we approach it defeats our purpose. Your goal as a business writer, oddly enough, is to write less.

Why?

Because every time you write something, you goal should be to push it towards completion. Write your emails so that your team knows what to do next and don’t come back looking for clarification. Write your status report so that your Project Manager know the risks and issues and doesn’t reply looking for more information.

PS – do you have a favorite book by Hemingway?

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also writes on the Business Plan Blog at http://www.ivanwalsh.com

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What Tom Peters Taught Me About Twitter

August 13th, 2010 · Social Media

You know Tom Peters? The guy who writes all those best-selling business books? I’ve been following him on Twitter for a few months and, as they say, you learn for the best. I’ve looked at how he uses Twitter and try to blend that into the approach I use. And it seems to work.

What Tom Peter Taught Me About Twitter

Do’s And Don’ts For Using Twitter

Twitter is about publishing. Twitter is about writing. And it’s about having fun, making connections and sharing things. Here are some ways I use Twitter and some ways I don’t!

I’ve made a focused effort to use Twitter a little more strategically since May as it tied in with some other business aims. And it’s started to work.

Please don’t …

  1. Thank me for following you. I don’t read DMs as I get over one hundred and fifty every day and it’s just not possible.
  2. Get angry with me for not thanking you for following me.
  3. Send me get rich quick schemes or introduce me to ‘Natasha.’ I’m fine thanks :)
  4. Tweet every mundane details of your everyday life. Some is fine but I don’t need a running commentary of your daily life. No one does! No, really, they don’t.
  5. Tweet embarrassing (for me to read) private details of your significant relationships. And your partner may not want it in the twittersphere either.
  6. Moan, especially about Microsoft Word. You try and build a better office suite and see how far you get.
  7. Start flame wars with people in twitter. They’re out there, just ignore them.

Please do …

  1. Use Hootsuite or Tweetdeck so you can track by keyword, monitor things, and share information quicker
  2. Create lists like this http://twitter.com/ivanwalsh/thoughtleadership and follow all of these wonderful technical writers as they tweet.
  3. Follow other lists like this http://twitter.com/tom_peters/cool-friends from @tom_peters
  4. Retweet others tweets. This is the fastest way – by far – to increase your number of followers
  5. Tweet things that are interesting. Such as… pictures, articles, websites, news items, exhibitions, shows, tutorials. You get the idea.  Share, share, share
  6. Help others. Reach out to those who ask questions and see if you can point them in the right direction.
  7. Tweet your own blog posts. I’m still amazed that so many business writers write so little. C’mon, folks get a blog like these guys.
  8. Share quotes, sayings, and interesting thoughts.
  9. Share jokes and humorous items. We all need a laugh during the day. I use Twitter at short breaks and catch up with friends. If you share something funny, I’ll pass it on to them.
  10. Re-write tweets to make them more interesting. You’re a writer, go on, give it a go! Think of it as a challenge. How can I make this tweet more interesting?
  11. Add hashtags like this #techcomms. But don’t go overboard. One is fine.
  12. Track your Twitter stats on http://twittercounter.com/compare/ihearttechdocs/month/followers. This is my list. See how it’s grown in the past 30 days.

Write, re-tweet and be interesting.

What else?

I’m @klaritidotcom

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Using LinkedIn To Find New Projects & Contract Work

August 10th, 2010 · Linkedin

Of the three main social media sites, which one gives you the best return? Well, I’ve had some reservations about LinkedIn (http://www.linkedin.com/in/ivanwalsh) and didn’t join up until last year. Most of the folks I spoke to didn’t seem to get much return from it and looked elsewhere, mostly Facebook. I should add that most of these were job-hunting and looking to make quick connections. For them it didn’t work.

linkedin-groups.png

Does LinkedIn Help Find Contract Work?

For me, of the three main Social Media networks, (Facebook and Twitter the others) I’ve got the most returns from LinkedIn. I didn’t find a job – but I wasn’t looking for one – though I made very good connections. Much deeper than on Facebook where I usually go to switch off and get AWAY from work.

Someone emailed me during the week and asked what they were doing wrong on LinkedIn. I don’t think they were doing anything wrong per se but maybe their approach was a bit hit and miss. I’ve joined over forty groups but now focus on five only. The returns are higher.  They were going thru groups giving out virtual business cards but not getting much further than that.

One friends made the point on one of the LinkedIn groups that they’ve found work by teaming up with two other people (a software developer and web designer) as this approach seemed to work better.

I think the point he was making is that if, for example, you’re a solo technical writer it’s easy to get fobbed off – “we don’t need any tech docs right now, thanks.”

But, AS A TEAM, he found work in areas outside his usual network, for example in:

  • Government contracting, e.g. proposal development. Found this from a ‘non-IT’ person he met in the Chamber of Commerce who needed a helping hand. Now he has a foot in the door doing RFP assessment work.
  • Direct mail (i.e. copywriting, the type of work he usually wouldn’t have looked at (or got) before)
  • Content Creation – they needed an intranet and he got the job as the content developer. But the job came thru the programmer friend.

Someone also made the point that technical writers should focus on specialist areas rather than general IT. For example, developing content for mobile devices, developing content for industries, e.g. Energy, and looking at where they can dominate an area rather than being AN Other Tech Writer.

I guess you could also try the same approach if you worked in Marketing, Design, Product Development, or any area where as part of a team you are likely to get more work.

Thinking about LinkedIn?

For those thinking about LinkedIn, I’d suggest joining a few groups, ask questions and help out. Once you’ve built some credibility, folks will start emailing you offline and asking questions, sharing ideas, looking for help.

Trust is key. I do my best to chip in and share what I know. Most people pick up on that (I hope!) and the returns for me are visits to the site, email signups and projects I can do at home.

Over to you. What’s been your experience with LinkedIn?

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the popular Business Planning Blog at http://www.ivanwalsh.com. Follow him on Twitter at http://twitter.com/ivanwalsh

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How to Fix Corrupt & Damaged Microsoft Word Documents – Part 2

August 7th, 2010 · user guides

Post by Ivan Walsh. Follow me on Twitter.

Last week we showed you how Bullet Lists can crash MS Word. We outlined some techniques to reduce the file size, mostly by creating pre-formatted bullet lists in advance. But what happens if you’re given a User Guide that’s already bloated to massive proportions. It’s too late to create new styles at this stage.

Here’s what to do.

1. Open the User Guide in Microsoft Word.

2. Cut and paste every graphic from the file into an image-editing tool, such as Snagit.

Create a naming convention, (e.g. Page1-A.gif, Page1-B.gif etc) and name each graphic using the same naming convention.

WARNING: DON’T SAVE THE FILE YET!

3. In Word, select File, Save As HTML.

Name the file with an HTML extension, e.g. Proposal.html and then close Word.

4. Re-open Word. Select File, Open and select the Proposal.html file.

5. Select File, Save As and save Proposal.html with a .doc extension, e.g. Proposal.doc.

TIP: This process of converting the Microsoft Word file into HTML and back into Word, removes unnecessary (i.e. corrupt) code in the file and will significantly reduce the file size.

6. Insert the graphic back in the correct order.

I’ve seen Word files larger than 20 MB reduced to less than 3MB in less than one minute by using this technique. Might be worth a try!  The reason you don’t save the file at Step 2 is because this would trigger Word into action (e.g. I WILL now save this file etc) and as it struggles to save the oversized file, will probably crash the application.

I hoped you enjoyed these articles on fixing corrupt or damaged documents. What’s been your experience using Word?

About the Author: Ivan Walsh shares Action Plan Tips at Klariti. He also creates Business Plans for SMEs

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Warren Buffet’s Better Business Writing Tips

August 4th, 2010 · Business Plan

‘The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.’ Warren Buffett

warren-buffet

How to Write an Executive Summary that generates interest

Your Executive Summary should excite the reader and help them understand the key results and conclusions in your business document, whether it’s your business proposal, business plan, annual report, case study or white paper.

Looking for inspiration?

Read the Annual Reports written by Warren Buffett and you’ll see how he does it. You know he has confidence in his company. He highlights the goods news in a nice understated way and delivers the less pleasant results with the same even tone.

Executive Summary Definition

Here’s one definition from The Handbook of Technical Writing, “An executive summary is to consolidate the principal points of a report in one place. It must cover the information in the report in enough detail to reflect accurately its content but concisely enough to permit an executive to digest the significance of the report without having to read it in full….”

Characteristics of a Well-Written Executive Summary

While this is a business document in the tradition sense, you must still find ways to stimulate the reader’s interest, make them want to turn the page and take some action.

  • Executive summaries must be original.
  • Executive summaries must not be cut-and-pastes extracts from the main document.
  • Executive Summary should provide unique information not contained anywhere else.
  • Executive summaries are standalone documents. The reader, for example, an investor, should be able to grasp your over-arching aims without having to read the entire document.

Documents That Require Executive Summaries

Some business documents require summaries, others don’t. Write an executive summary for the following types of documents:

  • Grant Applications
  • Standards
  • System Design Documents
  • Technical Reports
  • Training Plans
  • White Papers

Documents That Do Not Require Executive Summaries

You do NOT need to write an Executive Summary for shorter documents or certain technical publications, such as:

  • Functional Specifications
  • Meeting minutes
  • Release Notes
  • Status Reports
  • User Manuals
  • Workshop reports

Executive Summary Format & Guidelines

These are guidelines for your Executive Summary. They’re not set in stone, so adjust where necessary. The summary should cover the:

  • Purpose
  • Scope
  • Methodology
  • Results
  • Conclusions

In general, you can write it as follows:

  • First paragraph answers: “What is this document about?”
  • Summary answers “How did you get the information?”
  • Expand on the Software Development process (if applicable)
  • Facts
  • Results
  • Conclusions
  • Findings Note: present facts in tabular format.
  • Recommendations

What doesn’t go in the Executive Summary?

Other information that doesn’t go in the Executive Summary includes:

  • Acknowledgments
  • Background data
  • Cross-references
  • Footnotes
  • Industry updates
  • Justifications
  • Objectives
  • Project history
  • References

Remember to close your executive summary will a strong summary statement. This must persuade the reader that your business is a winner and the only way to do this is to turn the page and learn more about your company.

Final Tips for Writing the Business Plan’s Executive Summary

Provide a summary. The business plan itself gives the financial details.

  • Use strong and positive language.
  • No more two pages long. Don’t pad your business plan’s executive summary with fluff.
  • Generate interest by enticing your reader to read the rest of the business plan, not tell him everything.
  • Read it aloud. Does it read well or sound artificial? Is it clear and succinct?
  • Adjust the executive summary for your respective audience. For example, if you want to attract investors, focus on the opportunity your business provides investors and why this opportunity is so special.
  • Put yourself in your readers’ shoes. Does the executive summary really make you feel excited? If not, why?

First impressions count, right?

The Executive Summary of any business document is the first impression you make on the reader. If your business plan’s executive summary is poorly written, dull, or cut/pasted together it will hardly get noticed and the effort you put into the rest of the document won’t be seen.

Instead, set aside two or three hours and write the best Executive Summary you can. Challenge yourself to write three hundred words that excite you, generate interest, and paint a picture of your company. People want to read about other people. Don’t forget the power of human interest.

In the end, they’re going to do business with you – not your product.

The final word goes on Warren. Here’s his take on gold, “It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”

Make sense?

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the Business Planning Blog at http://www.ivanwalsh.com

PS: The Business Plan Template is here

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Process Design Tips #11: Rotate, Change & Flip Text

August 2nd, 2010 · Business Process

Post written by Ivan Walsh. Follow me on twitter

Last week I showed you how to use Microsoft Visio to create business process maps, use case diagrams, flowcharts. org charts, and other type of documents. This week, we’ll look at text. How to add, change, flip and control the text in your diagrams. For example, if you have a lot of shapes in the same flowchart – and need to add text instructions – it can be hard for the reader to see the text clearly. This makes your diagram looks crowded and hard for business analysts to understand the process flow or use case.

[Read more →]

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Kate Winslet’s 7 Secret Ways to Proof User Guides

July 28th, 2010 · user guides

Post by Ivan Walsh. Follow me on Twitter.

What can Kate Winslet teach you about proof-reading technical documents? Watch the movie The Reader and it will make sense. If she was writing this blog, she’d probably say: “Don’t do it all at once! One of the biggest mistakes you can make when revising any technical document, is to do it all in one go. You can’t!” And she’d be right.

7 Ways to Check User Guides

technical-writer-kate-winslet

Make it easy on yourself and focus on one area at a time. Instead of revising the document in one session, break out the tasks and revise the document by task. For example, start with checking the facts, then the spelling, how the document flows, cross-references, footers, index entries and so on.

Seven Ways to Check Technical Documents.

  1. Overview – In the opening section, do you have a statement, a sentence or two that states the main point or argument of your document? Likewise, is there a conclusion that ties together all the points made in your document?
  2. Tasks – Does your user guide address the user’s requirements? Check the document to see if you addressed each task and provided enough information for the user to perform the task.
  3. Structure – Does the document flow? Make sure each topic connects clearly and logically. Do the topic sentences of each paragraph relate to the subject matter?
  4. Accuracy – Is the information correct? Is it adequately documented? Have you tested the document so that it helps the reader to perform their tasks?
  5. Language – Do you use specific language? Avoid vague terms such as in the event of, thing, factors, and over reliance on unclear pronouns like “this” and “it.”
  6. Drafts – Technical Writing involves writing multiple drafts. This means that after each draft, you need to check that the edits have been included in the correct draft.
  7. Read Aloud – Get into the habit of reading your documents aloud. If you have trouble reading a sentence clearly and smoothly, it probably needs to be rewritten. And if it sounds wrong to your ear, then that’s a warning sign that something needs to be corrected.

PS – I also use a checklist to check off the different tasks as I revise technical document. This is especially helpful if you’re working late or are revising several documents in succession.

One mistake to avoid is to focus on one area, for example spelling, and overlook other areas, for example, the accuracy of the material. While the reader may forgive you for the occasional spelling mistake, they won’t be impressed if the material itself is incorrect.

How do you revise your documents? What mistakes do you see most often?

About the Author: Ivan Walsh is a 40 something technical writer with a weakness for documentation plan guides. His other obsession is video blogging at http://www.videocameraschool.com/

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Guy Kawasaki & 6 Mistakes To Avoid When Writing Business Plans

July 25th, 2010 · Business Plan

I didn’t start writing Business Plans until about five years ago. Until then, the word Business Plan made my tummy feel slightly uncomfortable. It certainly wasn’t something I wanted to do for a living. But, as is often the way, a door opened and I stepped in. Actually, I HAD to write a Business Plan for a good friend and then realized, ‘Hey, this is not so hard. What’s all the fuss about?’ Most folks avoid Business Plans like going to the dentist. They don’t do it, even when they know it’s good for them. Let’s try and change this.

‘Simple and to the point is always the best way to get your point across.’ Guy Kawasaki

Why you may not want to write a Business Plan

Does this sound familiar? You’ve started a business, built products, made some sales, and started to scale. But your cashflow has ground to a halt! You need funds to drive the business forward and also ensure it doesn’t slide backwards. Investment is the answer, right?

Here’s the part no-one wants to hear.

It takes effort.

You didn’t get a degree in college by accident. You have to put in the hours, get the credits, and make the effort. We all understand this. Effort equals reward. And it’s the same if you want to get your business to graduate. It takes time, effort, and a little dedication.

So, to grow the business you need to develop a Business Plan to get the (significant) funding you need and also to clarify to yourself what direction the business should be heading in. I hear what you’re thinking. I know you can find articles that tell tall tales about companies setting up with no business plan and ‘following their passion’. And it’s true, some companies grow by the seat of their pants. But the exception doesn’t prove the rule.

Why Business Plans will make you more successful

Guy Kawasaki & The Biggest Mistake in Startups Business Plans

Tim Berry shares this research findings which show that, ‘those who finished their Business Plans were about twice as likely to successfully grow their business, get investment, or land a loan than those who didn’t. You can see the numbers on the chart.

But, you’re not sure how to write a Business Plan. Anyway, many investors laugh at the idea of writing Business Plans. Seems a little dated, right?

What investors say on their twitter-feeds to look cool and what they do in the office are not always the same. They want to know who you are, what you’re selling, and what the profit margin is.

how to Get Funding and possibly lose friends in the process

You can get funding in different ways, though.

You can get it from yourself (mortgage your house), your family (Dad, we don’t talk enough, I have this idea, maybe you’d be interested …), friends (look, you trust me, right? Well, I have this amazing idea, let me explain. maybe you’d be interested.)

Each of these has its own merit and somewhere on the web is a case study of a guy who built an million dollar company in his garage. Remember, the exception proves the rule!

is it wise to Take Investment From Friends?

One warning about taking investment from friends. If you lose the money, you may lose the friendship. I’d advise you to keep business and friends apart. If you need money, go to the Chamber of Commerce, Venture Capitalists, or explore other investment options, such as SBA or bank loans.

how to start your Business Plan

One school of thought is to develop a 1 Minute Investor Pitch also called an Elevator Pitch. For example, if you met Warren Buffet—and had just one minute—how would you pitch your idea?

I don’t know if this works in the real world. Somehow, I doubt if Warren Buffet or Guy Kawasaki invest in firms on the basis of an Elevator Pitch. They want detail. One way to get those details is to develop a Business Plan.

Business Plan 9 point checklist

Guy Kawasaki says that it’s the people involved in the business that interest him first.

  1. Will they drive this business forward?
  2. Can he trust these them with his investment money?
  3. Will they stick with it through the difficult periods?
  4. What’s their track record?
  5. Have they don’t this before?
  6. What’s their biggest weakness?
  7. Do they know their own biggest weakness?
  8. If not, how will this impact the business?
  9. Investors invest in people.

Ok, what does this mean for your Business Plan?

The Biggest Mistake In Business Planning

Remember when I said that people invest in people. The number one mistake to avoid in Business Plans is not talking about your people. Or to put it another way, not weaving their story into your business plan.

  • Talk about your team,
  • What drives them?
  • Why did they build this product?
  • Why did they leave their former employer to create this product?
  • Where did they come from? Both socially,
  • How they got there? Discuss their qualifications and how they will drive the project onwards.
  • What are their ambitions? Why do they believe in this project over a comfortable 9-5 job?
  • Why do I need to do this?

Even if your business model is excellent, if the people involved are ‘perceived’ to be raw/weak/inexperienced, the project will most not get the funding it requires.

So, your story needs to be very compelling.

Most startups fail, not because of the product, but because those involved didn’t have the long-term commitment to the project.

So, when writing your Business Plan, develop each section to highlight how your team (and why it has to be your team!) will be the ones to make this happen. Why they will be the ones to ‘carry the can’ when things get rough.

Business Plan format, style, layout

Break it into eight sections.

1 – Business Concept

  • Define your product or service – outline what you’re offering in its simplest terms.
  • What problem does it address – describe the single most important problem is solves.
  • This tells the reader what you’re offering and what problem you’re solving.

2 – Target Market & Potential Customers

Break out the target market and the number of customers you hope to attract.

  • Who are your target customers?
  • What is the market size?
  • How large will this market be in the next 2,5,10 years?
  • How do you plan to attract customers?
  • What is your sales strategy?
  • What is your marketing plan to promote your company?

All of this is speculation. You don’t know how many customers will actually buy. Maybe none! But, you have to future plan so you can attract the investment you need.

3 – Competitive Advantage

In this section of your Business Plan, describe what gives you a Competitive Advantage.

  • What makes your business unique?
  • What patent do you have (or will develop) that will generate royalties?
  • What makes your product than others in ways you can quantify? For example, you can provide credit cards to teenagers. Most companies are not authorized to give credit cards to teenager. You can! That’s your competitive advantage.
  • Identify the greatest obstacles to the success of your company and not just competitors. Maybe it’s legislation, drug trials, testing, compliance, IT platforms, or other issues such as lack of experience.

4 – Competitor Analysis

Next, counter-balance the claims made in your Competitive Advantage and identify the three ways your competitors may undermine your business. If you don’t know your competitors, you have looked hard enough!

  • Who are your three main competitors?
  • What are their strengths and weaknesses?
  • Could you partner with them?

5 – Legal & Managerial Issues

In the next part of the Business Plan, look at the nitty-gritty of setting up a business from a legal perspective. While this may seem boring at first, hire the right lawyer and accountant to setup your company.

For example, setting up as a Limited company (LLC, LTD) gave me tax breaks that I didn’t have as a sole trader, single businessperson or partner. You can also set as a charity or religious organization and avail of tax breaks that way.

  • How will you setup the company? Most likely as a limited company but you may also consider making it a partnership, corporation, or other business type.
  • What other legal considerations need to be organized, for example, patent protection, and copyright?
  • Identify the organizations, companies, groups you plan to build relationships with? For example, Chambers of Commerce, international trade organization, peer groups, industry bodies.

6 – Finances

Financials are the heart of the Business Plan. It’s where the investors will examine the numbers, run business model calculations, and see what profit margins can be made.

See this Cost Benefit Analysis Template for more details.

  • Using tables or matrices may help present the financial data, especially for projections.
  • How much will it cost to make your product?
  • How much will it cost for recruitment?
  • How much will it cost for marketing?
  • How much will it cost for equipment, software, hardware etc?
  • How much will it cost for operations, office, infrastructure etc?
  • How much will it cost for salaries?
  • How much total up-front investment is needed?
  • How will your company generate revenue?
  • When will your company break even?
  • How will you use the profits you generate?

7 – Management Team

If the investors get past the Financials, they’ll want to see who’s involved.

  • Describe each team member’s background.
  • Describe the unique skills they bring to the project.
  • Explain why this is a winning team? Why the investors should believe in the team.
  • What other people/skills do you need to find?
  • Add resumes to the appendix.

8 – Appendices

Include any supplementary information (graphs, charts, statistics, research etc) that would help you put your idea in context.

write for your readers

Provide the answers to the questions that the investors will most likely have. Let me put that in better English.

Write the Business Plan from the perspective of the investor. No investor wants to invest in a project unless it passes all the tests. From an investment perspective, put yourself in their shoes. What fears are they most likely to have? Then address these fears. What concerns will they have about your team? Describe the unique attributes that make your team special. Where will the profits come from? What contingencies do you have in place?

It’s classic FUD. Address their Fears, examine where they have Uncertainly, and why they might Doubt you. Then respond to each of these point by point.

Business Plan Excel Templates
Business Plan Excel Templates

Next Steps

If I were to help you write your next Business Plan, what would be the one area you’d want to do first. Let me know and we’ll discuss it here next week?

Please share your thoughts below.

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the Business Plan Blog at http://www.ivanwalsh.com. Follow him at http://twitter.com/ivanwalsh

PS – you can download the Business Plan Template here

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Using Plain Language Writing Techniques to Write Better Proposals

July 23rd, 2010 · Business Proposals

I found the Plain Language writing technique by accident. It’s also called Plain English, by the way. I was reading a lot about Warren Buffet a few years back and came across a nice, short document he wrote for the SEC. These are the folks who submit legal and business document to Wall Street when going on the stock exchanges. Buffet writes like he speaks. It’s direct, immediate and without pretension.

Audience Analysis Template - MS Word

Audience Analysis worksheets.

From the handbook:

“For more than forty years, I’ve studied the documents that public companies file. Too often, I’ve been unable to decipher just what is being said or, worse yet, had to conclude that nothing was being said. If corporate lawyers and their clients follow the advice in this handbook, my life is going to become much easier.

There are several possible explanations as to why I and others sometimes stumble over an accounting note or indenture description. Maybe we simply don’t have the technical knowledge to grasp what the writer wishes to convey. Or perhaps the writer doesn’t understand what he or she is talking about. In some cases, moreover, I suspect that a less-than scrupulous issuer doesn’t want us to understand a subject it feels legally obligated to touch upon. “

He adds that “Perhaps the most common problem, however, is that a well-intentioned and informed writer simply fails to get the message across to an intelligent, interested reader. In that case, stilted jargon and complex constructions are usually the villains.”

It’s a great read and you can download it here www.sec.gov/pdf/handbook.pdf in PDF.

Write Business Proposals in clear English

So, with this in mind, I wrote this short guide to help you write Business Proposals in clear English. It explains how to prepare an business documents that readers can digest in one reading. That’s the acid test. They shouldn’t have to read them twice and three times to get the meaning. It also covers how to use Plain Language writing techniques to win more business, accelerate your tender process, and encourage staff to contribute to the overall tender process.

1. Start Early

Developing a Plain English document takes time – the first time!. For your first Plain English proposal, allow extra time to write, edit, and revise. Add more time than you would expect to your usual schedule if possible. The next time it’s easier.

2. Study the principles of Plain English

Remember: you want your request for proposal to be understood in one reading. This means you need to:

3. Promote Plain English amongst your Staff

Once you’ve seen the benefits of plain English compared with other writing styles, you can promote its values to your own staff and senior management. You need to get your staff onside so that they will begin writing in this style. Likewise, you also need to convince your managers of its values and possibly funding for a training program. Explain to both camps how they will benefit. Outline a high-level roadmap with timelines for the overall program.

4. Contact an experienced proposal writer

The first time you write a plain English proposal, you may find it time-consuming and more difficult than you thought. If this is the case, you’re on the right track! Everything worthwhile is difficult the first time round – soon you will get the hang of it.

You can also approach a writing consultant, especially someone who has a proven track record of writing good, clear English.

5. Review previous Proposals and see where you can improve

Before you start writing, consider the following:

  • Literacy level. What level of education is required to understand the Proposal? Use the Fog Index to test your proposal’s readability.
  • Clarity. What parts of the Proposal are hard to understand? Are the sentences too long and complex? Does it use technical terms and acronyms that the target audience will not understand?
  • Organization. How easy can you find relevant information? Would the Proposal be clearer if you reordered the main sections and possibly the sub-sections within it? Does the table of contents and index need sharpening? Are there too many/too few levels of information in the TOC.
  • Repetition. Is the same information repeated in several sections? Does it have any real benefit?
  • Headings. Should the headings be re-written in the form of questions that each section answers?
  • Format. Do you need to add more bullet-point lists? Put keywords in bold? Use more white space?

6. Create an outline to help readers find information faster

One very effective writing style is to write headings as questions,which each section answers. If you include sub-sections, use a numbered outline format (e.g. 1.2, 1.3) for the section headings. This helps the reader find the main sections quickly and see the relationship among subsections.

7. Write the RFP, section by section, using plain language techniques

If some sections are hard to write, read them aloud and see where they are difficult to understand. Go through the document section by section.

Write the first draft of key sections first, and then work on the inside sections. Once you’ve written these, refine the text by editing each section tightly. However, make sure your text does not become too cold and dry. Write as if you were speaking to a colleague whom you respect; this often helps control the tone of the document.

8. Review and Revise

Once you’ve finished the first draft, get it reviewed internally by colleagues who can add value to the review process. Don’t choose colleagues who are too close to the Proposal, as they will not see errors. Instead, get a neutral reviewer if possible. After getting the feedback, make the required edits.

If possible, ask volunteers from the target population to review the draft Proposal. Ask them if they can locate information easily. When interviewing ask open questions and you will get a better response.

Avoid closed questions, such as, is this a great RFP? Most will say Yes, just to please you – and make you go away!

Ask how much they could read in one sitting. Again, revise as needed.

9. Create an easy-to-read format

Format the document to make it easy to read and attractive in presentation. If you have time, prepare a template that can be re-used for all future RFP’s. This will reduce the time spend on preparing the document.

  • Leave a blank line between paragraphs
  • Use bulleted lists
  • Highlight main points with bold and italics
  • Use boxes for examples
  • Use white space generously
  • Include margins of at least one inch all around the page
  • Use two (2) columns to increase readability, if practical

Use several different type sizes for headings. In many documents, the headings are in San Serif font (i.e. Verdana) and the body is in a Serif font (e.g. Times New Roman). Use a contrast in style to add emphasis.

10. Get feedback – and share it

Lastly, see if the Proposal works! Ask the external reviewers how they felt using the ‘new’ plain English Proposal. Get feedback from personnel involved in the review process and collate it for distribution.

  • Did they find that the plain English Proposal made a better application?
  • Was it easier to write the application, and what made the most difference?
  • What worked and what needs more refinement.

Summarize what you learned and share this information with colleagues. Encourage them to try writing plain English Proposals.

Track Your Proposal Wins

Keep a record of all the Proposals written in plain English and see if their success rate is higher than the previous styles of writing. There are more great writing resources are at: http://www.plainenglish.co.uk/

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the popular Business Planning Blog at http://www.ivanwalsh.com. Follow him on Twitter @ivanwalsh

PS: The Audience Analysis Template is here.

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Donald Trump’s Guide to Positive Business Writing

July 20th, 2010 · Communications Plan

‘All of the women on The Apprentice flirted with me – consciously or unconsciously. That’s to be expected.’ Donald Trump

Donald-Trump-Headshot Ever watch the Apprentice? I enjoy waiting for Trump to pull the trigger and give it to them. ‘You’re fired!’ It’s nice to watch this from the safety of our sofas. We’re involved but also separate from it. And we can switch off.

In the real world, it’s not so cosy. Sometimes you’re the one that has to give the bad news, sometimes you’re the one that has to give negative appraisals. Sometimes you’re the one that has to fire people. In many respects, this may fall under the umbrella of your Communications Plan strategy.

Negative v Positive Business Writing

This week we look at how to write negative messages. Not nasty messages, emails and such but material with a negative edge.

For example?

In some ‘negative messages’, you may have to address faults or issues with a team member. When writing these emails, reports or messages such, keep a professional tone, avoid attacking your colleague – but make your position on the issue clear.

Don’t fudge it. That creates other problems.

‘Do you mind if I sit back a little? Because your breath is very bad.’ Donald Trump

One school of writing encourages us to ‘express bad news in a positive angle’.

To do this, avoid such words as:

  • Cannot
  • Deny
  • Fail
  • Forbid
  • Impossible
  • Prohibit
  • Refuse
  • Restrict

Look at these examples. The first draft is phrased in cold and negative terms; the second is positive, cordial and generous:

Negative writing:

The incredible amount of information you requested in your report is too much ad means that I cannot help you without disrupting our work schedule. Revision: I see in your letter that you require specific project information, which I will help you locate. However, due to our work load, I can answer only a few of the questions right now….

Negative writing:

If you do not complete and return this contract by Jan 1, 2011, you will not receive your apartment. If we have not heard from you by this deadline, we will sell the apartment to another person.

Positive writing:

Please complete the enclosed contract and return it to us by Jan 1, 2011. After this date, we will have to put the apartment back on the website. I hope we hear from you before then.

Negative writing:

While I am willing to discuss changes in the Functional Requirements, I am not prepared to change the project deadlines.

Positive writing:

I am open to suggestions and comments about specific Functional Requirements, or your thoughts on additional areas that you think we should examine. However, I want to ensure that this does not impact the project deadline as you can understand.

‘If you want a guarantee, buy a toaster.’ Clint Eastwood

How to re-position negative communications?

Focus on the other persons:

  • Needs
  • Interests
  • Purposes

If you must talk about yourself (or role) in a business letter, make sure it relates to your concerns for the other person (and their role).

Develop a You First Attitude

This recipient-oriented ‘you-attitude’ writing style means the recipient is the focus of the letter, not you.

Negative writing:

We have changed our pricing policy to save our company time and money. In an operation like ours, it costs us a great amount of labor time to clean our equipment…

Positive writing:

We will update our pricing policy effective December 15th, 2015. This will enable us to serve your needs more often and without delay…

Like Donald Trump you will have to deliver bad news on occasion. The approach you use, and how you structure your arguments, will influence the outcome. Instead of creating conflict, you can help the Project Manager or Proposal Team Lead to see your side and try to accommodate your needs.

The trick is to acknowledge their needs first and then outline where you stand in relation to these. Don’t bulldoze them into submission. You may win the first battle, but you’ll lose the war.

What’s the worse piece of news you have to give someone in the office?

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the popular Business Planning Blog at http://www.ivanwalsh.com

PS – The Communication Plan Template is here

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Research Findings: Which Business Plans Are Twice As Likely to Get Investment?

July 18th, 2010 · Business Plan

A quick search on Google shows us that the business community has some strong opinion on the value of business plans. Some deride them as antiquated whereas others see them as the foundation stone for a business growth. Who’s right? Well, it would be nice if someone did some research on the value of business plans. Actually, they have and Tim Berry presented the findings.

Does Business Plan Software Help your Business Grow?

Business Chart

This is direct quote from a paper presented to the University of Oregon Department of Economics by Eason Ding and Tim Hursey:

‘This paper examines the relationship between planning and success in the new light of business planning software. Results suggest that planning with software is highly correlated with subsequent successes for a variety of firms.’

Research into Business Plan Software

Tim is the founder of the well-respected Palo Alto Software (Business Plan software firm) and, in fairness, flags this upfront. He adds that, “While I’m not a big fan of surveys, this one is pretty straight forward, and I like the results. Palo Alto Software asked thousands of Business Plan Pro users a couple of dozen questions about their businesses, goals, type of business, years in existence, and business planning. Almost 3,000 people responded.”

Data suggests that those who finished their business plans were about twice as likely to:

  1. Successfully grow their business,
  2. Get investment, or
  3. Land a loan than those who didn’t.

You can see the numbers on the chart above

Why Business Plan Software Makes A Difference.

The researchers used the completion of a business plan as the explanatory variable, the success of the business plan as the dependent variable, and a number of related results – original intent of the plan, type of company, stage of company growth, and so on – as controlling variables.

Tim’s interoperation, which I largely agree with, is that ‘

completing a business plan correlated with increased success in every one of the business objectives that came up in the study (which were: getting a loan, making a major purchase, getting investment, recruiting a new team member, thinking more strategically, and growing the company). In every one of these cases, well beyond the threshold of statistical validity, completing a business plan improved the proportion of respondents who achieved the goal.

The authors of the study said:

The analysis indicates that completion of a business plan is positively correlated with every success variable indicated, even when controlling for intent of using the business plan.

And here’s their conclusion:

Except in a small number of cases, business planning appeared to be positively correlated with business success as measured by our variables. While our analysis cannot say that completing a business plan will lead to success, it does indicate that the type of entrepreneur who completes a business plan is also more likely to run a successful business.

the problem with free

I’m not sure it’s all to do with the software, to be honest.

BUT, I feel that when you make an investment in something, for example, buying business planning software or templates out of your back pocket, then you’re more likely to follow through.

For me, the investments I make in my career, business and people ensure that I follow through as I am less likely to take them for granted. Why? I’ve invested in them whether financially or emotionally.

In a society where ‘Freemium’ is seen as a business model, we may need to consider the returns we get on paying for things.

If you get it for free, do you really value it?

What do you think?

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the popular Business Plan Blog at http://www.ivanwalsh.com

PS: The Business Plan Template is here.

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How to Write an Executive Summary for your Business Plan

July 15th, 2010 · Business Plan

First impressions count. For this reason, you need to pay special attention to the Executive Summary. If your clients or investors don’t get past the Executive Summary, then the rest of your document will go unread.

This also raises the question: Should you write your Executive Summary before or after you’ve written your Business Plan? Some business writers prefer to do it first, others write it after the entire document is completed. I write it at the end as I want the complete text before me. That way, I can digest the document and write the Executive Summary based on what I’ve read.

Executive Summary for Business Plan Template

Business Plan – Executive Summary

Executive Summary Checklist

The following is one suggested approach for an Executive Summary. Change this to suit your needs. In the Executive Summary, include the following:

Introduction

  • Brief description of your product or service
  • Identify when, where, and how the company was established
  • Provide the current status, including funding, of your organization

Problem Definition

  • What problem does the solution solve?
  • How important is it to users over the next [x] years?
  • What is the business and/or technical road map?
  • Who are the customers and their needs?

Market Opportunity

  • What is the market size?
  • What is the timing of market development?
  • What are the key market drivers?
  • What are the inter-dependencies of this market to other markets, businesses or the government?
  • What are the supply and distribution channels?
  • Has the market been validated by a customer / partner?
  • What is the marketing and sales strategy?

Competitive Analysis

  • Who are your competitors?
  • What are your advantages and the competitive products/services?
  • What business models have been successful?

Management Team

  • Who are the key management personnel? Cross-reference to Appendix if necessary.
  • What is their track-record?
  • How will you complete the management team if all the key members are not yet identified?

Technology

  • How unique is the technology?
  • Can any parts be patented?
  • What is the current development status of product/service?
  • How will the products be tested?

Financial Analysis

Conclusions and final writing tips

While this looks like a lot of work, the key is to select the parts that you want to highlight in the Executive Summary and move the rest to the main document.

Most Executive Summaries are one to two pages max.

With this is mind, write the text and get all the information down first. Then revise the material and see where you can refine the wording to reduce the word count, for example, by merging points together and remove filler text. Also, look for phrases that can be pruned and made shorter. For example?

Instead of

In the event of

Write

If

Instead of

We have come to the conclusion that

Write

We decided

Instead of

The purpose of this document is to

Write

This document… (The purpose of is redundant)

Look for ways to remove these fillers. You’ll sharpen the prose in the process and give your document a nice, polished tone.

What have I missed?

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the popular Business Planning Blog at http://www.ivanwalsh.com. Follow him on Twitter at ivanwalsh.

PS: The Business Plan Template is here.

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Super Glue Strategic Goals to Business Development Activities

July 12th, 2010 · Business Proposals

One of the cardinal mistakes of novice business writers is to focus on their product and assume the reader will have the time, patience and interest to read their material. I guess this is forgivable when someone is charged up and wants to get the message out. And it does work, well, to a degree. The message is sent out but does anyone likes what they read? And will they be so patient the next time?

Business Requirements Excel Matrix Business Requirements Excel Matrix

How to write from the client’s perspective

One way is to step back and see how you can link your client’s strategic needs – what holds their business together – and what you have on offer. By doing this, you’re putting yourself in their shoes and writing the document so that it answers the issues they have. This actually makes your life simpler. Instead of writing about features, specifications, and other functionality you can dovetail your product offerings to their exact needs.

But…

First you need to identify their strategic needs.

Indeed, the fastest way to lose business is to write business proposals/business plan from your perspective and not that of your clients.

The second is to overlook how the proposed solution actually meets the client’s requirements.

You’d think this would be obvious, right? But many proposals I review miss this point. The proposed solution and the actual business requirements are very far apart.

Identify Strategic Goals
Your business proposal should focus on the client’s needs and how your solution or service solve their problem. This means that before you write the proposal,

You need to read the Request For Proposal, Business Cases, Annual Reports and other collateral that gives you an insight into their business operations. Ask yourself: what it is the client really wants to accomplish.

In other words, does the Request For Proposal, your solution and their Strategic Plan all connect. If not, revise your Proposal and close the gaps between their needs and your offering. Indeed, the more knowledge you have of the client’s strategic goals, and how they impact their business, the more likely your proposal will align with their needs.

How to do this?

Examine their strategic goals from these four different angles:

  • Business Strategy – how can you increase their market share; raise profitability; reduce overhead and marketing the product line.
  • Technical Strategy – how does your product automate labor-intensive processes, enhance quality with automated machining.
  • Social Strategy – in what way can you enhance employee morale, reduce turnover, increase brand recognition, and change consumer attitudes.
  • Personal Strategy – and how can you improve career development opportunities and improve employee issues.

Look at the material you have gathered about the client and

  1. Identify
  2. List
  3. Number and
  4. Rank

the strategic goals.

Revise the Business Proposal so that it addresses each of these strategic goals.

How to Prioritize Strategic Goals

I use an Excel spreadsheet (matrix) to captures the requirements in one column and then cross-references it against our products key features. You can develop something similar that allows you to map your technical solution against their Request For Proposal or other business documents.

In next week’s article, I will look at how to identify the client’s strategic goals. Once you have identified these, you can fine-tune your Proposal to match these goals.

Conclusion

Over to you. Does this approach work? Where do you see the connection between Request For Proposals and identifying Strategic Goals? Also, what other points should business writers bear in mind when developing their Business Proposals?

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the Business Plan Blog at http://www.ivanwalsh.com

PS: The Business Plan Template is here.

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Alex Baldwin’s 14 Ways To Improve Your Business Writing

July 9th, 2010 · Marketing Plan

‘Always be closing’, Alex Baldwin in GlenGarry Glen Ross.

One of the strange things about writing business documents for a living is that the older I get, the less I write. I don’t mean I do less work, rather the word count goes down. I think this is partly due to the education system whereby long documents are seen and valued more than pithy and sharp summaries. Maybe that’s changed. The mentality longer is better runs deep and for novice business writers it can be hard to resist the temptation to keep typing. So, here I stop!

alec-baldwin-glengarry-glen-ross

14 Ways To Improve Your Business Writing

Here are fourteen ways to improve your next Business Plan, Proposal, White Paper or Technical Document, as inspired by Alex Baldwin’s slightly nasty character in GlenGarry Glen Ross.

If you haven’t seen the movie, get it! He’s a monster salesman trying to motivate his sales team on a rain-drenched night. They only have a few leads left. He uses every motivational technique (youtube video link) he can. Encouragement. Sympathy. Anger. Insults. Abuse. Lots of abuse, actually. Some make it, others don’t…

In Sales, Always Be Closing

Always be closing. What he means is, look at the prospect real hard, understand their problem, see where, how and when you can warm them up, generate some interest, move them onto the right path, and then make the sale. The best salesmen don’t make it feel like a sale. They turn the situation around. The prospect wants them to accept their money. How does this apply to your business documents?

Business Documents Are Sales Documents, Right?

Business documents as sales documents. Not everyone sees it like that. Well, at least not at first. The purpose of every business document is to move the prospect closer to a sale, transaction, or some other form of commitment.

Every sentence, table, and image should be pushing the prospect towards the finishing line.

‘Always be closing.’

Ok, maybe not today, but at some distant point, you want them to open their wallet otherwise you won’t stay in business too long. So, where do we start?

14 Tips on Better Business Writing

Let’s look at style, format, writing and length:

  1. Always be closing – while this is a business document, add some sales pixie dust to your text. Every sentence should push the prospect towards making the sale.
  2. Abstract – The Executive Summary is not an abstract of your business plan, proposal or grant. It’s the ‘ad’ for your business plan. It say, ‘Hey read me, I’m interesting. Want to know more, read on!’
  3. Introduction – The Executive Summary is not the Introduction. It’s a high-level document that should be able to stand apart from the main document.
  4. Preface – The Executive Summary is not a preface. Same as above.
  5. One Pager – The Executive Summary is your Business Plan reduced to one page. Remember the idea of an advert for your business plan. Think of it in those terms.
  6. Standalone – Investors and prospective customers should be able to read it by itself and understand your business proposition instantly. Write it as a standalone document and you can’t go wrong. Don’t fudge the key points. Every sentence should push the prospect towards wanting to know more. Generate interest.
  7. Keep it Short – Investors, Customers, Journalists and Business Bloggers should be able to read it in less than five minutes. If you can’t write in less than 300 words, then print it out, review it, and start again.
  8. Call to Action – Every line should encourage the prospect to move towards taking action. After reading it, they should be prompted to take action, for example, call your Sales team, get more information about your product, sign up for a newsletter, download a trial product, or request more information about your product line. What’s the one thing you want them to do after reading the exec summary?
  9. Focus – While the Business Plan proper may discuss several areas, focus on the key points. Don’t cover too much. Grab the reader’s attention and make sure they want to turn the page and read more…
  10. Prioritize the key points – Write your business plan so that the most important points are introduced first. Don’t relegate or bury important points down the first page. Place them in the first or second paragraphs. This is where you hook the reader’s attention. Make sure the most interesting parts of your document are introduced first.
  11. Framework for main document – if you do write the Executive Summary first, and maybe this suits your own writing style, then use it as a launch pad or cornerstone for the rest of the document. Many business writers prefer this approach. Otherwise write the maintenance chapters first, digest the material, and then write the Executive Summary based on what you’ve read.
  12. Grab attention – Your Executive Summary shouldn’t be boring. Read what you wrote. Does it excite you? If not, how you can make it more interesting, more engaging, more intriguing. Don’t go overboard but look at little ways to draw the reader in. See if you can add a personal story or human interest element that will interest the reader.
  13. I’m a Big Deal! - You might be forgiven for thinking that all business writing was meant to be dry. It’s not. Look at best-selling business writers like Chris Brogan. Their style is personal, immediate and factual. It engages you; you want to read more. No-one’s forcing you. Look at how Neil Patel does it on Quick Sprout. He’s a big deal, y’know. Investors read hundreds of business plans every year. They make snap decisions based on the opening pages. Make sure your opening generate enough interest to whet their appetite.
  14. Write it last - When writing business plans, business proposals, grants or case studies, write the main document first, and then Executive Summary last. Some prefer to write it first and get it out of the way. That’s why I don’t. It’s too important to rush through.

Now, get out there and start selling!

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the popular Business Planning Blog at http://www.ivanwalsh.com. Follow him on Twitter at http://twitter.com/ivanwalsh

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Visio Power Tips #1: Move Multiple Shapes With A Single Click

July 6th, 2010 · Business Process

Post written by Ivan Walsh. Follow me on twitter

I use Microsoft Visio to create flowcharts, business process maps, use case diagrams and other type of documents. One way to create these diagrams faster is to group shapes & images, so you update all the shapes at the same time. You can also move the shapes back and forwards on the worksheet.  


Visio Power Tips: Move Shapes With A Single Click

How do you move several shapes at the same time in Visio? You can move several shapes, blocks of text and other items by grouping them into a single ‘object’. The principle is the same as grouping objects in Microsoft Word and PowerPoint. Here’s how it works in Visio.

How to Group & Move Shapes In Visio

You can move several shapes at the same time in Visio as follows:

  1. Drag your mouse over the shapes you want to ‘group’.
    visio-grouped-object
  2. To group the entire page, do Ctrl + A (Select All).
  3. To group shapes which are next to each other, drag your mouse over the shapes.
    visio-group-objects1
  4. To group shapes in different parts of the page (e.g. if you want to shapes in different parts of the page) hold down SHIFT and then click on each shape you want to select. Click, click, click!
  5. Visio highlights the shapes that you selected with little green handles.
  6. Right-click and then select Shape, Group. The shapes and lines you selected are now grouped.
    visio-group-objects2
  7. Select this shape and drag it across the page, or to another Visio diagram, and it will move as one unit, i.e. grouping. You can also use the arrow keys to nudge it across the page.
  8. To un-group the shapes, right-click and then select UnGroup.

Note that you can also move the group to the back (or bring to the front), for example, if you want it to float behind another image.

What tips do you have to make Visio diagrams more professional looking?

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15 Ways to Improve Your Business Case Documents

July 2nd, 2010 · Business Case

Looking for funding for a new project but not sure where to start? One way to get the funding you need is to create a Business Case. This outlines the benefits, competitive edge, and other gains the company stands to make if it invests in this project. For certain projects, the Business Case is a fore-runner for a Request For Proposal (aka Invitation To Tender) where business proposals are accepted from external firms.

 Business Case Template

Over the coming weeks, we’ll look at how to write, review and assess business proposals. For now, let’s focus developing the Business Case.

I’ve put together this Business Case checklist which covers most all areas related to the project/service you are exploring. This checklist should help you address areas such as Achievability, Benefits, Costs, Critical success factors, Resources, Risks, Scope, Strategic fit, and Value For Money.

Business Case Checklist

To ensure that your business case is complete, examine the following points:

  1. Achievability — this ensures that you (and other parties) have the experience, expertise, and resources to manage the project. Examine different approaches that can overcome any potential obstacles, e.g. additional resources, timelines, or budgets.
  2. Assumptions — speak to all stakeholders and gather their main assumptions, e.g. in the case of outsourcing IT development, that the Intellectual Property Rights will be owned by your organization. Examine whether these assumptions are valid or not.
  3. Benefits — outline the benefits, and opportunities, that each option provides. Identify the high-level benefits that align with your company’s main business objectives, and explore how these benefits can be measured
  4. Costs — obtain indicative figures for the cost of the project over its entire lifecycle, not only the implementation costs. You may want to factor in 15-20% for scope creep, if appropriate. Also, determine who will pay for the project, if they have agreed to do this, and the payment method. Examine how to get an acceptable balance of cost, benefit, and risk.
  5. Critical success factors — seek consensus with the other stakeholders on what constitutes success. If you do not take this step, stakeholder will have different expectations of the final deliverable. Define success factors that are specific, measurable, and achievable; identify any other factors that could affect success, such as the delivery of other parallel projects.
  6. Dependencies — outline the internal (e.g. staff availability) and external dependencies (changes in the marketplace, new government legislation).
  7. Options – gather details on all available options that could meet the business needs. Consider the trade-offs associated with each option, and the degree to which each option meets the project’s needs. Make sure that you have included the overall supply chain’s needs, i.e. the organization, partners, suppliers, staff and customers.
  8. Procurement — send an Invitation to Tender (ITT) to prospective contractors. Evaluate their bids. Hold presentations with the most impressive bids.
  9. Project Group — identify those (individuals, units, and departments) who are involved and/or affected by the project. Determine their interests and endeavor to resolve any potential conflicts.
  10. Resources — scope the anticipated resource and capabilities requirements that you will need, such as staff, IT, workspace, equipment, and funding.
  11. Risks – Capture all anticipated risks – plan contingences. Prepare a high-level estimate of the costs for each risk.
  12. Scope – define what is in/out of scope with the existing budget; scope what can be delivered with a reduced budget, with indicative delivery dates; ensure that there are no conflicts with other on-going projects. Look at the impact that delaying the project or under-delivering could have.
  13. Stakeholders — identify their role, responsibility, availability, and contingencies if they become incapacitated/released from the project.
  14. Strategic fit – confirm that the project is still required and that its objectives are in line with the company’s business goals.
  15. Value For Money — examine how to get Value For Money from the contractors, contractors and other third parties. Agree what constitutes VFM with the project stakeholders.

Once you have checked off these points, your business case should be ready to send to the project stakeholders.

What are your thoughts? What have I missed?

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also runs the popular Business Planning Blog at http://www.ivanwalsh.com. Follow him on Twitter @ivanwalsh

PS: The Business Case Template is here.

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The Cult of Apple in Japan – Why I Joined

July 1st, 2010 · Strategy

What’s the first thing that comes to mind when I say Cult? I was offered a job with Apple many years ago and turned it down. They struck me as a bit odd. Think different campaigns were somehow a tiny bit sinister. I couldn’t put my finger on it didn’t buy into it. Later I realized that most successful companies in the Valley are cult-like to some degree. It’s an Us versus Them mentality. Not my cup of tea.

Japan 1140

Trying to find the Apple Store on the map…

Why I’ve Resisted Apple Until Now?

I’ve resisted Apple for most of my career and done fine. However, for my recent 44th birthday, I decided to treat myself to the best ‘toy’ I wanted. Whatever… One of the thoughts I had was that whatever I bought I wanted to share it with junior so he’d grow up with the best.

We went to Japan for my birthday. And while wondering around Tokyo bumped into the Apple Store. I entered. My first time ever in an Apple Store. It’s a very slick four story building with a busy atmosphere but not hectic.

First impressions of an Apple Store

A few things struck me.

  • All the computers were web-enabled so you could read your email. Brilliant
  • Free water was available from the coolers. A nice touch as it was boiling.
  • The place was super clean. Well all of Japan is spotless and this place was no exception. 
  • The staff spoke near perfect English.
  • The staff persuaded me NOT to buy the Macbook Pro laptop.

Yes, read that again. The staff persuaded me NOT to buy the laptop.

Why?

If you buy in Japan (or wherever) and it gets damaged, you must bring it back to that store to be fixed. We’re heading back to Ireland soon. He said wait. Get it in Ireland.

But maybe the price is better here, I thought? What’s the catch.

No, prices are fixed across all stores.

Lessons Learnt: Apple’s Customer Service

When a salesperson goes out of their way to explain why you should buy elsewhere and then goes online with you to show that the price is the exact same, you can’t help but be impressed.

The other point was the high quality of English. How many US or European retailers hire Japanese, Chinese, Arabic or other foreign language staff? It’s a small touch but it made a deep impression.

No stilted conversations, no broken dialogues and the computer settings were setup in English too. I felt as home.

Over to you.

So, is Apple a friendly Cult? Maybe I was too harsh on Apple. What do you think?

Oh yeah, they have this mouse that doesn’t need a double-click. Who’d have thought of that?

I ordered the Macbook Pro and an iMac.

What was your first experience of Apple?

About the Author: Ivan Walsh provides Business Tips for Smart People on Klariti.com. His also writes for the Business Plan Blog at http://www.IvanWalsh.com

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