Episode 118: The Importance of Creating an Effective Business Plan with Burke Franklin

For Episode 118 of the Wealth On Any Income Podcast, Rennie is joined by Burke Franklin. Burke’s BizPlanBuilder® business planning software has helped over 2 million entrepreneurs and their advisors in virtually every industry get organized, raise capital, and succeed in their day-to-day operations. Its online dashboard of cross-functional programs and "done-for-you" business templates serves as the easy-to-use back office software suite for businesses of all sizes.

Burke is also the author of Business Black Belt and has been helping young, innovative companies to scale for almost 40 years.

Do you struggle with creating an effective business plan for your company?

In this episode, Rennie and Burke cover:

01:49 The story of the 200 mile per gallon carburetor and how that has inspired Burke.

02:09 How a friend’s opportunity with Apple lead him to look at business plans in a whole new way and that led to him being involved in helping many companies with their plans.

05:41 Why a business plan must be taken seriously to allow your idea or business to see the light of day.

07:16 The importance of considering what industry or company are you disrupting as part of your plan.

08:20 The charities that Burke supports like the Pachamama Alliance and local animal shelters and charities. He also has helped many nonprofits through the use of his Biz Plan Builder.

10:09 Why it is so important for a nonprofit to have a business plan as well to keep things on target. Nonprofit is a tax status, not a management style. 

13:29 An experience that Burke considers a failure about a company creating retail packages and what he learned from that.

15:23 Visit Burke’s website at businesspowertools.com under the Resources and Support tabs for some free resources, including a spreadsheet to help you understand how much money you need to do all the things you want in your life.

20:06 Why business plans are important for any business big or small.

‘I think what people are doing is they're writing a business plan or putting together any business document, like they're bs-ing their way through a school, paper. Investors, businesspeople, senior management, donors, whoever you're working for, you want to have them invest in you one way or the other. They want names, dates, show me, prove it, give me an example. It's really got to have specifics and it's got to have meat and potatoes, because you're competing for money.’ – Burke Franklin

To get access to all of Burke’s free resources visit businesspowertools.com and browse the support and resources sections.

To learn more about Burke and Business Power Tools visit https://www.businesspowertools.com/about-us/

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