Olmsted is a volunteer SCORE Atlanta business counselor. He also facilitates a workshop called “Writing an Enhanced Mini Business Plan.” Notably, his experience in the corporate world gives him both the sophistication and also the perspective to understand what can work for small businesses. Furthermore, he relates the information to the attendees in the room by getting to know their individual needs. “I try to engage the participants in discussion about their business, and usually we have a mix of attendees where (they) can add to the discussion,” he says.

Olmsted counsels clients and presents his workshop at SCORE’s Marietta branch office. It is located at the Cobb Chamber of Commerce building, 240 Interstate North Parkway. He says that the class is suitable for start-up businesses and also existing businesses that have never written a business plan before.

David Raudabaugh is an experienced small-business owner and previously attended the workshop. He is the president and CEO of IDBIOMETRICS, Inc., a company that provides clients with facial-recognition and digital video surveillance technology. “I have owned businesses before so I am familiar with the basics,” he says. But his current business venture is larger “and (it) is also the first time I have ever tried to raise outside capital.”

Getting a small-business loan, landing venture capital and even convincing friends and family to invest in your business, is a major reason to attend a business plan workshop. Financiers want to see your plan in writing.

Additionally, a business plan is a roadmap to maximize your profits and get all of your employees singing out of the same hymnal. It is also a management tool keep your costs in check and analyze your sales and marketing approach so that it matches your expectations.

“I needed help explaining the GSE/IDBIOMETRICS opportunity to investors, bankers and to my current and future employees,” Raudabaugh says. “The business plan also helped me stage the many events that needed to happen.”

You can learn more about Raudabaugh and his company online at www.idbiometricsinc.com.

Some workshop attendees are able to pen the narrative parts of their business plans. Yet, they become stumped when they have to project income and operating expenses. It becomes easier when they realize that the numbers are a direct result of extensive market research and the marketing plan. Both are integral parts of your business plan.

Olmstead says the marketing plan “is utilized to create the financial plan based on a reasoned, meaningful forecast of potential sales.” Furthermore, he uses online examples that you can access to complete your business plan after the workshop is over.

After attending the workshop, Raudabaugh requested free follow-up advice at www.scoreatlanta.org and was matched with a SCORE volunteer. “My next involvement with SCORE was private consulting with Ray Hopkins to discuss raising capital,” he says. “Ray helped me understand the different types of investors and what each type of investor is looking for; they all are looking to invest at different times and require different returns.”

SCORE Atlanta has approximately 100 working and retired, volunteer business-counselors with hands-on experience in most industries. As a result, workshop attendees often request face-to-face and online mentoring for continuing advice throughout their business careers.

“The knowledge I received from SCORE has prepared me better and saved me from making unnecessary mistakes,” Raudabaugh says.

www.scoreatlanta.org