Five Key Concepts of a Business Plan

What do P&P/work instructions have in common with a business plan?

Process.

1. Match the language and voice the company or brand (even if we use a format).
2. Know your audience so you can state the processes in their terms.
3. Research to understand the current process, challenges, and possible solutions.
4. Content—marketing, instructions, white papers—needs to show problems and solutions unique to the brand.
5. Cost—what’s the cost to the company of outdated or confusing content?

For SCORE LA, Connie Sparks lived up to her name… she “sparked” our thinking and guided us through the details of a business plan.

My Takeaways

1. Use the standard layout and make sure the information reflects the voice of the business. Don’t use boilerplate language.

♦Why? This is your story, the story of your business. The plan reflects the details of your business, not generalities.

2. Clearly state the problem, where it exists, and why it exists. Then describe how your service or product solves the problem.

♦What makes your solution unique from the competition?

3. Research… about the competition, the industry, the target customer, and the area your business will service.
4. Financial Plan—What is the cost of running this business?

♦Identify suppliers, staffing needs, technology required

♦Define the milestones and costs associated with those milestones

♦Create projections

♦Set aside funds for the costs

“Control your budget; don’t let your budget control you!” (Connie Sparks)

5. The most significant takeaway: What is your vision for the business?

♦Define that vision so that the rest of the content matches that point.

 

⇒Do you have a business vision?

⇒Does your business plan match that vision?

⇒Are you ready to edit that business plan? Let’s connect!