Business Planning Q&A

There are times when they are essential, especially when dealing with finances. Banks and investors love them.  Likewise if you are thinking of selling your business.

For small businesses, they are of limited use. It is worth going through the topics in a business plan to make sure you could answer them because they are asking if you understand your business, your market, the competitors and your direction. 

But to actually spend the time to make one could take days.

Like all things in business, the magical question is "what's my ROI for the time I will spend on this?" 

If it is something that you make and it changes nothing then it is a waste of time.

If it reveals something that you need to act upon, and you act upon it, then it may be worth its weight in gold. 

Continued - the cost of an employee is roughly three times their wage or salary - and this number should be used.

If you are talking about your profit, what are your costs in providing the services and subtract this from revenue.  Again, use the real cost of employees, not the eage cost.

We work with lots of startups, and as a starting point, I want to mention that it *is* important to have a business plan in some form or other. 

But as some of the other responses have mentioned, the first step is to think about why you need and/ or want one. Begin with the end in mind, as they say, and you’re much more likely to create a business plan that will effectively serve its purpose. 

Having said that, to answer your question, I do think it’s a combination of both. 

That is, a template can provide a great starting point for a business plan. But it’s unlikely to cover everything you need - this is where you’ll need to customise it. 

I’m a fan of efficiency wherever possible, so if you can (quickly) find a template that serves your needs, it will help you shortcut the process. Writing a business plan can be arduous, so anywhere you can get support and help is worthwhile, in my opinion! 

If you’re writing a business plan that needs to appeal to investors, make sure it includes the relevant info in an easily digestible format. Investors want to know your business will have a good return for them - make that your focus. 

The supporting document should be a financial model. A solid financial plan should capture as much information about the business plan as reasonably possible – the team, the value proposition and technology, the market, milestones and the competition – and translate these into measurable, financial values.

easy answer, Yes. A business plan isn't there to sell your ideal to an investor. It is there to ensure you are on the right track. A business plan will help you work out what your pros and cons are. What issues could appear, how to solve them. Your target market. KPI's to check if your on track. 

A business plan is just that. Without it you just have an idea.

Your building an App. So what is the timeline for Dev, what is Beta release. Who is going to take part in the Beta release. How will you measure success of Beta release. Once Beta is completed. How much time is allocated to more dev prior to launch. When you launch, how will you launch. 

Big part of your business plan is dev in the tech world. Do you have a Gant chart to help maintain a schedule for your projects? Pretty sure you would. A business plan is your "Gant chart" for your business.

I have setup businesses without a business plan, very quickly worked out that I needed one. A business plan is not a boring doc you write to make something official. It is a plan of attack.

Hi Jef, we review our vendors on an ongoing basis and especially at the time of referring clients.

Hi, James. Here are three ways to set your brand apart from others.

1. Employ a customer-driven approach -- instead of a money-driven approach -- to all aspects of your business, including problem-solving. Understand that you're in business to enhance customers' lives in order for them to assist others. The money will come.

2. Know that an editorial team should intensify your product's visual appeal. Not worsen it.

A product may have all the features that your prospective customers desire. But, misspellings, poor grammar and punctuation accompanying its packaging, advertisements, websites and social media pages may cause customers to question what your company values. Does the company spend equal time developing all of its products' components? If not, will the product last?

3. Ensure your teams understand how and why they link. Encourage them to guide each other.

When I wrote for a syndicated radio show, a producer talked to me about a word I'd used in a script: abovementioned. My print media background had appeared at the wrong time.

He reminded me that I was writing for the ear, not the eyes. His advice sharpened my writing and logic. He kept the show's brand identity intact.

Abovementioned could have cost us listeners, radio stations and advertisers.

James, we hope this helps.