Business Plan Review: Your business plan may have one or more purposes. The most important purpose is for you to ensure that you have worked through all the vital components that go into starting a business. Other reasons may include:
- convincing family or friends to loan or invest in the venture;
- applying for a bank loan or seeking equity investment;
- having a benchmark against which you can check progress following startup;
- recruitment of a co-founder or other senior team members;
Don’t be fooled, though, into thinking that there’s only one way to write a plan and that is a 50-page document, with as many pages of appendices. Business plans can take many forms including the apocryphal ‘back of napkin’, like Southwest Airlines (a simple triangle with the points marked ‘Dallas’, ‘San Antonio’ and ‘Houston’). Some are even handwritten.
Don’t think that it’s a job you can subcontract to someone else. It’s fine to get help or start from some kind of template that will remind you what not to omit. Personally I’d suggest that you start with two things:
- defining the problem you seek to solve in a very convincing way so as to be able to write a winning value proposition;
- using the Business Model Canvas, to ensure that the model hangs together.
When you have drafted the business plan, it will save you time and money to get a business plan review. I can provide an supportive, but critical eye and give you feedback, as if I were a member of your advisory board.
Outside Insight—use Will’s experience to hone your business plan
- 7-day delivery of Will’s critique of existing draft business plan
- Sympathetic outside review of the key parts of the plan
- Dialog with someone who’s ‘been there, done that’
- Leads to more focused final plan
If you have any questions…