Background
We work on developing business plans for our clients, who in turn use it for their business growth, including for investor presentation.
PROBLEM / OPPORTUNITY STATEMENT
A good plan is something that answers are possible questions and concerns within it and is applicable for real time execution. The plan should address all risks and rewards to stakeholders and must be easy to comprehend.
CRITICAL CONSTRAINTS
The most critical challenge in developing any plan is understand the vision and setting tangible targets using the vision captured
KEY OBSERVATIONS
Many a plans we have reviewed focus more on the narrative and less on the actionables and leave themselves open for questions and assumptions, reducing such gaps helps build a good plan.
SOLUTION
We usually undertake an exercise of isolating the vision into 30 words or less and converting each word into an actionable item. This helps the plan become focused and easy to relate with
APPROACH TO SOLUTION
Plan development exercise is considerably iterative in nature, however, stage by stage it evolves. From identifying the problem we are solving to describing how the solution will solve the problem, what it will cost to deliver the solution and how it generate revenue returns of the investors are all developed as the plan progresses.
KEY SOLUTION METRICS
Some of the best made plans are the ones that raises minimal questions, though it is a subjective metric, the success of a plan document really on its feedback and interpretation.
SOLUTION LIMITATIONS
Knowledge of the domain and practical experience within the proposed solution are key elements that is desired, often new ideas would lack an experience, leaving room for speculation within the plans.
PROCESS APPLIED
Business Plan development is a process of self identification for an entrepreneur, though it is a document that is often presented to an investor, the real audience for the document is the one who will be running the business. Thus, the process aims to cover every steps at an individual task level in order to make it a plan of means and not just dreams.
REVENUE IMPACT
Plans should be implementable, carry justification for investment, attract funds and carry trackable returns. All plans have one goal, that is to generate returns.
AD-HOC CONTRIBUTORS
It is our experience that any business growth, when stagnated, a quick review of the plans and how far apart from the plan the business has deviated... provides the solution (remedy). A good plan will hold its business very close to actual growth path.
KEY BENEFITS OF SOLUTION
Well made plans are reflection of what, how, when and why, it is a core asset for the business.