Taking the Stress out of Business Planning!
Ah, the dreaded business plan. The very idea of writing a business plan to apply for a bank loan or crowdfunding can evoke feelings of frustration, procrastination or even dread!
That’s why so many business owners put off their funding application and procrastinate about completing their business plan, even when they know finishing the task is in their best interests.
But if you need a business bank loan to take your business to the next stage or just starting up, then you shouldn’t avoid the business plan. Fortunately, there are tools and coaching seminars (WRSBC- Business Plan Coaching) available to “YOU” the entrepreneur.
Gone are the days of the 100+ page novels with paragraphs and charts of graphs of meaningless business jargon. Your business is new and innovative, and your business plan should reflect that.
So, before you get into your interesting and even (let’s all say it!) fun business plan, there are simple tools that can give you a snap shot of your business plan. This tool can help you validate your idea!
Let’s start with the one-page Business Model Canvas (BMC). The BMC gives you the structure of a business plan without the overhead and the improvisation of a ‘back of the napkin’ sketch. What banker would take you serious with a wrinkled, fuzzy and coffee ring business plan (napkin)?
The BMC-Canvas has nine elements, “Building Blocks”.
What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve?
Who are our most important customers? For whom are we creating value?
Through which Channels do our Customer Segments want to be reached?
What type of relationship does each of our Customer Segments expect us to establish and maintain with them?
For what value are our customers really willing to pay? How are they currently paying? How would they prefer to pay?
What Key Resources do our Value Propositions require? (Intellectual, Financial, Physical)
Who are our Key Partners? Who are our key suppliers? Which key resources are we acquiring from partners?
What Key Activities do our Value Propositions require?
What are the most important costs inherent in our business model? Which Key Resources and Key Activities are most expensive?
The first time you engage the BMC, I recommend printing it out and fill the elements for your business and then ask yourself ‘Does this make sense?’ Additionally I recommend watching the 6 episodes of the BMC- Getting From Business Idea to Business Model. These You Tube videos will guide you through a sample business. Beth, Carl, and an idea they believed could become a great business.
Check out the links below! Good luck!
From Idea to Business- 6 Episodes
Business Model on One Page (Printable canvas)