TIME FOR A BUSINESS PLAN It is time to write your business plan. You can nd references for writing a great business plan online. I won’t bother to provide you with much detail here. More importantly, I will focus on a few important considerations.
1. e purpose for the business plan 2. e importance of the Purpose, Mission, Vision, and Values
e purpose of the business plan according to the SBA (Small Business Association)
1. Help steer your business development 2. Provide support for funding 3. Establish key milestones
e business plan should be a living document that addresses every aspect of the company. As for format, you can nd many examples online. e key is content. While some content can be based on your opinion and ideation, it is important that you support your business plan with solid research, facts, and references. In the end, you can’t think of everything at this stage. Your business plan will evolve and grow as you learn more so get as much as you can in the plan but be prepared to evolve. Business plans take time and much like the pitch, they require review, editing, reconsideration, and testing. Don’t hesitate to reach out to others and ask them to read the business plan, comment on it, ask questions, and o er suggestions for improvement. e business plan should look out 3-5 years and provide clear milestones for success. e plan should also outline responses if things don’t go as planned. What alternatives are under consideration? I believe the Purpose, Mission, Vision, and Values represent the heart of the business plan. Spend most of your time getting these right and succinct. e Purpose Statement should focus on the “why do what we do?” It goes beyond pro t and margin and is focused on the long-term impact the organization wants to have on its customers, employees, community, and suppliers. Purpose is o en where we see companies align with ESG objectives. e Mission statement describes what your company does and who your product or service supports. What business are you in and how do your customers value your product or service. Why do they hire you? e Vision statement creates a picture of the future state of the business. Who will you be in 5, 10, or 20 years and why is that important to you and the company. e Vision Statement is your lighthouse, guiding you to the future. Values are the guiding principles of how you will work, how you will get things done, what you believe in and how your thoughts and decisions are guided. Values are so important because they will determine your company culture. While they are o en seen as ideals, values are really the boundaries around how decisions are made, and the company will be led. What do you stand for today and long into the future?
Your business plan coupled with your pitch now put you in a position to launch.
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