Ask Tim Berry – What Sort of Business Plan Do You Need?

Ask Tim Berry – What Sort of Business Plan Do You Need?

In a way it’s a trick question, to tell you
the truth, this, what do I need for my business plan? A trick question because it’s like saying, “What do I need as a vehicle?” Well, do you want to carry coal or dirt, or do you want to go fast? Do you go through snow, are you racing? Your business plan, really, just like the
example of the vehicle, it’s about figuring out what you’re going
to use in your business. One of the greatest myths is that there is sort of A Business Plan, it’s a standard thing and it starts with the executive summary and describes the company, and the business offering, and the market and the strategy and management team and the financials, which is great for academics. Great if you’re looking to finance a start up with investment. But not necessarily like, you, person watching this video online, what you need. So what you need, is business planning that can help you run your
business better. You probably want to think about, what are your goals, which translates into objectives. And what’s your strategy, which translates into how are you different. To whom are you selling? Who can most use your stuff? How are they different, where do you find
them, what are the messages? Where are you focusing? What are you not doing? And then there’s what are the steps to implement that strategy? How do you get
to that long term goal? And those steps, then, are a matter of — when are you going to review the plan? How are you going to track progress against
the plan and towards the goals? Who’s in charge of what? What is supposed to happen at what time? How much will it cost, how much will it bring
in? So you see, if we stick with this form follows
function idea, the business plan you need might not be a
document printed out and coil bound, it might be something that concentrates on
what you can check back on, what you need to communicate with your own
partners, what you’re going to actually use in your
business. Which might be a lot less text, more bullet
points, maybe less expansive numbers, but certainly
you want to track your numbers. And concrete specifics, so you can go back
to measure them. So let me suggest a picture here. So here you see the business plan the way
I see it. And if we can see my mouse here, the plan exists, as the heart of it is the
strategy. The flesh and bones is the collection of specific
concretes about what’s going to happen, assumptions,
review schedule, basic numbers, who’s in charge of what. And that’s probably on a computer, and the rest of the things you see here are output of the plan. There might be the summary presentation, or the elevator speech, or the summary memo, or the formal plan document, in the case that
you need the whole thing. And those output needs might determine what you do to polish and fine tune the output. But ultimately the plan is what you’re using
to run your business. It’s live, it gets reviewed often, it helps
you to steer your business. And the plan might be, god help you, in your
head if you’re a genius. For the rest of us, it’s on the computer.
It’s simple, it’s not an editing function really, it’s
bullet points. This is what you need. So, yet another picture here. So here you see another example, another picture. I’m looking at an outline of a business plan. And you can go into this, you know, there’s
your standard outline that a lot of people, if you need it, you
need it. If you’re going to the bank, if you’re looking
for investment, you need it. But for the rest of us, business strategy, identity, market, and strategic
focus. And you can see I have some other things in
here, but it can go like that, and then specific plans, assumptions, milestones,
sales forecasts, budgets. It doesn’t have to be a big thing. It’s what you’re going to use that should be part of your business plan. So with that, let me just go back to where we were here
to finish up, that’s really how you determine what you need. What are you going to use? What’s going to make your business better? Thanks.

Comments (3)

  1. This video is informative.May god bless you.A.R.Jr.

  2. @HipHopRally We're so very glad you found it useful

  3. Very good thank you….

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