What do you do if your business plan lacks a solid foundation?

Assumptions are dangerous; if the business plan is inadequate, are you sure you are the right person to assess it? The 1st step is to objectively evaluate your ability to assess a business plan. Being smart is one thing; having a relevant experience is another story.

To maintain their effectiveness, business plans must be regularly challenged to verify that they accurately represent the prevailing market conditions. An effective business plan should capture and communicate the existing market opportunities, underlining the rationale for the business's existence and its contribution to the market. That concept in itself is the justification of why the business exists and how it adds value to the market. Should the market opportunity evolve over time, then the business plan should evolve as well. Failing to do so can result in a significant disconnect between the business offering and what the market is demanding.

To address a business plan lacking a solid foundation: Evaluate the plan thoroughly, focusing on clear objectives, robust market research, realistic financial projections, and a competitive strategy. Refine objectives to be specific, measurable, achievable, relevant, and time-bound (SMART). Enhance market research to understand target audiences, market trends, and competitors. Review and update financial projections based on realistic assumptions. Develop a competitive strategy to differentiate offerings and capture market share. Seek guidance from experts and iterate on the plan based on feedback. Validate and refine the plan continuously to establish a strong foundation for business success.

By pinpointing the specific weaknesses, you can focus your efforts on the areas that require the most attention and begin to construct a more robust plan. Always make sure that your market analysis is sound.

You can and should question it until you are 80% certain what you're trying to do makes sense. If you think the foundations are wrong you can iterate, test, fake it before you make it. Some of the best businesses are result of iteration, trial and error, and pivots. Research to better inform your overall objective, talk with your potential customers to see if there is a market for whatever you wish to sell, be honest with yourself and try to start small if possible before going all in. The business plan is a tool to use as guideline, execution can differ so you can still try other things.

"the gaps" ... Would you know what they are? "compelling and differentiating" Do you know how to do this? "Your value proposition and resonating with your target audience" Do you understand that this has nothing to do with you, your business, or your products or services? "re-evaluating your product or service offerings" I'm thinking there's nothing wrong with what you offer most likely ... "market positioning" This connects to differentiation ... I call it your Market Dominating Position ... And perfecting it means, you build the business of your dreams ... "A clear, refined vision" Your vision is fulfilled, when you have created an outstanding Business Plan ... Dotted all available "i's" and crossed all of the available "t's" ...

A la hora de profundizar, hay aspectos en los que hoy más que nunca sería importante hacer foco. El avance de la tecnología es uno de ellos. La evolución de la tecnología no solo actualiza las herramientas disponibles para potenciar muchas operaciones de negocios de todos los rubros, sino que también está cambiando las “ecuaciones y reglas de juego” de muchos de ellos. Desde luego, cualquier cambio en este sentido impactará en la eficacia de nuestro plan de negocio. Para esto, sería bueno escuchar a los más jóvenes, ya que naturalmente son ellos quienes están más alineados con las novedades y la cultura digital. La sustentabilidad es otro tema a tener muy presente, ya que cobra cada vez más relevancia.

Creo que todo emana de la visión y cualquier plan de negocio ha de contar con unos procesos que estén alineados con los retos de la visión y que nos permitan salvar el gap entre nuestra situación actual y la situación esperada. Si no sabemos a dónde vamos, da igual el camino que tomemos.

Using a Business Model Canvas is a great way to refine your vision. I’m a big fan of a ‘plan on a page’. If you have a team of Directors or Managers I also recommend you task them with creating independent SWOT analyses. Then bring the team together to view the SWOTS. Simple but effective!

Again, definitely nothing against the writer here, but a few points ... "Up-to-date comprehensive research" To me, this is jargon. It has no real meaning in and of itself. What are the things you are going to research exactly? "A weak foundation"? Do you know what one is? How to create one that is not? "Outdated or incomplete information" About what exactly? "Your market analysis, industry trends, and customer demographics" You should already know these ... And what about the "psychographics"? CRUCIAL! "A deep understanding of their needs and preferences" I say, you generate sales and revenue by appealing to what they WANT, NOT what they need. And, "decision-making and strategic planning", investment wisely in someone who does them.

Es muy posible que con toda la información y aprendizajes que hayamos recolectado en el proceso de evaluar el plan de negocio, surja también la necesidad de revisar algunos aspectos de la estrategia general y a largo plazo de nuestra actividad. La estrategia y el plan de negocios están estrechamente relacionados, y a pesar de que la estrategia puede estar muy arraigada al ADN de una organización, es preciso tener la mente abierta y estar dispuestos a adaptarla a lo que el contexto y la cambiante actualidad en la que vivimos nos pida. Considero que estamos ante un verdadero cambio cultural profundo, en el que debemos aceptar que lo único permanente será la impermanencia.

I would take the following steps: 1. Reevaluate and refine the business concept. 2. Conduct thorough market research to identify gaps and potential opportunities. 3. Develop a detailed and realistic financial plan. 4. Ensure the business model is scalable and sustainable. 5. Seek expert advice and feedback from mentors or industry professionals. By addressing these key areas, I will create a stronger foundation for my business plan and increase its chances of success.

Always do your strategy overhaul sessions offsite. That way you’ll feel invigorated and be away from potential distractions. Business centres usually have great meeting room facilities for this purpose.

Don’t marry your plans. Marry reality. Leaders tend to be more worried about being consistent than being right. History doesn’t care about your commitment to your last PowerPoint presentation.

The most important thing is to have the good sense to accept that the plan is not solid. Reevaluating is possible since the business plan is a dynamic document. Financial and commercial objectives should be kept as firm as possible, because you have to be as predictable with stakeholders. In other words, what should change is the way to get there, not where to get to.

I will get a mentor to help review it. Correct Mentors are worth every penny. Someone who has already walked the path you want to walk can save you so much time and money.