Entrepreneurship 101: #1 Creating an Astute Business Plan.

There might be several types of Business Plans. But I advise every enterprise to have a centralized ‘universal’ document that can be easily modified according to different specific purposes.

Many ‘Plans’ that I’ve reviewed lack a strategic structure and wind up straying from their objective focus. Also, most plans nowadays are created separately for each project - and usually by different people.?

Such an ‘as-required’ tactic might seem easier to manage initially, but it also creates legacy issues. This problem becomes most relevant during any external operations like investor management and branding campaigns - when engaging a wider audience who might not be immediately familiar with your enterprise.

A strategic Business Plan creates a uniform brand identity and a consistent messaging. It also saves you on long-term marketing costs, since strong organics make brand management easier.

So, here are some of the most important features of a structured ‘universal’ Business Plan that can help you expand your enterprise without compromising your brand footprint in the long-term:

The Four Fundamental Statements

Simplify your business plan in a way that can be explained and understood universally - whether you’re engaging with an intern, a co-founder, or a prospective investor.?

The introductory section should be worded simply enough to fit within the first page - but engaging enough to elicit the right ideas and questions from all respondents.

Make these fundamental statements from the perspective of your own specific business-case:

1. ‘This’ is Our Product.
2. ‘This’ is How It is Made.
3. ‘This’ is Our Target Market.
4. ‘This’ is Our Method.

Unless you can define your enterprise within just these four statements, more complex elements like your USP (Unique Selling Perspective), Mission, Vision, etc. become vague. So, it is important to create an identity for your enterprise within these statements that everyone can understand.

Within the first page of your document, establish these statements with confidence, and expand upon those ideas across the rest of the plan.

Remember that this section needs to be as brief as possible. If the statements are too elaborate or lengthy they will divert your audience’s focus from the narrative. Also, complicated statements tend to hinder the objective focus - especially if you’re presenting it on a screen or paper while speaking.

The Branding - Uniformity with Flexibility

Let’s think about your branding. Promoting your brand should be the second section of your Business Plan, and it must have an immediate impact on the audience.

Your messaging must focus on your Unique Selling Perspective (UPS), and never deviate from that axis. Ensure that it’s a message derived from the initial information that you have already expressed on the first page (the Four Fundamental Statements).

Again, remember the importance of brevity. You only have a few pages/slides within which you must establish the brand identity and influence the audience. Don’t get deeply philosophical about subjective choices like your logo design and brand colour schemes.

Define your brand according to your consumers and target demographics. Explain the logic behind your logo and brand name in a way that will pique the investors’ interest. If they ask you for additional details about your creative choices, you’ve accomplished the main objectives of this section.

Also, remember that the visual impact of this section is very critical to its purpose. Be sure to take feedback from different audiences, because multiple perspectives will help you identify any subtle miscommunications or unique influences that you might not have considered.

Adjusting the Objective Focus

In this third part, the narrative should focus on your document’s objective purpose, and the structure must be adjusted accordingly. This section is the crossroads from where you can guide further engagement for each specific type of audience you’re targeting.

As I explained, a good Business Plan is a universal document - and in this section, you must divert your audience as needed, and according to your objectives. Based on the specific purpose at hand, select the overall volume of information and how much detail you’re sharing.

Define the audience before creating this section. You should apply different structures and strategies according to the unique objective focus like -

Type 1 - Plans for Investors:?

Focus on your assets and growth projections. Elaborate on the resources need, and how you intend to use them to grow your business. Define how you’ll achieve reasonable growth even without external investors and funding. Entice a sense of #FOMO amongst investors by establishing the reasons why your enterprise will succeed regardless of external participation.

Type 2 - For Partners & Co-Founders:

If you’re mapping out a startup project or planning an MSME amongst partners, focus on your immediate financial and operational capability. Discuss factors like the various institutional loans available, as well as any special schemes that might apply to your specific business category. Make sure that you clarify the expected role of each partner and the responsibilities they need to undertake.

Type 3 - For Executives & Managers:?

Keep track of your established brand messaging as more people get involved. Create a version of the document to introduce executives, managers, and consultants to the original brand identity - so that they can better relate to it within their specific roles. Discuss factors that matter for their processes, but details like financial prospects and growth projections might not always be relevant.

Other Salient Features to Include

While the rest of the plan would be case-specific, there is strategic common structure I like to follow.

These features might be different according to your market segment, target audience, etc. However, the list below should give you the right ideas for creating your own Business Plan:

# 1 - Keep the document within a reasonable length. A massive binder would likely be ignored, while a good plan cannot be objective within a couple of pages. Also, remember to streamline presentation slides and other enterprise literature with the same branding elements.

# 2 - Have a ‘Mission’ that defines your company’s activities within your immediate market; and a ‘Vision’ that explores the prospective impact of your enterprise on the wider business ecosystem.

# 3 - Have distinct sections that showcase your team, past projects, and milestones. Adding features like case-studies and a page on CSR activities depends on the specific target audience.

# 4 - Revisit and revise this document as your operations expand. A business plan should be a ‘living’ document that evolves with your enterprise. Changed editions signify that your business has not stagnated and that you’re keeping track of your growth.?

# 5 - Keep the central theme of all future business plans uniform. Any changes/edits must add to the original messaging without losing its directives - unless you’re undertaking a major rebranding effort.

With this, I conclude the first topic of this series. I hope that you’ve enjoyed this newsletter, and found some practical value in my insights. Be sure to pitch in with your insights and thoughts as well.

Please subscribe, share, and keep following my page for the next part “Entrepreneurship 101: #2 An Impressive Pitch Deck” coming soon!