Business Solutions

Many Entrepreneurs and businesses have already been able to develop and implement clear, concise business strategies critical to successful, efficient and more profitable operations, but other businesses and Entrepreneurs that have either ignored or refused to consider developing a business plan for many different reasons, far outnumber them.

The Entrepreneurs and businesses that fail to plan (plan to fail) have also failed to consider that developing a business strategy doesn’t have to be restrictive (a common fear), and can be really as flexible and simple as they prefer, especially when first starting the planning process.

Following are questions and issues that need to be addressed as part of a well thought-out, clear and concise business plan, and of course other issues specific to the individual business project will also need to be addressed as they are identified.

What does the business stand for now and what will it be in the future?

• This question addresses the questions of mission and vision for the business.
• It should not only address what the business is but also what the business is not.

What does success look like?

• This is about goal setting, and if you don’t know what success looks like then you might never find it.
• Goals should always be set for specific time frames.
• Ask yourself: What do I have to accomplish by the end of this year to achieve my definition of success?

What do you make?

• Every business must create “value” and ultimately make something.
• This is about the basic “value proposition” of the business.

How do you make it?

• This question is about your craft, systems, and your way of doing business.
• It addresses your inputs, processes, and outputs of the business.

How do you sell it?

• While making something is about the creation of value this question is about marketing or capturing value.
• Many entrepreneurs are great at creating value but many failed to capture it by dropping the ball when it comes to marketing execution.
• As management author Peter Drucker wrote, “There are only two functions of business: Innovation and Marketing.”

Who are the customers?

• This question addresses the people that the business services.
• Most successful Entrepreneurs and small businesses operate in turbulent and uncertain markets catering to small niches of customers that a big business does not want to serve.
• By doing this they are able to stay off the competitive radar screen of the big companies that can’t afford to take huge gambles on such uncertain market segments.

What can you or business contributed to the world that no one else can?

• This is about the understanding of what your “one big idea” is.
• It involves a deep passion, understanding of what you can be the best in the world at, and a sufficient economic engine to drive it.

Who will manage the business and how?

• Who are the people who will operate and grow the business and how will they be organized? This speaks to the organizational structure of the business, as well as, the legal structuring.
• Having a great idea is never enough. Greater ideas are common, but the people who can successfully implement are rare.

How are profits generated and where do they come from?

• At the end of the day, the business must be profitable or it is not a business.
• You should be well versed in the revenue and cost drivers that make business profitable.
• Without profits the company cannot grow and will never be anything more than just a lifestyle business.

What stands in the way of success and how will you overcome it?

• This is about your future story, the enemy and how you overcome it and ultimately win.
• Up until now, you have been addressing questions that concern your business model which is essentially your business in the vacuum.
• But sooner or later, your business will confront internal forces or external competitors that will potentially keep you from achieving your goals.
• Dealing with this reality is, in essence, your strategy.