Your business plan should be focused on your vision. Next, identify the ways you can create value for your customers. Finally, figure out how to increase the cash flow from the first two steps. These are the three areas that will make you a successful entrepreneur. If you get distracted by any other thing, your focus will be lost. These three steps will help you create a great business plan.
Vision
Be very clear about your vision. You will be more successful in bringing your vision to life if you are more specific, detailed, and complete.
It is a big mistake to try to be everything to everyone. If you are just making a cup, there is no need to boil water. You must clearly define who you will serve and how you intend to improve their lives so that they are willing to pay cold hard cash to get your invention. It is much easier to know where and when they work.
Next, summarize your vision in no more than 50 words and create a seven-word value statement.
Take, for example:
Fuzed is the only collaborative tool that connects people and information. It allows teams to quickly innovate and synthesize breakthroughs at a time when it is almost impossible to keep up with rapid change.
Fuzed: Innovation and insight from ideas and information.
This tells the entire story in seconds. Now you can do it for yourself.
Value
How much value can you offer them? Your innovation will be more disruptive if you provide more value than you can afford.
Not creating enough value is a big mistake for entrepreneurs. Today’s harsh reality is that your offering won’t make an impact if it isn’t disruptive.
The iPhone was disruptive in the mobile phone market, for example. Despite the efforts of many large companies to create an iPhone killer, none have been successful. While there are many Android phones that have a larger market share than others, Apple is the leader in revenue and margin.
Apple is a company that brings real value to its customers by making things work perfectly.
How can you offer real value to your customers, so they will refuse to shop from anyone else?
Volume
The next step is to increase the volume. The most beautiful vision is worthless without it.
How can you generate vast amounts of business by delivering value to your customers?
What are the best ways to get buyers to your products and services?
Are you able to find large customers?
Can you inspire a crowd to want what you have?
Most entrepreneurs are stuck when it comes to creating volume. Entrepreneurial insight and innovation are often lost in the mix of marketing and sales. The world won’t beat you if they don’t know where to find them, understand why they should visit your door, and then drop everything to make it happen.
You can stop tinkering about your vision and value. Instead, find people who are so impressed by your product that they will buy it in large quantities.
Get help
These steps are often difficult for entrepreneurs. A coach can help you stay focused on your vision, value, and volume. You need a team that can help you develop the messaging and systems. Trusted people can help you execute when you aren’t strong.