In creating a business plan, care must be taken. A sloppy, incomplete, and/or unrealistic plan may lead to a quick failure. Or cause a company to not reach its goals. Thus, a simple planning process may be helpful. And that is especially true for new or small firms.
See these past posts on planning:
- 2018 Marketing Budget Strategies
- Can You Afford to Become an Entrepreneur?
- Making YOUR Brand Stand Out
- Consistency Makes Good Customer Experiences Better
Creating a Business Plan
In this section, we present planning tips from Stacey McIntosh of Sage Advice:
As we know, “the phrase ‘proper planning prevents poor performance’ applies to businesses of all sizes. Whether an entrepreneur starting a new business from scratch or a blue chip multinational corporation. It’s critical to design and use a well-documented plan in place. And it should outline strategies, tactics, and resulting actions to enable you to hit a set of defined goals.”
“Thus, a business plan lays the foundations for success. And that helps secure funding. In addition, it should be a living document that evolves with the business and environmental factors. However, one of the most prevalent reasons for firms to not devise a fully documented business plan is the time involved. As well as the volume of information required. As a result, the Business Model Canvas benefit your firm.”
“Put simply, the Business Model Canvas is a one-page business plan. Initially developed by Swiss business theorist, author and consultant Alexander Osterwalder, many firms across the globe use this tool for strategic planning. Essentially, it uses a template to help your business simplify its planning in a highly visual way. This business plan builds from your value proposition. Outlines the activities needed to align to achieve your objectives. And illustrates potential trade-offs to meet goals.”
The Business Model Canvas is an innovative idea to portray a business idea. I think using this model will help other sectors of a business such as an accountant to determine the expenses and revenue of this company. Having the model as one page will help the business to effectively display its key sources without being confusing.
The Business Model Canvas is an effective way to emphasize key business ideas. I think the model does very well in highlighting the keys aspects of Business Plan and at the same time saves time of the executive reading it. However, having a business in detail is necessary, since we cannot explain all the information in the model, we can only stress on the important things. Having a detail business plan makes it more clear to the person reading it about the small minor details that are essential to the success of the idea.
Stacey McIntosh promotes the Business Model Canvas by referring to it as a “The One Page Business Plan.” Please note that Jim Horan trademarked “The One Page Business Plan” many years ago (http://www.onepagebusinessplan.com/jim_horan_bio.htm). While it is true that the nine building blocks of the BMC typically reside on one page, it’s a different kind of business analysis tool. I use both tools when I teach MBA in Design Strategy students.
Business Model Canvas is an ingenious way to show new business ideas to the world. The model does a great way of showing of showing the main points of helping a business. It is easier to understand and look over rather than reading paragraphs on tips to help a business.
The Business Model Canvas is the perfect way to show off and keep track of new business ideas. I believe that using this model will help increase revenue in a business as well as keep it afloat because there are many questions you have to ask yourself according to this model. For example, one of the questions asks “What is your unique selling point?” Startup businesses can use this model to stay on track and be successful in the future.
Before going into all of the very specific and tedious details, the Business Model Canvas takes a step in a different direction to see the overall feasibility of the Business Plan. I find this very useful to know because it answers necessary questions for the business to be successful and to keep the purpose and need of the business in the forefront of the planning.