R E S O U R C E S
The Business Plan
We'll be frank. Many startups don't get what a business plan is
all about. It's not about having a document to distribute to
potential investors,
even though many so-called experts believe that's the point. Heck,
there are even third parties who will write it with minimal input.
By contrast, we firmly believe that the process is the point
of a business plan. Just as a strategic planning session is more
important than a one-sentence mission and vision statement, the meetings
and work required to produce a solid, thoughtful business plan is much
more important than the final printed document.
Once you've gone through the process of creating a great business
plan, one that clearly and cogently describes your business (not just
your idea), you should end up with four critical elements:
- the one-paragraph "elevator pitch"
- the 1-3 page executive summary
- the formal business plan (max of 20-25 pages)
- the financials
One test to see if you've done a good job developing your business
plan, by the way, is to see if everyone on staff can explain not just
the words, but the thinking behind it all. If they can, you've got it!
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