Introduction to the One Hour Business Plan
Preparing a presentation on business planning I came across the idea of a One-Hour-Business-Plan. The blog post was written by Caroline Cummings who works for the business plan specialists, Liveplan.com . She suggests that a channel Twitter approach could be used in writing a plan, with each section of less then 140 characters!
Writing a business plan can be painful: I don’t know anybody who likes writing their business plan, it is a task most people avoid till the last moment. The One Hour approach limits this pain, takes away the stress and gives you a worthwhile outcome.
Our Experience: There are a lot of benefits in writing a short business plan using the One Hour Business Plan model, and then expanding on it later. Achieving a quality result in a short time is great for those who have huffed and puffed about starting to write a plan, and find it a daunting prospect.
Business plan content should always be challenged and assumptions cast aside. So it is beneficial to invite a friendly business adviser with an external perspective to participate in the planning with you.
Steps to create a one hour business plan:
- Prepare by thinking about answers to the questions
- Grab a whiteboard / flipchart / large piece of paper
- Ask an independent business adviser to work with you, and facilitate the exercise
- Start writing!
- A one-sentence description about your business. (Value Proposition)
- The “problem” your product is responding to by being in the market. (the Market Need)
- A description of your products (photos are always appreciated). (Your Solution)
- Who else in the market is doing similar things and why your products are better?(Competition)
- Who buys your products (or will buy your products)? (Target Market)
- How much does it cost you to produce one of your products? How much do your products cost, how many of them will you sell this year, and how will you make a profit?(Financials: Budgeting & Forecasting)
- How do (or will) you market your products? (Sales Channels & Marketing Activities)
- What are your business achievements? What are you working toward? (Milestones & Goals, past and future)
- Who are you, and why are you the right person to lead your venture? (Management Team)
- How much money you need to launch or grow your business, and what specifically will you use the funds for in your business? (Funding Needs & Use of Funds)
Positive result: A short to-the-point planof the business which can be presented to funders and business partners, and shared with staff and stakeholders.
Help! A friendly business adviser can facilitate the planning hour, ensuring all questions are answered & act as a scribe recording the content.
Sharing “Thoughts and Ideas about effective business planning” presentation by Billy Linehan of Celtar, for the Women’s Business Network sponsored by the Dublin City Local Enterprise Office, see http://goo.gl/5dhtbJ . Seven business plans were created and presented during the evening.
“Great night. Most informative and loved the insights from each table on the business plan exercise” attendee at the Alexander Hotel, Dublin, Monday 9 June 2014,
Interested in creating your own One Hour Business Plan?
For individuals, startups, groups, companies – contact Billy Linehan at firstname.lastname@example.org
Business advice Dublin Ireland