Authored By:  Marcus Tarrant,  Managing Director,  Business Planning HQ

Abstract

A must read article for all Beginners interested in  understanding Business Planning.  Not everyone has written hundreds of business plans. Many business founders or entrepreneurs are preparing a business plan for the first time. The diversity and complexity of a business plan can be daunting whether you are doing it for the first time, or you have prepared many business plans before.  Many founders and entrepreneurs come from a technical discipline rather than a business background, they tend to have studied science or engineering rather than core business disciplines.  Many of these first time "business planning beginners" jump to the the end point. They start looking at examples, software and templates, when their training would indicate that a methodology is a better place to start. They tend to ignore their "gut feel" and start writing, knowing that the result will be overly complex and time consuming without using a proven methodology..

Body

Tip 1 - Don't  Start Writing Your Business Plan

Much like any scientific report or formal document, you never start writing before you have designed and executed on your methodology. Writing your report before you have run the experiment will not only take longer, but will be less coherent.    In the absence of anything better, or the ability to identify a process, most business founders just start by either downloading a template or software, hoping that somehow this will help. Mostly they know that they are just "window dressing". It takes much more than a great looking document to create a convincing economic argument.   Apply your experience in your science discipline to find and execute on a proven planning process. This makes for a more convincing outcome.  

Tip 2 - Ensure you  Straighten out your thoughts first

One of the key steps in business planning is to un-jumble what is jumbled up in your head.   If you just start writing, logical inconsistencies will come through in the plan, making for a less persuasive and powerful document.   Process Process Process. In property "Location, Location, Location" in management, Process Process Process. You need a proven process or methodology to assist in straightening out your thoughts.   A great place to start straightening your thoughts is by creating 3 high level development milestones for your business.

Tip 3 -   Find out about proven business planning methodologies

So what is a methodology? A procedure, technique, or way of doing something, especially in accordance with a definite plan. Planning is a process, and business planning is no different.   Many business planning beginners start by looking at the end point (the document) and then just attempting to create it. The result is usually endless iteration loops. Business Planning HQ   Either engage a consultant or employ a self service tool that utilises a proven planning methodology. This will ensure consistency and integration between plan elements and reduce the iteration to achieve a better outcome.  

Tip 4 -  Also Consider the power of questions to guide your thinking

The power of questions (or Hypotheses for scientists) is immense and generally under-utilised as part of the planning process. If you engage a consultant to assist you with your business plan they will start by asking you a series of pertinent questions to make you realise that what you are saying doesn't necessarily make sense.    The questions should be formatted into a process or methodology to further improve the efficiency of planning. Methodology based questions are some times referred to as HyperQuestions. Try searching in google for HyperQuestions and you will find an accelerated pathway to the creation of a better business plan.

Summary

Many of these first time "business planning beginners" jump to the the end point. They start looking at examples, software and templates, when their training would indicate that a methodology is a better place to start. They tend to ignore their "gut feel" and start writing, knowing that the result will be overly complex and time consuming without using a proven methodology.  To resolve this issue there are a number of key steps that can be taken.   the power of questions to guide your thinking    A great place to start straightening your thoughts is by creating 3 high level development milestones for your business.      Try searching in google for HyperQuestions and you will find an accelerated pathway to the creation of a better business plan.

Contact the Author: 

Business Planning HQ

Marcus Tarrant

Managing Director

marcus.tarrant@businessplanninghq.com

 Business PlanningPrepared using HyperQuestion Techology at www.articlewriterhq.com


 



 



 



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