Skip to main content

The Science of Business Planning- The Start

Most people I know look at business planning as a very time consuming and cumbersome process. However, believe it or not, this entire process has determined viability of many a venture. When you start putting your ideas into words, the process of execution of your business begins to shape up and thus shapes up the aspects of execution of the idea that you might have overlooked while cooking it up.

I would recommend this exercise to whoever wants to execute an idea. It is time very well spent. 
The science of business planning is simple. Take a few hours off your busy schedules and just focus on what you are trying to build. As you focus, these are the basic classifications of thought that you will require to gather Start with the two steps below for today

a. Executive Summary. 
This will be the last section that you will write. It will not be more than 2 pages but once you are done with the rest of the sections; this section will be really easy to traverse. You will be able to explain the fundamentals of your business, what would your products be, who will your customers be, who will own the business and why do you think it has a future.
All you need to be here is enthusiastic, professional, concise and complete.

b. Company Description
This is where you will start your focused writing. 
What is the mission of the business you are trying to build? The reason for its existence and what the business focus would be? Will your business cater to a customer satisfaction goal or will it be a benchmark in industry breakthroughs. Making sure such a statement is incorporated in your business plan is extremely important.
You also will need to be clear on who are your products and services intended for? Who are these people? What are their specific age groups and backgrounds or locations that make your products desirable to them. 
What is your industry? Is it a growth industry? What changes do you foresee in the industry, short term and long term? How will your company be poised to take advantage of them?
What are the core strengths of your company going to be? What could be perceived as challenges and weaknesses?
What background experience, skills, strengths do you bring to the venture? 

c. Legal
This is perhaps a very important function of your set up. What will be the structure of your business? Will you run it alone or will you have partners?

How will your partners contribute to the business? Do you have agreements with them? What kind of a set up are you geared for - a sole proprietorship, Partnership, Corporation, LLC?

All these will need to answered before we move to the next phase of business planning which will be to describe the core of your business- Products and services.

Should you have any questions about this part, feel free to write to me, comment or start a discussion. 

Popular posts from this blog

The Clock is Ticking : BACKWARD FOR WOMEN

Sometimes it is just a customary sound; but a movement that takes us backward; instead of steering us forward.

2017 and 2018 have been the most regressive years in the progress of women. 

Since Trump became the President of the United States of America, a new culture of suppression of women rights has unleashed worldwide.  He has slowly degraded Women Rights by attacking fair pay legislation, defunding reproductive rights and changing the definition of violence against women. His attitude towards women is evident from the way he treats women and his objectification of the whole gender. In response, the women rights movement has revived itself, only to become negative and vicious.

No one wins when we have to fight. It is still a pity that we have to wave flags, march, hoist posters and commemorate each other on this day every year. We should not have to. 

The global economy could be enriched by about $160tn (£120tn) if women earned as much as men. 

No Zaghari-Ratcliffe should have to be in …

How should you deal with Bullies ?

It could be someone you know or someone you barely know. Bullying is the act of directing aggressive, intimidating, or threatening behaviors that are directed at an individual with the intent to cause physical or emotional harm.

Bullying can take on a variety of forms and can be in-person or through the use of electronics and technology, called cyberbullying. While this list isn’t exhaustive, you may be a victim of bullying and/or cyberbullying if someone: Subjects you to verbal taunts aimed to embarrass or humiliate youManipulates you into giving up possessions or money for fear of harm or embarrassmentPushes, shoves, kicks, or otherwise physically harms youSends and/or forwards to others any insulting emails, texts, videos, photos, or social media posts that are derogatory or untrueImpersonates you on social media to embarrass you or share your private informationUses electronic messages (texts, Facebook posts, etc.) with angry or threatening languageWhat can you do?
Bullies are weak p…

Avaya is out of its Chapter 11 Bankruptcy . I remember our first Avaya Project

Those were the days! Being one the largest resellers and specialists for Avaya Customer Interaction Centers and then their Distributors was just another story.

I was going over my old archives and came across the first time we won the Project of the Year Award for delivering the most impossible software and hardware integration of a customer interaction center in 90 crazy days and nights in Doha. I don't think the team slept for more than a year. We wouldn't go back home for days and live in fear of downtime ad infinitum, ad nauseum. The cost per minute of downtime was $60,000.

There were no weekends, there were no vacations. All we knew was to deliver this most important opportunity of our lifetime.

When we did get the time; we would get into monopoly warzones in the employee housing to keep sanity or watch pirated dvds of Prison Break and nonstop  Keifer Sutherland's 24.

It was just a never-ending spiral to build a company, to work so hard to beat a market that had never…