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Start your business plan with a simple, one-page plan. It’s a faster, more efficient way to document your business strategy.
Business planning is scientifically proven to improve your chances of success in business. So, why do so many businesses skip the planning process? The simple answer is that it can be a time consuming and sometimes confusing process.
That’s where a simpler business plan format comes in. If you can write a business plan on a single page, you’re much more likely to complete it and actually use it.
Writing a business plan on one page is:
Easy: Without complex formatting, a single-page business plan is easy to write and easy for readers to understand.
Readable: Detailed business plans are great to ensure that you’ve thought through every detail of your business, but it can be challenging to get others to read them. A simpler, one-page plan is easy for anyone to read.
When you’re just starting out, you have a lot to discover about your business strategy. Have you identified the right problem to solve? Do you have the right solution? Have you picked the right target market?
When you’re in startup mode, iterative planning is the key. You write down your initial set of assumptions and then go out to prove that those assumptions are correct.
More often than not, some of your assumptions will be wrong and you need to change course.
With a business plan that fits on one page, you can easily create new versions to keep track of your latest set of assumptions and strategy tweaks.
Most importantly, you can easily share your current strategy with your team, investors, and other business partners.
You’ll start with your business strategy - this is what you’re going to do and what your goals are. You’ll document the following:
Identity: This is a short summary of what you do.
Problem: Describe the problem that your business solves.
Solution: Describe how your business solves the problem.
Target Market: Who are your customers? Try and be as specific as possible.
Next, you’ll go on to describe your business tactics. While strategy describes “what” you’re going to do, tactics describe “how” you’re going to do it.
Sales: How will you sell your solution to your customers?
Marketing: Describe your key marketing activities.
Team: Potentially the most important part of the plan is who is going to help you implement the plan.
Your business model is how your business will make money. The first time you work on a lean business plan, you can just describe how you make money and what your key expenses are. Eventually, you’ll want to develop a complete financial plan.
Revenue: Describe the key ways that you’ll make money.
Expenses: List your primary expenses. You don’t need to go into a lot of detail with a lean plan.
Finally, you’ll want to develop a list of your key achievements.
This is just a quick summary of how to build your one-page business plan. You can get additional detail in our step-by-step guide.
Build your one-page business plan with LivePlan.
Collaborate with your team on your plan
Simple, but powerful financial forecasting tools
And much more!
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