The K.I.S.S. acronym meaning Keep It Simple, Stupid is typically the best approach to accomplishing goals, and complicating things is often a bad idea.
The same applies to simplifying your business plan.
When your business strategies are complicated, your company will operate in chaos.
The more you complicate the workflow process, the more subordinates will not be able to follow your standard operating procedures.
Don’t confuse the people you need to bring your vision into fruition – less is more.
The same concept works when building your business, simplicity is fundamental.
How do you maintain a focused vision and communicate concisely to build a booming business plan?
Here’s the catch, simplifying complicated subject matter is not the easiest goal to accomplish, especially when writing a business plan.
Most visionaries have countless ideas spinning around their heads, and they picture new scenarios to carry out each plan.
The most difficult part is taking all the information in the initial stages and writing it in an easy-to-read format to present to investors and others.
Eventually, if you plan to transform your vision into a success story, you’ll need to stop, evaluate your position, and make a simplified plan.
FIVE WAYS TO SIMPLIFY YOUR BUSINESS PLAN
- Remove the Fluff
Remove any parts of your presentation that do not convey your main idea.
- Identify Your Central Goal
Anything that doesn’t immediately aid this one goal should be eliminated or presented as a support to your central goal.
- Distinguish the Difference Between High-level and Low-level Items
Create a “high level” plan that captures your overall goals and vision, and keep it short. Then, create smaller sub-plans where you can get into more specific detail without losing focus on your broader points.
- Consider Splitting Your Idea
For example, your marketing initiative could perhaps be split into “inbound” and “outbound” sections, or different initiatives for each quarter, rather than one massive annual plan.
- Give Your Business Plan the Elevator Pitch Test
The traditional elevator pitch is a useful sales tool, but you can also use the elevator test to determine the conciseness of your own idea. Can you explain your entire concept in three sentences? If not, it’s time to cut out some more fluff.
SIMPLIFIED BUSINESS PLANS WORK BEST IN THE REAL WORLD
Your business plan should answer three critical variables within 1-2 pages, and once you accomplish this, you’ll be well on your way to success.
Three Questions Your Business Plan Must Address
- How would you describe your business?
- Where is your market base and how will your competition affect you?
- What makes your business unique or special?
By creating your own business plan, you benefit by being able to evaluate your own business. It also empowers you to anticipate real-world expectations.
The truth is an overweight business plan creates more painful experiences than a small well-thought-out design.
Remember, keep it a simplified, real-world business plan instead.
THE IMPACT OF NICHE MARKETING
To keep your plan simple and easy-to-follow there is an easy 8-step process any entrepreneur can follow to stay on track.
The following steps will enable you to microscopically focus on a specific demographic, this is called niche marketing.
Eight Ways to Define and Narrow the Niche of Your Fall Business
- Build at an Intersection: Look for overlapping knowledge from people in various fields.
- Serve an Industry: Have special knowledge of a particular industry and know the people you are aiming to serve.
- Provide a Specialized Service: Education, services, or repairs can all be lead generators for your business.
- Target a Tough-to-Serve Customer: Some people have specific conditions or qualities that mean they have a hard time finding service. Target them and you’ll have a loyal new customer.
- Provide Your Service in Unexpected Places: Be a business within a business and deliver your services to your customers.
- Consider Geographic Location: Establish a reputation in your region.
- Offer the Best Service: Be the best at what you do.
- Distinguish Yourself with Price: Whether highest or lowest but be distinguished with your prices either way.
Be sure you think through the additional ways you’ll target specific small business as your market. You can start by asking yourself, “What are your business goals” and “Why are you the right person to do this?”
LEARN HOW TO BUILD THE PERFECT BUSINESS PLAN AT PITCH MASTERS ACADEMY
Make big dream reminders to keep you moving.
Make a mind map, a dream board, or get a physical object that reminds you of your big goals and dreams.
You need both the daily actions and the big picture.
Five Common Business Plan Mistakes
Many entrepreneurs make the following mistakes when drafting a business plan. They are common but need not be the norm with you.
- Being Inconsistent
- Too Much Information
- Hiding Your Weaknesses
- Not Knowing your Distribution Channels
- One Writer, One Reader
Writing a business plan is the beginning of your success as an entrepreneur. Making a pitch to investors or lenders with a well-drafted plan lends to your credibility.
Remember, they are not only investing in your plan but in you.
Learn everything you need to know about pitching your new business or scaling success at www.PitchMasterAcademy.com.