Supplement to The One Page Business Plan by Jim Horan

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1 Supplement to The One Page Business Plan by Jim Horan Copyright Alex Stewart, 2003 The purpose of this supplement is to provide materials for a two page business plan, to bridge most of the gap between The One Page Business Plan and a full-fledged business plan of pages. The latter plans are suitable for use with bankers or investors but are not necessary for internal planning and may not be necessary for opening discussions with private investors. This Supplement adds six sections (Customers, Competitors, Capabilities, Commitments, Channels, and Capital) that are treated either very briefly or not at all in The One Page Business Plan. The recommended order for the sections from The One Page Business Plan and the added sections is the order followed in the class sequence. Another purpose of this Supplement is to focus exclusively on plans for new ventures rather than existing businesses. With this in mind, here are some suggestions for some of the sections that are in The One Page Business Plan: Note that there is no Products or Services section, and that this topic is covered very briefly under The Vision Statement. If you do not make it clear to readers just what the products or services are, they will not be able to understand the rest of the plan. In writing The Strategies section, try to start with a statement of the overall strategy: not one of the strategies but the fundamental basis for the ability of the venture to thrive in a competitive marketplace. Try to include next a statement about the main marketing strategy or strategies of the venture. Next, if possible include a statement about a particular functional strategy (such as HR strategy, operations strategy, financial strategy). In writing The Plans section, try to convey by the actions you select that you are in fact able to carry out the launch of the venture. Whether or not you are seeking external funding, imagine that you are, and that potential lenders or investors will view these action statements are indications of whether or not their money would be in good

2 hands; that is, that you would be both action-oriented and able to prioritize among the many things that need to be done. Six Added Sections 1. Customers Brainstorming Prepare prior to class and distribute to your small group/planning partner. WHO are they? Write down the words that might describe your target customers as individuals; (if industrial, those who make the purchase decision). WHAT are their general characteristics? Write down the words that might describe what you know about their demographics, or (for industrial buyers) characteristics (e.g., sector, life cycle, size, distribution) both current and trends. What are the main segments of this market? What are the bases of segmentation? What share of the market can you aim for? WHY do they buy? Write down the words that might describe why they might spend their money on your offerings. Why might they be really insensitive to price (really love what you offer)? Why would they choose to do business with you? HOW do they buy? Write down the words that might describe the purchase process from their perspective. WHERE do they buy? Write down the words that might describe the geography of their purchases (at home, in a mall, etc.). WHEN do they buy? Write down the words that might describe what you know about the timing and frequency of their purchases.

3 Interview Exercise. Have your planning partner or small group lead you through this Who would be an ideal customer? Why? Who would be a superficially appealing but unattractive customer? Why? How specific is your knowledge of the customers? Can you envision the details of a particular customer? What are main gaps in your knowledge about the customer market? How important are these? How could you fill in important gaps in this knowledge? What would be the most effective but economical methods? Focus Exercise. Crafting your customer section. Have a rough draft ready and shared prior to class. Write a paragraph on the customer market you will serve. Write two versions: a minimal, get-us-into-the-business version and a sky s-the-limit version. Go back to the who what when s of the brainstorming exercise, and see if there are major gaps. Ask for feedback from a planning partner or small group. 2. Capabilities Brainstorming Prepare prior to class and distribute to your small group/planning partner. WHAT are the skills and capabilities that are especially strong? Where do they fit in the value chain? Where do they fit in functions or departments? Try to describe them in ways that are not specific to the market you currently compete in or plan to compete in. WHO if anyone embodies the crucial capabilities of the venture? Does an individual? Does a team? Do non-animate processes or equipment embody the main strengths? What are the team members most passionate about? WHY do the existing strengths matter? Do they match the KSF of the business? Are they needed by every competitor as a cost of being in the business? Or do they provide a competitive edge? Would they help the venture to grow (not just survive)? Would they help to open up other markets (lines of business)? HOW can the venture gain needed capabilities? For example, can they be acquired by hiring, by alliances, by buying other companies? By training? How hard would it be for

4 competitors to get the same capabilities? How can the venture maintain the strengths it does have? WHEN are these strengths valuable? For how long? How soon will other strengths be needed? Interview Exercise. Have your planning partner or small group lead you through this What are the key gaps in the venture s capabilities? To what extent is industry experience crucial in this venture? How hard is it to plug these gaps? Is the solution in the bio s (the team)? In service providers? In capital equipment (including software)? Does the venture have some real competitive advantages? If so, what other capabilities must be at least fairly well developed in order to leverage the advantages? Do the advantages match the intended product market? Would they be better used in other product markets? Overall, how much confidence in the venture s success do you have on the basis of its capabilities and ability to manage capabilities? Focus Exercise. Crafting your capabilities section. Have a rough draft ready and shared prior to class. Write a paragraph on the key strengths of the venture and their fit with the intended product market Indicate how the venture will develop or acquire any missing capabilities. Go back to the who what when s of the brainstorming exercise, and see if there are major gaps. Ask for feedback from a planning partner or small group. 3. Competitors Who are the current direct competitors? Who are the main indirect competitors (providing substitutes)? Who is most likely to enter the market as a new competitor? What are the main strengths of each of the above? What are their main weaknesses? What are their main differences from your operations and strategy? The main similarities? When will the established firms start to notice your competitive entry? What does this mean for the speed or the

5 stealth of your entry? How do these firms react to new entrants? How will they respond to your entry into their marketplace? How can your venture succeed in the face of their strengths, and how can it take advantage of their vulnerabilities? How can you learn about the competition? How can you learn from the competition? Why would customers choose to buy from you rather than from the established firms? Why is this marketplace attractive, in spite of the competition you will face? Interview Exercise. Have your planning partner or small group lead you through this How well have you scanned the competitive environment? How well do you understand the competitors strategies? Are there any competitors including plausible potential entrants who could put your new venture out of business? If so, how? If not, why not? How prepared are you to face the main competitive threats? Could you actually execute your strategy for surviving the competition, given the venture s capabilities? Does your competitive assessment suggest that there are changes that you should make in your strategy, or your understanding of the capabilities that would be needed by your venture? Focus Exercise. Crafting your competitors section. Have a rough draft ready and shared prior to class. Write a paragraph on the competitive environment that your venture plans to enter, covering the main strengths and weaknesses of the major competitors, and your venture s approach to prospering in the face of competition. Go back to the who what when s of the brainstorming exercise, and see if there are major gaps. Ask for feedback from a planning partner or small group. 4. Channels Brainstorming Prepare prior to class and distribute to your small group/planning partner.

6 WHAT channels of distribution will you use? (own storefront, catalogue, Website, direct sales force, sales agents or reps, alliances or special ties with large firms, infomercials, vending machines, telemarketing, distributors, mobile operations etc.) What are the costs of reaching customers this way? What is the character of the contact with the consumer? WHICH of the following functions do these channels perform: promotion, warehousing, delivery, the sales process (esp. if complex), billing and collections, after-sales service, market intelligence? HOW will you keep the channel(s) motivated? (high margins, promotions, stocking fees, etc.) WHEN might your growing business need to change its channels? WHY would your channels provide a competitive edge? Interview Exercise. Have your planning partner or small group lead you through this What are the typical channels used by similar businesses? Are there creative ways to use alternative channels? Can you think of less-expensive, but effective, ways to get your goods or services into the hands of customers? What are the main challenges that will be caused by using the channels that you plan to use? What are the keys to success with these channels? Focus Exercise. Crafting your channels section. Have a rough draft ready and shared prior to class. Write a paragraph on the channels that you plan to employ. Briefly explain why this is a cost-effective approach, and how the team will manage the channels so as to be competitively successful. Explain any likely changes in channels as the venture grows. Go back to the who what when s of the brainstorming exercise, and see if there are major gaps. Ask for feedback from a planning partner or small group.

7 5. Commitments Note: These are commitments by others to your business, not your commitments to the venture or its customers. In a business plan one mentions only a few of these commitments, most typically of key team members, customers, or distribution channels. Noting impressive advisors and lead investors is not uncommon. However, you need to know yourself if you have the commitments of others, such as family members, and it is quite possible that these topics could arise in discussions with major accounts, bankers, investors and others. A more extensive list of potential commitments (that is, they might commit to being involved with your new venture): Customers, especially key accounts; Advisors (not necessarily but including board members); Service providers: accountants, lawyer, consultants, advertising agency; Network of other companies (not customers etc.); business alliances; Partners (silent or active managers); Media outlets, access to PR; Governments (various levels); R&D labs and other sources of technology; Sources of referrals; Investors (family, business angels, VCs); Bankers; Real estate owners (for leasing space, possibly for equity); Vendors (for leasing capital equipment etc.); Contract employees; Family members (at least supportive of your doing this); Intellectual property owners (for licensing, buying of patents etc.); Sources of innovation (private labs, universities etc.) Brainstorming Prepare prior to class and distribute to your small group/planning partner. WHO do you need to have committed to your venture? (For example, family, vendors, advisors, landlords, bankers, team members, owners of firms you plan to acquire?) Who would be the hardest to replace? WHAT distinctive or competitively helpful resources do any of these bring to your venture? (At the least, include any team members or key employees.) HOW will you keep these people motivated or gain their commitments if you do not yet have them?

8 How do you know that you have these people s commitments? WHEN will any of these people run out of patience if you fail to execute the plan? When will you need to add others whose commitments are not yet needed? WHY will your business succeed in attracting needed commitments? Interview Exercise. Have your planning partner or small group lead you through this What are the key gaps, if any, in commitments to the venture? What are some creative ways to utilize the commitments of people who do not have the apparently necessary qualifications? How deep is the commitment of key people to the core values and mission of the venture? Focus Exercise. Crafting your commitments section. Have a rough draft ready and shared prior to class. Write a paragraph on the commitments currently secured and in process of being secured. Focus on the commitments that tend to be noted in business plans (see note at start of this addition). Go back to the who what when s of the brainstorming exercise, and see if there are major gaps. Ask for feedback from a planning partner or small group. 6. Capital Notes: The purpose of this section is not to draft the Financing section of a business plan, but rather to clarify the underlying economics and financing characteristics of the venture. William Sahlman s 1997 Harvard Business Review article, How to Write a Great Business Plan is recommended for purposes of putting the Financing section in context. If your business is not a startup but an acquisition, or succession in a family firm, direct your answers to costs of acquisition or of restructuring, growth and renewal. Brainstorming Prepare prior to class and distribute to your small group/planning partner. WHAT are the initial financing needs of the venture? That is, how many dollars must still be invested in startup

9 expenses, and how many will be needed to pay the bills until the venture turns cash flow positive? What is the cash flow cycle of the business? WHO are the most likely providers of new capital? Who are the ideal providers of new capital the cheapest, the most patient, the most expert in your business? Who are non-traditional but useful sources of debt, credit or equity? HOW can you best minimize the need for external financing? What cash outlays can be deferred or minimized with frugality and creative use of cheaper resources? How can other people s resources be deployed (for example, by out-sourcing)? How can you avoid fixed costs and focus on variable costs? WHEN will the firm turn cash flow positive? When, in the year, will cash be most flush and when will it be most scarce? When would the business be able to attract outside financing (if relevant)? WHY would others extend trade credit to your business? Why would they extend a loan? Why would they become equity investors in your business (if they would)? Interview Exercise. Have your planning partner or small group lead you through this Can you clearly articulate the venture s business model (that is, the fundamental reasons it will make money)? How can you improve on the venture s business model? Is this a business that would ever attract equity investors? Most businesses never grow fast enough to do this; let s make the assumption that yours will never do this. In this case, would the venture provide financial returns in excess of your opportunity costs (for example, salaried income and benefits)? If not, would it provide non-financial returns that offset this financial discrepancy? Focus Exercise. Crafting your capital section. Have a rough draft ready and shared prior to class. Write a paragraph on the financing needs of the venture. Pay particular attention to the fundamentals (the reason the business would make money) and on the cash flow characteristics. If external financing will be needed, indicate how much will be needed

10 and the sources (for example, family advances, bank debt, private equity) that will be pursued. The most essential questions to answer in this section are: How much do you need for startup expenses until positive cash flow, and how can you maximize cash flow and minimize the need for external capital? What type of capital do you need, where would you seek it, and how would you present your case? Go back to the who what when s of the brainstorming exercise, and see if there are major gaps. Ask for feedback from a planning partner or small group.

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