McGarry Consulting can help you create the perfect business plan, pitch or presentation to suits your needs. We can guide you every step of the way and provide independent objective research and analysis as required.
A business plan defines where you want your business to be (the goal) and how it will get there. It is a formal document that traditionally contains sections on market research, team, product or service, competitive advantage (USP), route to market, sales strategy, operations, revenue model, milestones and financial projections. There are various templates available so please check if you are required to comply with a specific one. Key questions to consider before starting a business plan:
· Why am I doing this business plan?
· Who is the intended audience?
· How will it stand out?
· Is it the best use of my time?
Recently there has been a trend to make them leaner, more focussed on specific audience (e.g. funding pitch) and presentable in various formats (e.g. presentation, video, canvas, etc). This is to ensure the plan is clear, concise, easily compared and understood. It is very much a live document that will need updating, which is why it is better to keep it short.
A business plan is best carried out after there has been some initial viability testing of the business idea. Hard proof of demand, ability to produce and sell will greatly aid the credibility of any business plan. Therefore, strongly consider prototyping or testing the idea at a smaller scale first. Incremental learning will greatly help the business plan be more robust and realistic. Sales or user numbers (depending on product/service) are the best proof of demand.
A business plan will not usually tell you what is needed on a day-to-day basis. However, the process of documenting a business plan will be a valuable exercise and will often highlight issues that need to be addressed. Furthermore, the business plan is often required as a gateway document to obtain external support. We will work with you to define your business plan, understand key concepts and audience expectations. For further tips and guidance on business plans please see business plan tips.
When two or more people are considering going into business together, you should strongly consider having some form of signed and documented agreement between you. This should outline expected roles, contributions, aspirations, ownership, dealings with third parties, exit scenarios, etc and how to review and/or resolve issues in the future. It is far better to do this amicably at the start than to tackle it once the business is up and running. At the very least there should be a basic agreement - and joint understanding - at the outset that can be developed over time as required.
BUSINESS PITCH OR ROCKET PITCH
You have two minutes to show off your business idea and get people on board. A business plan isn't going to do it. A business pitch can be as short as a 30 sec elevator pitch, it is important that you practice this and are prepared for opportunities to perform it. A rocket pitch is when you have 2-3 minute 'soapbox' slot, usually with slides, to promote your business/business idea. You'll have 3 slides and must be able to communicate effectively the problem, your solution and how you can make your solution (business) work. If a window presents itself are you able to grasp it? Can you stick to the time? How do you know your intended message got across? You may not get an opportunity for questions afterwards so it is vital that you come across strongly, and provide more answers than questions. The vast majority of people won't read your business plan, but they may give you 30sec or 2 mins of their time. McGarry Consulting can help you make the most of it.
Related Concepts: Business Pitch, Business Presentation, Cashflows, Financial Plan, Operational Plan, Corporate Plan, Development Plan and Marketing Plan