Posted Under: Business, Planning, Small Business, Startup

Having the business plan in their head is the most common and worst problem with small business owners… Many of us fail to recognize the difference between ideas and plan…

You think you have the plan in your head, but my dear friend, let me break the News to all who think they have a plan in their head… “No, you do not”… All what you have inside your head are ideas, ideas of and about your business…These ideas need to be brainstormed and documented for effective and profitable implementation.

I’ve seen many entrepreneurs talking hours and hours about their business but when asked to write a precise statement about who is their target market and how will they reach out to them – they will shy away… That doesn’t mean they don’t know what they are talking about…Its just one more sign of lack of a plan of action and direction. In their head they have all the ideas, a response would be something like – oh, my target market is college kids… I’ll promote on myspace, I’ll make a facebook fanpage, I’ll blog, oh I’ll go to happy hours, I’ll make that million hits worth viral video on youtube…

You see, all these ideas are in the head, but its not a plan and hence more chances of half cooked meals 🙁 A plan would be if you wrote down the same ideas (that is already in your head) and add four items – Who, How, by When… and other details/ action steps to it.

Let’s continue with the example we started with…

My Target Market and Social Network Marketing Plan:

Target Market: My target market is college students of age group (X-Y) years, male &/or female, interested in (product, service, genre) located in (your target geography).

Social Network Marketing Plan:
1. Hire a Marketing Inter (who) to develop and promote – myspace, facebook fanpage without spamming (how), and have 100 target friends in first quarter (when).
– Create a guideline for intern, what he can and can NOT do as a representative of the business.
– Train him on company business and other background details
– Follow-up/ reporting system

2. Reach out to experts (who) in my network and interview over phone or email (how) then to post one guest blog every month (when).
– Make a list of experts and send a just to say Hi email to get in touch
– Request and schedule the interview
– Have a VA put everything together and edit
– Proofread, make corrections as needed and publish

3. Brainstorm with marketing team [could very well only be spouse and friends] (who) to come up with viral video concepts (how) and post a youtube video by the end of the month (when).
– Request for ideas
– Shortlist ideas
– Make PowerPoint prototypes
– Shoot a basic video at home/ hire a pro
– Post the video

4. Hire one student (who) as a “college chapter leader” at colleges to represent and promote (how) within the community in coming Fall (when).
– Talk to college and professors about this opportunity
– Prepare an interview questionnaire to identify the right representative
– Start promoting this opportunity
– Create a guideline for the Rep, what he can and can NOT do as a representative of the business
– Train him on company business and other background details
– Follow-up/ reporting system

Of course this is just one simple example to show you how much productive, effective and profitable the same ideas could be, if turned into a plan and more importantly executed as planned.

A business plan is a must have so, stop telling yourself “I’ve the business plan in my head” because you don’t. I’m not suggesting you take 2 weeks off to put a fancy business plan together either… A business plan is an ever evolving document (unless you just want one to decorate your office shelves)… So, start with a one page Vision-Mission statement… and keep building upon that. Take one thing at a time and you’d be on your way to writing a business plan much better than most startups.

And if you need more help, please refer to a detailed article on How to write an effective business plan?

Good luck!