Here are my answers. If you want to know more, contact Kyle here.
What’s the difference between modern and traditional business plans?
Speed and technology. Modern business plans are still built on traditional business models, but have to take into account the speed at which products are developed, enter the market, and are upgraded. The barrier to entry for new business is lower than ever. A business can be started and see success for much less up-front commitment than ever before thanks to modern technology. Production, marketing, internal communications, customer acquisition, etc. are all easier to manage and more effective today, but only if incorporated into the business plan and executed at a high level.
What questions should every business plan answer?
- Who, What, When, Why, Where, How and For How Much.
- Who are we as a company/brand and who is our primary and secondary audience?
- What are we offering them, at what value?
- When are they buying/paying for it and how often?
- Why is our product/service needed and why do they choose us over others?
- Where do they purchase and at what cost to us?
- How does our audience decide to purchase and how do we influence them? How do we speak to and listen to our target audience?
- How much can we charge the consumer with all real cost and margins included to be competitive and profitable? The reason to run business is to be profitable.