Operating a “lean” startup plan is a relatively new concept which manipulates development cycles in a way that has a dramatic effect on overall business efficiency that is beginning to catch on among entrepreneurs working with limited resources.
By continuously measuring progress and feedback, you can craft a constantly evolving business plan flexible enough to conform to rapid changes that can occur from out of the blue. Although it gives entrepreneurs the ability to roll with the punches and grow dynamically, it requires fact-based decision making skills that can happen with little notice.
If you’re confident your business idea will succeed in the marketplace but are lacking the kinds of resources you’d like to kick things off, here’s some tips to shave the fat off your business plan:
1. Summarize The Finer Points of Your Plan
Take a hard look at the foundational pillars your business plan is built on. Think as broad as possible. Concepts like management and finance, sales, distribution, your market, products/services, production, and marketing are all good places to start. Bloated business plans get lost in convoluted terminology and unneeded detail.
Instead, define yourself, your business, and your goals through bullet points. Forcing yourself to condense your plan starts by defining it and setting goals within your reach. Don’t take on too much too soon.
2. Strategize Every Move
Targeting particular markets with your specific product or service is key to avoiding wasteful spending with consumer bases that won’t respond to you. Form your strategy on your business’ particular strength that links you to your preferred buyers.
Figure out exactly how your idea sets you apart from competition and narrow your target down to those who will respond to innovative ideas.
Make sure your strategy is practical enough to implement. It needs to define a market, product, and branding focus tailored to you.
3. Track Your Progress And Manage Accordingly
Being able to correct your course when unforeseen circumstances arise is an essential skill every startup needs to be proficient with. Develop a tracking system with lists and tables you can use from the onset of your launch to track progress daily. The degree of your “leanness” will hinge on the specificity and measurability of the tracking system you come up with, so make sure to devote time and energy to making sure it works.
Landmark events should be set in the future as goals you aim for both in the short and long term time scales. These should include dates, budgets, expectations, and performance measurements you can use as metrics to gauge progress.
Remember that planning is more than jumping from goal to goal. Regular updating of sales projections and costs is also important to keeping yourself situated on a profitable path.
Make sure your projections include enough detail to offer a plan-versus-actual analysis you can use to better manage your resources. Think of this less like predicting what will happen, but rather what will probably happen given the present state of your business.
Don’t let a lack of resources get in between you and your business idea. If you’re in need of professional financing services to make the most of your money, our outsourced accounting and CFO services experts routinely work with start-up agencies such as yours to ease their workloads in this early stage.