Viable Business Plan

Viable Business Plan-42
The model, with a loose intent to monetize later, made popular during the tech bubble, doesn’t work anymore.

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Everyone on your team must maintain the mindset that customers are the key to your business model, rather than technology or accounting.

I’m not suggesting that all these business model elements need to be perfect before you ask for funding or open doors for business.

If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one. You start here, today, with certain resources and abilities.

And you want to get to there, a point in the future (usually three to five years out), at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets.

Your challenge is to present a total business solution to the right customer set to build your credibility and momentum.

Without these, your dreams and your business model may never get the fuel they need, and will burn out quickly.

A detailed process, with empowered employees and adequate budget, are mandatory to any viable business model.

Don’t assume that only customer-facing employees need to understand sales, and that these people can be hired and trained at the last minute.

Video: What Investors Really Think About Your Business Plan.

At our Entrepreneur magazine Roundtable, financial pros offer tough talk about the business plans of first-time entrepreneurs: Related: What Investors Really Think About Your Business Plan Video: How Can I Hire Someone to Help Write My Business Plan?

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