Strengthening your business from the beginning

Overcoming the challenges of writing and implementing a business plan

More than 50% of small businesses fail in the first four years. 42% fail because there is no market need and 17% fail due to the lack of a business model. (As reported by CB Insights.) Thorough research poured into a well-considered business plan is an obvious starting point for any new business proposition, but there are hidden challenges along the way. Whether you’re in the early stages of planning or are already developing a proof of concept, you will likely encounter some bumps along the road. We’ve taken things back to basics to explore the key areas for writing a business plan with suggestions of how to make the process as seamless as possible.

The main challenges of writing a business plan and how can we overcome them

1. Getting started

When formulating a new business plan, you can encounter issues from the very beginning. Sometimes, when you have a new business idea and want to write a business plan, it's difficult to know where or how to start. Use Mind Doodle to remove the initial obstacle of getting started. Put the name or focus of your business idea in the centre of the screen and plot your thoughts in an online mind map. By mind mapping, you can think in a non-linear way, with no designated start or end point, working freely and without constraint. With the benefit of non-linear thinking, you’ll often come up with more creative ideas than you could have expected. Already have your next business idea? You can use a template to kick start your business plan. Get started here: https://bit.ly/2V2v0R8.

Tip: If you don’t know where to start, start by mind mapping.

How: Enhance creativity with non-linear thinking by creating a free mind map with Mind Doodle.

2. Unique proposition

What sets you apart? Developing your USP (unique selling proposition) is extremely important and can be one of the toughest parts of creating a solid business plan. Ask yourself the following questions: 1. Does your idea hit a gap in the market? 2. How do you solve your customers' needs? 3. What do you offer that competitors do not? Finally, the most important consideration is: What pain points can you resolve? In other words, why will exchanging money with you be a good deal for your target audience? The next challenge is communicating all of this in a clear and concise way. You can drill down into each idea in your mind map to add depth with notes, media and tasks, using what we call the ‘detailed view’. This is a great space for exploring your USP, where you can keep your research findings and write up your proposal.

Tip: Find a gap in the market where you can solve a real problem.

How: Research market and write up USP in Mind Doodle’s ‘detailed view’.

3. Proof of concept

Working through your concept in detail, as a mock-up, wireframe or prototype, is one of the final challenges before the action really happens. During the initial stages of proving your concept, bring your project to life with media. Upload media files to Mind Doodle’s ‘detailed view’ to provide depth, so you can explore your concept fully before you move forward. Export your mind map to Microsoft Office documents like PowerPoint or Word to share your concept with your target audience and test its suitability. Does it hit the spot like you expected? If not, you need to re-evaluate how your product or service could fit in the market before you take it further.

Tip: Explore and test the suitability of your concept for your audience.

How: Use media to bring the product to life and export to Microsoft Office documents.

4. Implementation

You’re ready to implement your business plan, meaning things are about to get interesting. You need to set out a detailed plan of action. This can be trickier than you expect, though, especially if you are responsible for a team. Head back to Mind Doodle, returning to the mind map for your business plan. For each section of your business plan, add tasks to turn those ideas into a reality. Using Mind Doodle’s agile task manager, you can assign tasks to individuals in your team, set expected timescales, and prioritise. Move tasks along the visual Kanban-style board as you make progress. Ask your team members or a project manager to update tasks with the latest information, such as how much time is remaining before a task is completed. This will allow you to collect accurate data for the built-in ‘burndown’ charts, which automatically update to display team progress. The task board is highly customisable, meaning you can easily rework it to suit your project. For example, as a visual board for setting targets and goals.

Tip: Create a plan of action to implement your new business concept.

How: Manage tasks using Mind Doodle’s agile task manager.

5. Analysis and adaptation

One of the most significant business challenges is on-going strategy and analysis, ensuring your business is always working to its strengths. You need to be fully aware of how your business idea can grow, knowing what you can capitalise on and what risks are at stake. To do this, you should rely on data and analysis, being ready to adapt if you need to. Use Mind Doodle’s SWOT analysis tool to assess strengths, weaknesses, opportunities and threats. For advanced analysis, assign numerical values and reasonings to each factor, and watch how the visual representation updates in Mind Doodle’s interactive 3D SWOT tool. Repeat SWOT analysis as your project evolves to ensure you continue to strengthen your position and head for success.

Tip: Continuous analysis is critical for positioning your business for success.

How: Use the interactive 3D SWOT analysis tool within Mind Doodle.

Don’t become one of the small businesses to fail. Use this advice to strengthen your business from the beginning so that you can thrive. Sign up to start using Mind Doodle for free here: https://bit.ly/2TC7wRD