Updated: Apr 18, 2020
How long has it been since you refreshed your business plan? If you have, that's excellent - until your marketing strategy, target demographics, or market trajectory becomes suppressed. I have noticed that many of our new clients have turned a blind eye to the development of a current strategy while ignoring their competitor's advancements.
Look, it's not a secret – if you have an "enriched" business plan, it is more likely (21.4%) that you "WILL" find success. BAM Consulting provides a dynamic formulation that eliminates the typical business plan that exhibits the probabilities and is frequently defined by an assortment of assumptions. The fantasy once began with a structured strategy for various startups requiring a business plan and developing the financial projections. The belief once was to spend much time writing a business plan, do all the significant market research to examine the necessary data, perform some kind of forecasting, and then execute the project to achieve some magical result. The magic of a 3- or 5-year plan would begin with hiring people to execute the plan. Now, I know this must sound silly - but no worries, because it didn't seem ridiculous for the past 40 years. Today, we now see the silliness, as "NO" business plan has ever survived the first contact with customers within the first year. Startups are at a disadvantage as the economy declines; associated loans become high-risk for bankers. In a startup situation, it's entirely unpredictable to think about what's going to happen on Monday, when we discover something new on Tuesday or Wednesday. And to think, Friday, we almost had to close our doors, and then the following Monday, who would have guessed - we sold for a million dollars. To describe the startup, it becomes an incredible roller-coaster with an unpredictable sequence of events, signifying the inability to advance into a 3- or 5-year business plan filled with ass-umptions. However, some investors and numerous educators believe they could teach you to put all this together in an elegant package - so you could remain selling ass-sumptions. However, no one ever notices that the only people requiring a 5-year plan where those of the Soviet Union, and we know - how that turned out. Much in comparison to the fallacy of the business plan and financial forecast, it's ludicrous to believe it will last for 80+ years; however, the good news is we now know that business plans are not going to survive the first contact with customers. BAM Consulting is "NOT" suggesting that planning is a waste of time, but what we are recommending, we need to plan before we plan. In other words, we should figure out how to plan successfully in preparation for writing an award-winning business plan (is that not a concept?). Let us make ourselves clear; we are not suggesting to disregard the business plan as that is a concentration of BAM's expertise - what we do require is forecasting, but with real facts (testing the hypotheses) before committing to advance to a business plan. We believe you should have the "know-how" to deploy a Business Model Canvas because of two essential purposes. The first-step organizes your thoughts relevant to the hypothesis. Second, startups require the energy to "get out of the building," modify development with collected facts, acquiring customer buy-in to advance the premises while updating the canvas regularly, as it "WILL" become a scorecard. The process recognizes and tracks the progress while "emphasizing" the objectives. The BAM team provides a proven sequence to develop a decisive outcome while presenting an extraordinarily detailed and accurate analysis to assure the hypothesis is realistic, specific to the marketplace, and relevant to demand while resolving a market problem. The planning to plan is pertinent to our banking partners or in crafting a presentation to our venture capitalist allies. If you have any questions - please email us as we look forward to assisting you in your development.