How to build a lean and efficient business plan

Your business plan must be ready to accommodate rapid changes so that your company can follow suit. Here are five ways to make your business plan as effective as possible.

The concept of the lean startup, developed by entrepreneur Eric Ries, looks at how product development cycles can be shortened and businesses can run more efficiently by continuously measuring progress and feedback. This philosophy is particularly relevant when it comes to thinking about your business plan.

In business, it is the continuous planning process that matters. Your business plan, like your business, is a living, evolving, flexible thing. It requires rapid changes and fact-based decision making. I like the body metaphor implied by the term. Lean doesn’t just mean thin; it also means healthy, muscular and efficient. Here five ways to help make your business plan leaner:

1. Make strategy the heart of your plan.

Strategy is focus — focus on specific target markets using specific products or services. Your strategy is based on some strength or characteristic that links you to your preferred buyers and the solutions you offer them. It defines how you want to set your business apart from the crowd. Strategy isn’t text — it’s concepts. You can summarize strategy in bullet points, using charts or even with a series of images.

…to read this article in full, visit leading US entrepreneurial resource entrepreneur.com

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