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Legendary Entrepreneur, Ahmed "G Money" Alomari, on 7 Critical Aspects of a Business Plan First-Time Founders Overlook
Ahmed "G Money" Alomari • Jul 30, 2021
Legendary Entrepreneur, Ahmed "G Money" Alomari, on 7 Critical Aspects of a Business Plan First-Time Founders Overlook
First-time founders of companies are some of the most highly motivated people out there. Most are hyper-focused on succeeding and have big ambitions for their business. Some new founders may overlook critical aspects of their business plan, however, which could result in issues that are difficult to resolve later.
Here, I share important things first-time founders commonly forget to include in their business plans. Knowing what these elements are in advance can help them ensure their plans are solid and thorough.
1. A Roadmap Of The Journey Ahead
Attracting and retaining the right people is vital. In order to do so, first-time founders must have an engaging story that communicates their purpose, their vision for the project and what the roadmap looks like for the journey ahead. The best talent, partners, investors and clients all want to connect, understand and feel that they are a part of the journey. It’s all about hearts and minds.
2. An Appropriate Marketing Budget
Dedicate an appropriate amount to the marketing budget in your business plan. Embracing the idea that you can sufficiently market your business using only “free” and/or social media resources is often a big mistake.
3. A Clear Definition Of The Customer Base
They often forget to do the work to define who their customers are and what those customers’ needs, pain points and problems to solve are. Sure, they often give that lip service, but have they truly done the research and the listening required to address the problems the business will solve for customers? I’ve witnessed too often that they are finding customers for products, not products for customers.
4. Needed Investments In Skill Development
Often, first-time founders forget to include the very crucial investments they need to make in their growth mindset, communication skills and leadership strategies in their business plan. Because business plans are designed to focus mostly on the tangible parts of the business, skill development is an easy miss. And ironically, investing in the intangibles always brings in the highest ROI.
5. Detailed Marketing And Sales Strategies
Optimistic sales growth expectations without detailed, “how-to” marketing and sales execution strategies and tactics can derail the best business plan. Don’t just look at multiple revenue scenarios, but dive deeper into the assumptions that drive your revenue projections. Assess the resources allocated to meeting your targets. Understand the correlation between the two to give credence to your plan.
6. Reasons Why Investors Should Invest
Usually, founders creating business plans attempt to be as comprehensive as possible. One thing I often see them miss is the “why” at the end—why investors should invest in them. Incorporate a summation of the numbers, the culture, the project, the market niche, the growth potential, how nimble management can be and so on, into a simple, cogent and compelling summary.
7. A Call To Action For Investors
A call to action at the end of the presentation is better than a “thank you” slide. Ending on an ask allows the founder to perhaps ask for another meeting, ask the attendees to do additional research on their own, or ask about other investors who might be interested. After you have created awareness for your new startup idea, give the investors a key task to work on in order to keep them interested.
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