A couple of weeks ago we gave everyone who entered the iQ Prize the opportunity to come into our offices for some speed feedbacking. Going over 20-odd submissions during the day, we found a few common themes – so here’s some tips to keep in mind if you’re writing a business plan or already planning your entry for next year:
1.Does my document look ok in this?
Presentation isn’t everything. However your business is also a brand and likewise, your business plan should communicate not just what your business is about, but be an extension of your brand as well.
It’s very hard to get a sense of your identity through a standard Times New Roman 12pt essay-like document. Think about what you want to represent - even if you don’t have a logo or a working website you can still communicate through a cover page, background, content layout and font choice.
If you were giving a presentation you’d make an effort to look nice - your business plan should follow suit.
2. Clarity and Content
“Forgive this long letter; I don’t have time to write a short one.”
–George Bernard Shaw
Make sure your writing is to the point. Even with the short format there were many times we were left wondering just what the problem/solution was.
Also think about how your message could be best represented - text isn’t the only way to communicate. Why describe your financial figures over four paragraphs when a table would do? Same goes for competitor analysis - consider a graph to compare market share, or a matrix to compare services.
Reading a handful of text-only business plans back-to-back gets pretty tiring. Anything you can do to make it easier for us to read and understand is a big, big, plus.
3. Banging down the doors
Saying you’re going to create a Twitter/Facebook/LinkedIn/Bebo account, write a blog and do advertising is not a marketing plan. Show why you’re using these channels, what you’re going to do and when, plus how you expect them to work for you.
What happens if you do all of the above and none of it works? There were very few people who took into account the possibility that people may not flock to them. Take the time to develop a sales plan - we want to see you have the potential to bang down the doors (in a legal non-threatening metaphorical way, of course).
4. Ideas are great but…
If you’re thinking of entering the iQ Prize next year and want just one tip let it be this: do your groundwork. We want to see revenue models, costs, profit, projections AND backup for all those figures.
When it comes to competitors you might be doing things a little differently but that doesn’t mean you don’t have competition. You still need to show that you understand your space and market. Show who the big players are, market size and share, what they do and how you’re going to going to do it better to become successful.
We know it’s hard but make sure you crunch the numbers - it’s the big difference between an idea and a business.
Tags: business plan
Posted in Useful tips for entrants
And I presume you’d like to see some women next year too, yes? So be careful there with the title of your final point.
During my social research training we were taught to be very careful about using terminology and language that could be biased. This is a perfect example.
However, these are all good points that I couldn’t agree with more and really helpful feedback and pointers for future contestants. Please excuse the slightly off-topic comment!
Roseanne
Comment by Roseanne — September 9, 2009 @ 3:44 pm
Fair point, Roseanne, well made. We’ll fix that now. Thanks for taking the time to comment, Morgan.
Comment by Morgan — September 9, 2009 @ 4:01 pm
Hi Roseanne, thanks for the comment. Was just trying to work in my favourite Jay-Z lyric but definitely don’t want to dissuade any fellow females so I’ve just made the change.
Cory
Comment by coryann — September 9, 2009 @ 4:12 pm