Five W’s of an Effective Business Plan

The promise of autonomy, the excitement of innovation, and the allure of potential success attract tons of entrepreneurs every year. If you are a new entrepreneur, remember not to get lost in the minutia or lose sight of what truly matters. Having clear answers to each of these questions will help you build a strong business plan and make sure that your approach aligns with your actual vision.

To build a business plan, you first need clarity around your business concept. The Five W’s are a great place to start if you’re still refining the details of your idea. The concept of setting smart goals, and establishing KPIs and benchmarks is well documented. This is different because you can’t even define smart goals or KPIs if the basics of your business concept are murky. For that reason, I want to define the questions you should be able to answer before starting your business plan.

Who

• Who is your customer?

• Who do you need to hire or partner with to run your business effectively?

What

• What is your business?

• What services or products do you provide?

When

• When do you want to start?

• When do you want to accomplish your first set of goals?

Where

• Where is your business located?

• Do you need a physical location?

Why

• Why do you want to start a business?

• Why should people work with you instead of your competitors?

Your answers to each of these questions will drive how you structure your business, build your plan, and strategize your launch. If you need help getting started or fine-tuning your idea, reach out to us. We’re here to help you get unstuck and create clarity around your vision.