The general sequence is you come up with a business idea to solve a problem in the society. This business idea need to be developed as a business plan to assess and analyze it. Then implementing this business plan will lead to the establishment of the business.
As a business consultant, I have been part of various business plan projects, part of business plan competition juries and member of investor meetings. For several years, I am coming across one same question that is about the best method to prepare a business plan. Though I was little clueless, but used to recommend whatever I know at that point of time such as recommending some books, various elements of business plan, business model canvas, several business analysis techniques etc.
As everyone had their ahah moment, I had one today. I found the answer to the above that is questions. So far in my experience, best business plans came out of thorough questioning to assess the viability of the business idea. A team proposing a start-up presenting their business plan in front of the venture capitalists undergoes a volley of questions. If they come out of this unscathed, most probably they reach the promise land. But what I have seen is most of the business plans are shot left and right by the venture capitalists and by consultants like me who are part of the team that conducts the review.
With this insight, Fhyzics created a series of business plan check lists, which will pose hundreds of questions on your business idea. The idea behind this check list is that if you do this diligently, you will almost mimic the same experience what you will undergo while presenting the business plan to venture capitalists. And if you answer all these questions seriously, you will craft a nice business plan. If you are looking for business plan check lists please visit our collection or email us at cs@fhyzics.net
About Author
Venkadesh Narayanan is the Principal Consultant at Fhyzics Business Consultants Pvt. Ltd. with over 25 years’ experience in business consulting, business analysis, process improvement, supply chain and new product development. He is a mechanical engineer and an MBA worked for several organizations in India, USA and Canada prior to joining Fhyzics. He is a former Indian Civil Servant [IRAS 2000 Batch] and served in Ministry of Railways, Government of India. You can find some of the videos of Venkadesh Narayanan on various topics in our YouTube Channel Business Analysis Digest and also feel free to connect with him through LinkedIn.
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