Advertising
Advertising

Burn The Business Plan: Write a Book Instead

Burn The Business Plan: Write a Book Instead
Book

Writing is a process that distills thought. Corporate innovators are often asked to prepare detailed plans. Companies employ a variety of planning tools and they can be tremendous aids in working through the necessary thought processes. Every lone inventor seeking funding who has approached professional finance people to get a project financed is aware that he or she is expected to come with a written business plan. The thought process that goes into the writing is more important than the document itself. The fancy business plan with all its detailed financial projections becomes useless about five minutes after the business gets going, assuming it was any good to begin with. Things change and unless the plan is regularly rewritten or revised, it is very unlikely to match reality for long. It would be like having a football coach writing a detailed set of projections for an upcoming game then expecting the game to match the projections. It won’t happen but it can be quite beneficial to engage the thought processes.

This can be taken further by writing a book with a view toward possibly publishing it. The best way to learn about something is to be in a position to teach it well. Thinking about what would need to be written to communicate to a larger audience than one a business plan would normally be targeting takes the process to a higher level. Writing the business plan and also writing the book on the customer, the industry and the business requires a thorough understanding and generates additional material that can be reviewed and evaluated.

Advertising

Everyone has heard or read enough about the importance and need to listen to and understand customers. People tend to do a fairly good job of this aspect of knowing the business. There is much more to knowing one’s business than listening well to customers but that is a great place to start.

Listening to and understanding customers directly is usually although not always better than relying on second hand data in knowing one’s customer and industry. There are some areas where substantial business can be done without direct knowledge of the customer but that is not typically the norm. With few exceptions, listening to the customer is extremely useful and important.

Advertising

Listening to and understanding a competitor is also important. A goal of listening is to gather enough market intelligence to develop an accurate picture of the market, competitive landscape and one’s place in it.

But don’t just listen. Analyze the data and think it through. Learn 100 new things about the customer or prospective customer. Call it the Strategic 100. Do likewise for each of the competitors. If that wasn’t so hard, then rank and take the top 10 items from each list, and do a second round to obtain the original list and another 100 item list focused around the top 10 items. Call it the Focus 10/100.

Advertising

The real keeners who love this type of analysis can do it again and, as long as they don’t end up with analysis paralysis, will have a very good idea of where the customers are and what is the true competitive landscape. Although this is hard work, at the end of it, one will be able to answer the following questions and many others. “Could you tell me a hundred ways to identify your target market?” “What do customers love about your product?” “What do they love about the competitor’s product?” “What do they hate about yours?” “Theirs?” “What 10 things from each of your main competitors are you going to steal or copy?” This can be taken as far as is practical. Whether thinking in terms of copying best practices or stealing key employees and customers, there is a range of options. A market player can rest assured the best from among their competitors are doing similar things.

Written analysis is very important and can be quite time consuming. It is important to be careful to not get caught in the analysis paralysis trap. This is where one becomes so busy going around asking questions, learning stuff and writing that the actual business does not get done. Beginners often experience this. An effective way to go about it is to develop good intelligence gathering habits and systems as part of the marketing and sales process: Learning by doing, learning while doing and doing while learning. Efficiently rendering the intelligence into well organized and well written content can be hard work but the process should prove to be a worthwhile and rewarding one.

Advertising

Not all people write equally well, and while rendering intelligence into a useful document may be an easy task for one person; it could be a daunting one for someone else. Fortunately, there is nothing wrong with getting help. Most inventors, whether corporate or individual, do not write their own patent specifications and claims, leaving it to patent agents who are skilled in this type of specialized technical writing. Likewise, help can be brought in to prepare business plans, whitepapers, speeches, articles, books, etc. For many lone inventors, the costs of hiring outside help becomes a barrier, so by the time the patent writing has been paid for, there isn’t enough money to hire anyone to help write business plans and the myriad other written materials that are required in the process of bringing an invention to market. Learning how to write well enough to get the job done should become a priority for those who cannot recruit or hire others to do it.

Substantial market strategy and market research work should be done before any money is spent on technical development. The further along the technical processes, the harder and more costly it becomes to change course. Doing a solid and thorough job of the customer, industry and market strategy and research work up front makes it easier to direct the technical development in the optimum direction. Fewer course corrections can result in substantial performance improvement of the technical effort.

Knowing the business well enough to be able to write a book about it and then actually writing the book is a good way to overcome inventoritis. This should be done before any technical work is started. Well managed companies have processes for doing this while engineering-driven companies often do not and create products for which there is no customer and no sales. Applying substantial resources up front toward knowing the customer, industry and business well enough to publish a book on it is an excellent way to overcome inventoritis and navigate toward a successful innovation. Even if your business fails, you can still sell the book.

Peter Paul Roosen and Tatsuya Nakagawa are co-founders of Atomica Creative Group , a specialized strategic product marketing firm. Through leading edge insight and research, sound strategic planning and effective project management, Atomica helps companies achieve greater success in bringing new products to market and in improving their existing businesses. They have co-authored Overcoming Inventoritis: Happy About® Not flushing Away Your Innovation Dollars now available.

More by this author

The Golden Rule Of Referrals: Learn to Give a Perfect Referral Burn The Business Plan: Write a Book Instead How to Give a Killer Evaluation Increasing your Credibility in 30 days: How to Brag without Bragging How to build your business before quitting your day job

Trending in Featured

1 Is Procrastination Bad? The Truth About Procrastination Revealed 2 12 Rules for Self-Management 3 How to Take Notes Effectively: Powerful Note-Taking Techniques 4 How to Stop Procrastinating: 11 Practical Ways for Procrastinators 5 How to Master the Art of Prioritization

Read Next

Advertising
Advertising
Advertising

Last Updated on October 15, 2019

Is Procrastination Bad? The Truth About Procrastination Revealed

Is Procrastination Bad? The Truth About Procrastination Revealed

Procrastination is very literally the opposite of productivity. To produce something is to pull it forward, while to procrastinate is to push it forward — to tomorrow, to next week, or ultimately to never.

Procrastination fills us with shame — we curse ourselves for our laziness, our inability to focus on the task at hand, our tendency to be easily led into easier and more immediate gratifications. And with good reason: for the most part, time spent procrastinating is time spent not doing things that are, in some way or other, important to us.

There is a positive side to procrastination, but it’s important not to confuse procrastination at its best with everyday garden-variety procrastination.

Sometimes — sometimes! — procrastination gives us the time we need to sort through a thorny issue or to generate ideas. In those rare instances, we should embrace procrastination — even as we push it away the rest of the time.

Why we procrastinate after all

We procrastinate for a number of reasons, some better than others. One reason we procrastinate is that, while we know what we want to do, we need time to let the ideas “ferment” before we are ready to sit down and put them into action.

Some might call this “creative faffing”; I call it, following copywriter Ray Del Savio’s lead, “concepting”.[1]

Whatever you choose to call it, it’s the time spent dreaming up what you want to say or do, weighing ideas in your mind, following false leads and tearing off on mental wild goose chases, and generally thinking things through.

Advertising

To the outside observer, concepting looks like… well, like nothing much at all. Maybe you’re leaning back in your chair, feet up, staring at the wall or ceiling, or laying in bed apparently dozing, or looking out over the skyline or feeding pigeons in the park or fiddling with the Japanese vinyl toys that stand watch over your desk.

If ideas are the lifeblood of your work, you have to make time for concepting, and you have to overcome the sensation— often overpowering in our work-obsessed culture — that faffing, however creative, is not work.

So, is procrastination bad?

Yes it is.

Don’t fool yourself into thinking that you’re “concepting” when in fact you’re just not sure what you’re supposed to be doing.

Spending an hour staring at the wall while thinking up the perfect tagline for a marketing campaign is creative faffing; staring at the wall for an hour because you don’t know how to come up with a tagline, or don’t know the product you’re marketing well enough to come up with one, is just wasting time.

Lack of definition is perhaps the biggest friend of your procrastination demons. When we’re not sure what to do — whether because we haven’t planned thoroughly enough, we haven’t specified the scope of what we hope to accomplish in the immediate present, or we lack important information, skills, or resources to get the job done.

It’s easy to get distracted or to trick ourselves into spinning our wheels doing nothing. It takes our mind off the uncomfortable sensation of failing to make progress on something important.

Advertising

The answer to this is in planning and scheduling. Rather than giving yourself an unspecified length of time to perform an unspecified task (“Let’s see, I guess I’ll work on that spreadsheet for a while”) give yourself a limited amount of time to work on a clearly defined task (“Now I’ll enter the figures from last months sales report into the spreadsheet for an hour”).

Giving yourself a deadline, even an artificial one, helps build a sense of urgency and also offers the promise of time to “screw around” later, once more important things are done.

For larger projects, planning plays a huge role in whether or not you’ll spend too much time procrastinating to reach the end reasonably quickly.

A good plan not only lists the steps you have to take to reach the end, but takes into account the resources, knowledge and inputs from other people you’re going to need to perform those steps.

Instead of futzing around doing nothing because you don’t have last month’s sales report, getting the report should be a step in the project.

Otherwise, you’ll spend time cooling your heels, justifying your lack of action as necessary: you aren’t wasting time because you want to, but because you have to.

How bad procrastination can be

Our mind can often trick us into procrastinating, often to the point that we don’t realize we’re procrastinating at all.

Advertising

After all, we have lots and lots of things to do; if we’re working on something, aren’t we being productive – even if the one big thing we need to work on doesn’t get done?

One way this plays out is that we scan our to-do list, skipping over the big challenging projects in favor of the short, easy projects. At the end of the day, we feel very productive: we’ve crossed twelve things off our list!

That big project we didn’t work on gets put onto the next day’s list, and when the same thing happens, it gets moved forward again. And again.

Big tasks often present us with the problem above – we aren’t sure what to do exactly, so we look for other ways to occupy ourselves.

In many cases too, big tasks aren’t really tasks at all; they’re aggregates of many smaller tasks. If something’s sitting on your list for a long time, each day getting skipped over in favor of more immediately doable tasks, it’s probably not very well thought out.

You’re actively resisting it because you don’t really know what it is. Try to break it down into a set of small tasks, something more like the tasks you are doing in place of the one big task you aren’t doing.

More consequences of procrastination can be found in this article:

Advertising

8 Dreadful Effects of Procrastination That Can Destroy Your Life

Procrastination, a technical failure

Procrastination is, more often than not, a sign of a technical failure, not a moral failure.

It’s not because we’re bad people that we procrastinate. Most times, procrastination serves as a symptom of something more fundamentally wrong with the tasks we’ve set ourselves.

It’s important to keep an eye on our procrastinating tendencies, to ask ourselves whenever we notice ourselves pushing things forward what it is about the task we’ve set ourselves that simply isn’t working for us.

Featured photo credit: chuttersnap via unsplash.com

Reference

Read Next