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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.

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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.

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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.

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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.

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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.

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Last Updated on October 9, 2018

How to Write a Personal Mission Statement to Ensure Peak Productivity

How to Write a Personal Mission Statement to Ensure Peak Productivity

Most of you made personal, one sentence resolutions like “I want to lose weight” or “I vow to go back to school.” It is a tradition to start the New Year with things you want to achieve, but under the influence resolutions are often unrealistic.

If you’re wondering when will be a good time to write a mission statement, NOW is the time to take a personal inventory to make this year your most productive year ever. You may be asking yourself, “How am I going to do that?” You, my friends, are going to write personal mission statements.

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A large number of corporations use mission statements to define the purpose of the company’s existence. Sony wants to “become the company most known for changing the worldwide poor-quality image of Japanese products” and 3M wants “to solve unsolved problems innovatively”. A personal mission statement is different than a corporate mission statement, but the fundamentals are the same.

So why do you need one? A personal statement will help you identify your core values and beliefs in one fluid tapestry of content that you can read anytime and anywhere to stay on task toward success.

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For example, Tom Cruise in Jerry Maguire came to the realization that he had lost track of what was important to him. After writing a personal mission statement, we saw him start his own business and he got the girl, Renee Zelleweger. Not bad, wouldn’t you say? A personal mission statement will make sure that, through all the texting, emailing and constant bombardment of on-the-go activity, you won’t lose sight of what is most important to you.

Mission statements can be simple and concise while others are longer and filled with detail. The length of your personal mission statement will not be determined until you follow this simple equation to create your motivational springboard for 2008.

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To begin your internal cleansing, you will need to jot down the required information in the following five steps:

  1. What are your values? Values steer your actions and determine where you spend time, energy, and most importantly, money. Be specific and unique to yourself. Too much generalization will not be as effective. It is called a “personal” mission statement for a reason.
  2. What are three important goals you hope to achieve this year? Keep your list of important goals small and give them a date. It is better to focus on the horizon and not the stars. Realistic goals are keys to ultimate success.
  3. What image do you hope to project to yourself? How you see yourself is how the world will view you. Think about this carefully. Your image should encompass what you look like and feel after you have achieved your goals.
  4. Write down action statements from each value describing how you will use those values to achieve your three goals. Start with “I will…”
  5. Rewrite your statement to include only your action statements. Make portable copies for your wallet, car or office.

If you followed the steps above, congratulations! You have just written your first personal mission statement. Your personal statement will change over the years as your goals change. You can have more than one statement for the different compartments of your life such as your career, family, marriage, etc.

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Writing a personal mission statement is an effective method to ensure your productivity is at its peak. It is an ideal tradition to start so that when next year rolls around, the outdated practice of resolutions will be something you permanently left in the past.

Featured photo credit: Álvaro Serrano via unsplash.com

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