How To Prepare A One-Page Business Plan
Updated: Dec 31, 2020
Creating and writing business plans can be arduous and time-consuming. However, they don’t have to be. A one-page business plan is perfect for start-ups as it helps curate and note down the core aspects of the business. These plans are concise and more powerful than a regular business plan. Read on to gain greater insight on how to create a concrete One-Page Business Plan.
Six aspects of life that affect a start-up
It is imperative to understand that everything you do can impact your business. Your personal life can affect your business; that much is true. Personal health, relationships, eating habits and sleeping habits can all in some way impact the company. To have an effective business plan, it’s imperative to factor in all these variables as well. Being as upfront as you can about your personal life to yourself is a must. Accepting and acknowledging that some things need to change is the first step in creating and running a successful business.
These six aspects include:
Your past data matters.
Before we create a one-page business plan, it’s imperative to analyse the previous year’s achievements and learnings. You cannot hope to improve your business in the coming years if you don’t analyse and understand the shortcomings and achievements of the past year. With that being said, write down your achievements and learnings in the form of a table covering these 6 major aspects.
Achievements include anything that you have accomplished in the past year which has helped increase the reach or success of the business.
Learnings include any failures that you may have learned from as well as any lessons learned through other people.
Now that you have properly analysed your previous year’s failures and achievements, you are properly equipped coming into the New Year. It is at this stage where you can look to the future and form your plans properly. Read on ahead to understand the One-Page Business Plan.
The One-Page Business Plan
The business plan will have six sections in it. In each section, one has to include points concerning their habits, goals and all they are proposing to give up over the year to improve their business. Each section consists of one aspect. These aspects include:
This includes the financial savings that you may be looking to do. The reasons for saving. Taking note of big expenses also becomes important here.
Family can include looking for a significant other, or talk of having children, marriage, etc. all must be noted down. Thinking with a clear head and a one-track mind would be of great help at this stage.
Questions should be asked about the business and its needs. What is required to improve it and make it more sustainable and efficient etc.? The hiring of new staff for the company including a Start-up-Business-Advisor and other employees, looking for Angel investors etc.
Health may include how you wish to become healthier. Do you have any bad habits like smoking or drinking that you wish to quit, etc.?
This includes any form of personal growth and experience that you want to achieve in the coming year.
Are there any spiritual aspects of life that you want? Is there something above that helps drive you, etc.?
Review the one-page business plan daily
The importance of this business plan is that you can review it daily. When you review the plan regularly you feel better motivated. It’s also easier to sacrifice different vices that may be negatively affecting your company. The more focused and driven you stay, the better your business will flourish. This in turn will help you get your business to where you want it to be. Once these six aspects of your life have been achieved, you will realise that your business can now flourish greatly! It truly does become a motivating factor.
To Sum Up
Having a one-page business plan is beneficial and important in a start-up business. Understanding how to make sacrifices for your business is not only significant but highly advantageous for the business. In the end, all entrepreneurs would like their companies to flourish. This is the first step in that process.
To better help all the budding entrepreneurs with their start-ups, I am taking the liberty to provide them with the link my one-page business plan. I feel that it will be greatly appreciated and valued by these entrepreneurs. Make sure to print out this plan, laminate it and read it every day! https://www.lakhanifinserv.com/one-page-business-plan
About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.