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5 Point Online Business Plan

  • Strategy
5 Point Online Business Plan

This 5 point online business plan will help you get going on your project.

We all need a system to help direct our thinking and capture the key components of the plan in a logical sequence.

The foundation of this 5 point online business plan is from Richard P Rumelt’s excellent book Good Strategy Bad Strategy. He defines strategy as being composed of three parts.

The 3 components of strategy

1 Define the business’s issue or challenge

2 Decide upon guiding policy or pathway to deal with the issue. This guiding policy is especially good if it draws upon your competitive advantage. If you don’t have a competitive advantage then that is your issue.

3 Map out the coherent actions steps that work together to expedite guiding policy.

So, with that done, time now to write the plan. This can be as brief or as long as you like, it just needs to work for you. I have a few sentences and bullet for each section.

5 point online business plan

1 Purpose

State the purpose of your business along with the problem you are solving for your customers / clients. Use straightforward language.

2 Difference

How is what you are doing different form what others are doing – state this here. You may well not be unique or better but you do need to be clear on how you are different.

3 Challenge

This uses the work you have already done above… define the key challenge or issue your business faces. If you don’t have a clean cut difference or competitive advantage then this is your challenge.

4 Guiding Policy

State in a sentence or two what your guiding policy or pathway is going to be. If you don’t have a point of difference then this is your challenge – create one. Otherwise, you will be a ‘me too’ and be driven by price.

5 Action

Final step is to map out your action plan. This is the who, what and when with targets. I’d suggest you want 3 – 5 actions with 3 – 5 sub-actions behind each action. This section is about specifics.

Review and revamp

Your 5 point online business plan needs to be used a live and evolving plan, regularly being reviewed, modified and updated. In just a few months, as you make progress, the action section may well need a revamp because the focus needs to change.

I use this system, I know it works. I have the 5 point plan linked to my phone so I can constantly review it; and indeed, refocus my mind on exactly our direction ot travel.

I hope you find this useful.

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