Developing a Viable Business Model Patrick Barry Agenda Overview Aligning with Objectives Elements of a Viable Business Model Process of Building Viable Plan Wrap-Up 2 Viable Business Model
A sound and compelling Business Plan should include: Assessment of Market Identification of Customer Segments Description of Key Buyer Values Assessment of strengths & weaknesses of Competitive Alternatives Clear Distribution Strategy
Assessment of Risks 5 year Financial Pro-formas including Cash Flow Model, Income Statement, and Balance Sheet Detailed Description of Management Team Clear Exit Strategy with Potential buyers identified 3 Viable Business Model A sound and compelling Business Plan should include:
Assessment of Market Identification of Customer Segments Description of Key Buyer Values Assessment of strengths & weaknesses of Competitive Alternatives Clear Distribution Strategy Assessment of Risks 5 year Financial Pro-formas including Cash Flow Model, Income Statement, and Balance Sheet Detailed Description of Management Team Clear Exit Strategy with Potential buyers identified
A Story that makes sense 4 Align Business Model with Objectives What are you trying to accomplish with this plan? Win the Competition? Pass a Class? Start a Business? Make a living? Fame & Fortune? Make a difference? Learn?
5 Key Misconception(s) Invention = Innovation Good Plan = Winning Plan = Good Business Model = Successful Business Good Business Model = Big $ A Plan = The Answer 6 A Compelling Story needs to cover the key elements Sustainability
Market Need Alternatives Product / Service Delivery & Execution Go to Market Strategy Financing & Capital Needs Management
Team Plan to Scale & Leverage Exit Plan Financial Projections 7 And it needs to fit together logically Market Need Sustainability
Alternatives Product / Service Delivery & Execution Go to Market Strategy Financing & Capital Needs Management Team
Plan to Scale & Leverage Exit Plan Financial Projections 8 Key Element: Defining Market Need Begin with the need not the product or service Economic Buyers
Your Business EndUsers Distribution Channels Influencers 9 Key Element: Alternatives How is need being satisfied or addressed today 10
Key Element: Meeting Needs How will your product / service meet identified needs? Why it is better than alternatives from the customers perspective? What will compel them to buy? 11 Key Element: Go to Market Is there alignment with the other elements? Why is the plan (the distribution channel, the marketing plan, the sales message, etc.) the best /
most logical? 12 Key Element: Identifying Critical Factors Which aspects of the business are most critical? Which aspects need to be done well and which ones exceptionally well? Which aspects, if done marginally, could sink the business? 13 Key Element: Management
What talent / expertise is needed to meet critical needs of business? How will you attract that talent? Begin with needs and align talent with it Dont start with people available 14 Key Element: How will it make $ Who pays what and why? Specific customer groups Sell price - why reasonable? Volume Initial, Ramp up rate, Reasonable potential
Cost Structure COGS Gross Profit ($ & %) Distribution Costs Marketing Costs Support Costs
Net Potential 15 Process: How to Build a Viable Plan Onion Method Check & Recheck Connections Versions: 2 minutes 20 minutes 2 hours 16 Process: How to Build a Viable Plan
Tips & Tactics (Top 10 List) 10. Talk to yourself 9. Be an actor 8. Make sure the numbers add 7. Answer the question: How do I know ? 6. Answer the question: How would I find out? 5. Get testimonials / references from those in the know 4. Sell one (or more) 3. Realize the product / service is only relevant through the markets eyes 2. Define the Bet 1. Constantly learn and adjust 17
Wrap - Up Tell a logical story => the rest is logistics and risk / reward assessments 18 Wrap - Up Observations & Questions 19
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