The heart of your business plan is your strategy, which is basically built around three enmeshed, inseparable parts:
- The business identity: what is your core competence, what are your keys to success, strengths, weaknesses, opportunities, and threats.
- The market: what needs or wants do you solve, who has them, how are you aiming at a specific target market. Can you describe your ideal customer?
- Strategic focus: what are your main priorities? What aren’t you doing, and why not? How are you dealing with the limits of your resources.
This is included in this second of four videos of my November 17th webinar called Back to the Fundamentals, which was my contribution to Global Entrepreneurship Week. Palo Alto Software and Bplans.com is now rolling out on the Web in four 10-12 minute segments, one per day, plus a final one for questions and answers.
You can click here to view the second part, a 10-minute video.