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How to Write a Business Plan

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Operational Strategies

2:46 with Pasan Premaratne

Understanding activities, resources and partnerships completes my business model and allows us to form a coherent strategy around how we're going to execute on our business. We will use the information from these sections to further flesh out our business plans.

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    All right. 0:00
    So, moving on, I need to take a look at what are [SOUND] some of the important 0:01
    activities I need to undertake so that my business model is a success. 0:04
    Right? 0:08
    We talked about this. 0:09
    This is a good exercise to undertake because it unearths some activities that 0:10
    provide lots of secondary benefits, but we don't really see it at first. 0:14
    The core activities I need to undertake are web design and 0:19
    development since that's my main value proposition. 0:22
    I also need to keep the business running, so bookkeeping is important. 0:25
    Direct marketing is also a core activity as it keeps the leads coming in. 0:30
    The reason I say direct marketing is because we can have 0:35
    indirect marketing activities too. 0:38
    Now, other than my core activities, 0:41
    I have secondary activities that indirectly help our business. 0:43
    Education is an important one. 0:47
    I need to stay up-to-date so 0:49
    I can always be ahead of my competition in terms of technology and solutions offered. 0:50
    I also need to stay up-to-date with current trends so 0:56
    that my designs look decent. 0:59
    Another key activity is establishing myself as a thought leader. 1:01
    This leads to great word-of-mouth marketing and increased opportunities. 1:06
    So I'm going to make blogging and speaking at conferences a priority. 1:10
    Another activity that I need to carve out time for is networking. 1:15
    Finally, getting my legal stuff in order is a crucial component of succeeding in 1:19
    this space. 1:24
    I need to have my business set up to protect myself and all the paperwork, 1:25
    like contracts and proposal docs, templated and ready to hand to my clients. 1:29
    Now, the reason that I'm listing all these activities even though it 1:35
    may seem slightly silly to list blogging in my business plan 1:38
    is because I need to carve out resources for it, time and money. 1:42
    Now, in doing so, 1:47
    I get a better picture of what I'm getting into with my business plan. 1:48
    [SOUND] Once I know my key activities, I can put together the resources I need. 1:51
    My core activities are web design and development, so 1:57
    I need hardware and all sorts of software. 2:00
    I should list out all the relevant subscriptions and 2:03
    services that I am going to pay for. 2:06
    Things like Basecamp, and Adobe Creative Cloud, and Typekit, and so on. 2:08
    This will help me assess my costs later on. 2:12
    I'm also going to need software to keep my books in order and for 2:15
    my different marketing activities. 2:18
    Now, I'm not listing out resources for some of the activities like legal stuff 2:21
    because I'm going to form key partnerships in those areas. 2:25
    It's a lot easier for me to pay someone else to do it. 2:28
    Key partnerships in my situation are going to be legal and possibly financial if I 2:32
    decide that I'd rather have a CPA handle my books rather than use software. 2:37
    [BLANK_AUDIO] 2:41

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