Back to Basics: Strategic Business Planning

Image by: Antony Hare

I was recently asked to do a career-day presentation to third, fourth and fifth graders at my daughter’s school. Instead of talking about my career as a client services co-ordinator, I decided it would be much more interesting if I talked about the people I work for and with: entrepreneurs.


I do a lot of public speaking in my position as a small business adviser, but I have to admit I was extremely nervous as I knew I would be following parents who had given presentations on being a nurse, a paramedic and, most exciting of all (as reported by my daughter), a sheriff who deals with bad guys. However, this day proved to be an enlightening one, not only for the students, but also for me and many of the teachers who attended. To my surprise, the students I was addressing had a fairly accurate picture of what starting up a business is all about.


Starting your own business

After I introduced myself and explained what I do, I printed the word “entrepreneurship” on the whiteboard. Then I asked the kids what they would need to start their own business.


Whoa! I had underestimated my audience. Their hands flew into the air as they shouted out the following business building blocks (marketing lingo in parentheses are mine): “Money!” (funding); “People who want to buy your stuff!” (target customers); “Stuff to sell!” (products and/or services); “A place to make it in!” (operations plan); “A way to let people know you started a business!” (marketing plan); “A name for your business, a logo, a slogan!” (branding); “People to work in the business!” (human resources plan).


Breaking down the business model, third-grade style

Then I asked the kids what kinds of businesses they could see themselves opening. Instead of answers like babysitting, lemonade stand or paper route, one student informed me that he and three of his classmates were going to “invent stuff.” A little girl announced that she had always wanted to be a veterinarian, but now she wanted to be a vet and a business owner and run her very own clinic.


Following the presentation, a teacher showed me a schematic chart produced by one of the third graders; it included a manufacturing plant, a line to a retailer and then a line to a stick-person customer. Your basic product distribution channel – third-grade style.


Toward the end of my talk, I asked the group if they could think of anything else they might need to open a business. I was moved to tears as a tentative hand in the back went up and the student answered, “You or someone like you.” In business speak we call that a mentor.


The basics of being an entrepreneur

Adult entrepreneurs can learn a lot from these young creative minds. The students’ answers were simple, yes, but practical and relevant. Simply stripping your plan down to basics would prevent a lot of common misconceptions and mistakes made by would-be entrepreneurs.


I regularly come across entrepreneurs who are competent in some areas of business startup and planning but lack skills in other key areas. A comprehensive business plan is an effective way to avoid common business startup mistakes.


I always recommend including sections that address financing, implementation and communication (internal and external) to ensure that whoever reads the plan – i.e., banker, investor, potential partner – will know a full business analysis has been executed. If any of these components are missing, a new business may fail to secure financing and/or attract potential investors.


It takes a lot of resources to successfully start a business. Start by writing a business plan with all the important building blocks: a financial plan, target customers, products and/or services, operations plan, marketing plan, human resources plan and finding a mentor. And most importantly, listen to the child within!

Bridget Field is the client services co-ordinator for Small Business BC, a not-for-profit business resource centre

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  • Bridget Field, 
  • Small Business Ideas, 
  • Business Planning, 
  • Entrepreneurship