In this third part of the seminar, Morris Wallack and Stephen Fairchild teach the business plan process: what it is, what do you need to consider and do in this part of starting a business. It’s time to get into the things that were not on the business canvas model but are involved in the development of a company.
They start giving an example of an elevator pitch and then tell what information about the business model canvas and the business planning should be included and synthesized in it.
So elevator pitches are generally not business model canvas discussion there are more: how do I synthesize what I’m doing for people to care, either for money or help.” - Stephen Fairchild
After this, Wallack explains why we should write a business plan giving three critical subjects: yourself, your team and investors and lenders.
Wallack shows the building blocks of a successful business plan and explains the first three stairs that included: mission, vision, and values where he teaches how not to confuse them and do it correctly; products and services, market research that covers customer analysis, segmentation and regulations.
One thing about our mission is it’s often really truly unattainable, at the end of the day if your mission can be achieved in a year or two is probably not ambitious enough, in some ways us forever.” Morris Wallack
Then, Stephen Fairchild continues with the foundation of marketing with a sales plan, brand, marketing message, communication, sales process, pointing out the importance and value of the salesman.
Everybody in your business should be selling at any point in time because they’re representing your brand, your company, your values.” - Stephen Fairchild
Stephen explains the management and personnel plan, emphasizing in the relevance of keeping the employees great and knowledgeable about the objectives of the company, develop a training plan for them, and also shows the importance for the entrepreneur in finding mentors. Then mention the mentoring program in Heurística, UFM business school.
One of the more valuable stairs in the scale is the financial statement because if you don’t take care of this one, you could run out of business, so he explains the three more important financial statements that should be considered: balance sheet, income, and cash flow.
You need to know what are those assumptions you made in the business model canvas and the only way to find out is if you get out and start doing stuff, and then be with your eyes open and your ears wide listening carefully to your customer and what the market is telling you and then you will have the courage to say: I don’t know if that’s going to work, and that's the real value here.” - Morris Wallack
The public exposes some problems and improvements they had in the financial and professional area of their business.
To conclude the seminar they show the importance of having an executive summary of your idea for the bankers and possible investors. Then, Stephen says some key points to remember of the lecture.
Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.
Universidad Francisco Marroquín