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Why You Need a Killer Business Plan with Peter Mehit #232

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Why You Need a Killer Business Plan with Peter Mehit #232

My guest Peter Mehit delves into to the importance of having a business plan. We observe how the skills that make great entrepreneurs, are not the skills of a great CEO. Entrepreneurs and sales professionals are known for taking quick action. But too often they do so without a plan. This is the death of many companies. Peter is the author of the book  “Killer Business Plan” . In this episode we learn how a business plan is what’s needed to take your business to the next level.

Hope for the Best, Plan for the Worst

If you don’t visualize the destination, nor understand where you’re at, you’ll not know where to go. As business professionals we need to have a clear idea where we’re heading. Business plans are important to decide where you’re business is going.

Peter paraphrased former guest Geoffrey Moore and Adoption Curve guru stating the skills of an entrepreneur  are not the same ones to grow it. Entrepreneurs can make immediate decisions, but lack the skills for long term planning. We each need to be CEOs and see our business as a machine. Instead of living in a world of response, we need to move to a world of planning.

Any Plan is Better Than None

A simple business plan made with business cards and a poster board might be more than adequate to get started. You need to understand WHERE you want to go. You need to learn discipline and ask:

  • Who’s the customer?
  • Why would they buy?
  • Are they in your geographic area?
  • Is it about you, or the customer?
  • Is it about what the CUSTOMER wants?
  • If you’re selling to everyone, you’re selling to no one.

To earn raving fans you have to target them and their taste, values and the things they care about.

When Sales Are Flat

If sales are flat, look at your products. Ask….

  • Are they still relevant?
  • Where could they become relevant in another market?

You could be at saturation, or you’re no longer competitive. It could be time to move on. Or it could be time to find a different market for your product.  You may need a marketing plan which is a subset of a business plan, the biggest part of the plan. When complete, test! Take something from AGILE planning, trust but verify.

Thoughts on Business Model Canvas

Business Model Canvas  is a diagram taught in business schools for starting a business plan.   Peter believes it’s a good starting point, but only that, a starting point. You should be able to logically explain the steps described on the canvas. Otherwise an investor’s going to take a pass. Think beyond the creation and manufacturing of your product or service. Focus on how you’re going to sell it and grow revenue.

Take Action Plan

  • Visualize clearly who you’re selling to
  • Know what they’re about
  • Always ask am I talking to the right person
  • Always ask am I doing the right things

Unless you’re checking yourself, you’re wrecking yourself – Peter Mehit

How To Find Peter Mehit

You can find Peter and  Custom BPS here:

His “Killer Business Plan” 3 part book is available for you. Send an email to pmehit @ custombps.com and get a copy of the book for free!

Past episodes mentioned:

How To Grow Business

Here are past episodes to keep up the conversation. Listen today!