Often there is a misconception that business plans are for entrepreneurs only! Wrong! A business plan is a way to crisply and concisely communicate one’s idea with others, especially when the idea is about an innovation, a new product/service or a new concept. Over the years, whether I am sitting in a large company meeting evaluating new product ideas, or listening to pitches by entrepreneurs, a brief one page business plan is the best way to not only learn about the merits of the idea, but also to get to know the person behind the idea. You!

Why one page? The first pass of hearing an idea should not take more than a few lines. These lines not only explain the merits of the idea, but also the competitive differentiation the idea will give the company or the entrepreneur. It is not to ‘Wow’ the audience, rather to ‘convince’ the audience that the idea and the person or people behind the idea are golden and solid. This is an art which I think will benefit everyone. Schedules are busy, attention spans limited, and if in 1-2 minutes you can capture someone’s imagination, and convince them that you have the passion and can deliver, that is what is required to succeed. Whether in the boardroom, conference room or in an official funding pitch, this is an art to master.

The key elements which I propose you contain in your one page business plan include:

1. Your passion about the innovation which you are proposing. Yes, ‘passion’! If you are not excited and passionate, how do you expect the person hearing your pitch to be?!

2. Let your audience know your vision. Innovation is about having a vision and being unrestricted.

3. Why is your innovation important? Establish criticalness, reason and justification for your idea.

4. Resource and timing requirements to develop your innovation. Milestones are key. Nothing is done overnight, and interim deliverables are key. If you don’t have the resources, how are you proposing to get the resources?

5. What will your idea cost to develop? Initial funding?

6. What new markets will your innovation create? How will it increase or generate revenue?

7. How does your proposed innovation enhance competitive differentiation? In a large company, how will this set you apart from the rest?

To capture all this in one page, you need to think through your idea carefully and determine what facts you want to share with your audience. The depth and thoughtfulness of your one page business plan will also establish your credibility and passion with the audience. You may run into the key person to pitch your idea in a hallway. Imagine if you could deliver your pitch as you walk to the elevator or in the parking lot! Imagine how well the person will remember you, if you were prepared to do so. Generally, not only will they remember the idea, but also the person (and their passion) behind the idea!

A few pointers to consider:

1. Expect that your audience is very smart. This is not an arena to flex technical muscle or impress them with what you know. Rather, use this opportunity to ‘sell’ your concept. Yes, ‘selling’ is a reality.

2. Respect your audience and get the answers that you need in preparation for your business plan. Talk to sales and marketing and get answers. ‘I don’t know’ is a show stopper. Instead, consider: “This is what I have found out to date and I am looking into the following…” Do your personal market research. Know what else is out there and who is doing what. Be prepared. Step out of your comfort zone.

3. Vet the idea with some people you respect but who are not conformists. Be open to constructive criticism.

4. Be prepared for honest feedback. If you are truly passionate about your idea, you will be back pitching it for a second and third time. This is not a one time event.

5. Let your passion show. Smile when you are presenting and accept that how you are perceived is directly related to how your audience will respond to your pitch. They want to feel your energy and enthusiasm. Be infective not passive.

6. Once you have your business plan, you can share with your higher ups in electronic format. I guarantee you that they will be sharing it among the execs! Execs are always looking for the shining stars in their organization. You may not hear about it, but there is lots of traffic which goes like this: “Just got this business plan about an innovation idea from ‘John’. Pretty impressive. What do you think? How about we meet with him and review it in more detail!”

7. And most importantly: DO NOT ASSUME ANYTHING! Expect the unexpected and be super prepared.

You are brilliant and have great ideas! Let people know how great you are. If your pitch is presented really well, you may or may not get funded, but one thing is for certain: Everyone will remember YOU and YOUR IDEA!

Below is a page out of the ProVoke Methodology workbook: The ProVoke Methodology Business Plan.

Are you ready?