part 4 - let your architect design your business
You've completed Part 3 : How to Find your Muse.
Here's Part 4: Let Your Architect Design Your Business.
Your Architect role embodies the over-arching guiding principles of your business. If in doubt, this is where you come to seek clarity.
The Architect role constructs your business conceptually, bringing it closer to the level where you can take action.
This construction includes the creation of your Business Plan, Business Model, and your Strategy. Build monthly, quarterly, and annual metrics in, to measure progress.
Bear in mind that all these are dynamic documents - you will revisit & revise them frequently, to monitor your progress. You will consult them in all major decisions. If in doubt, ask your self, "How does this support my Plan, Model, and Strategy?".
Your business plan
- To initiate your business, you create a Business Plan from the idea(s) generated by your Muse role.
- This helps you understand viability, feasibility, resource requirements, marketing requirements, etc.
- Focus on the future; where you want to be in 1 year, 2 years, etc.
- For a quick start, download a copy of my Business Plan Template.
Your business model
- Identify sources of revenue
- Identify your customer base
- Identify your products / services
- Detail your financing
- Draw a chart of how the money will flow (always useful).
outline your strategy
- You need to choose 2 out of 3 possible market positions: Fast / Good / Cheap. You can't be all things to all people - focus on what you do best.
- Prioritise - identify the essentials, eliminate or out-source the rest. Remember, Time and Money are your only true resources.
- Build your Strategy around your 1 or 2 highest priorities. Any more than that will dilute your efforts, and weaken your business.
- Your Business Strategy reflects how you're working ON your business, not IN your business. Schedule your periodic reviews to compare your actual business progress to your strategy and plans.
Part 1: Where do you spend your time? (traditional versus alternate business roles)
Part 2: Where should you spend your time? (what to keep in-house, & what to out-source?)
Part 3: The Muse in your business (inspiration, vision, training, education)
Part 4: The Architect in your business (business plan, business model, strategy)
Part 5: The Techie in your business (infrastructure, systems, processes)
Part 6: The Operative(s) in your business (operations)
Part 7: The Publicist in your business (marketing, networking, sales, social media)
Part 8: The Mastermind in your business (JVs, partnerships, think-tanks, groups).
How are you doing so far? Send me your questions if you require additional clarity, or leave a comment.