StratPad Handbook - Planning Book

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The StratPad Business Planning Handbook!
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How to Quickly Create an Effective Business Plan,!

Including Detailed Financial Projections,!
Without Tears or Tantrums!
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by Alex Glassey!
www.StratPad.com
WELCOME!!
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Welcome to The StratPad Business Planning Handbook!!
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We created this handbook to make it easier for ANYBODY to think critically about their business
and get those thoughts onto paper.!
This handbook will help virtually anybody who is thinking about a business, running a business,
or managing a department in a corporation.!
Youll follow a step-by-step, structured approach. Youll end up with greater clarity about your
business and youll have a document that you can use to communicate your ideas to your team.!
You can also use the handbook with StratPad Business Planning Software. Enter the same
information in StratPad and it instantly creates 15 high quality reports including a business plan
and complete financial projections.!
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Again, welcome. Enjoy the process and let us know how you make out.!
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All the best,!
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Alex Glassey and the StratPad Team!
www.StratPad.com!
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Copyright 2014 StratPad Inc.!

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Page i
HOW TO USE THIS HANDBOOK!
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If youre new to business planning, go through the handbook page by page.!
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If you want to jump right in, skip to page 7 and start writing.!
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If you want to use StratPad Cloud in conjunction with the handbook, go to

www.stratpad.com and sign up for a free 7-day trial. Youll be able to do all of the work in
StratPad and it will instantly create the reports you need. Page 15 has details on how to do this.!
If youd like additional resources, weve got lots of videos, text and tutorials right inside
StratPad Cloud. Its got a special section called StratPad U with lessons on starting a business
and understanding financial statements.!
If youre stuck and need help, StratPad Cloud has a Talk to Us! section inside it. Just click
on it and ask whatever you like. Well get right back to you.!
Ready to get started? Turn the page and lets start working on your business plan!

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Page ii
TABLE OF CONTENTS!
WELCOME!!
i!
HOW TO USE THIS HANDBOOK!
ii!
INTRODUCTION!
1!
THINK: Business Strategy for Entrepreneurs!
3!
ASSESS: Evaluate Your Business Landscape!
5!
DISCUSSION: Start Telling Your Story!
7!
STRATEGY STATEMENT: Set Your Direction!
9!
PROJECTS: Bring Your Plan to Life!
10!
OBJECTIVES: Project Checklist, Project Management!
13!
CONGRATULATIONS! Where do you go from here?!
15!
APPENDIX 1: Project Worksheets!
16!
APPENDIX 2: Objective Worksheets!
21!
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Page iii
INTRODUCTION!
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When I teach workshops to startups and business owners I always begin with two questions.!
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First, Why did you start (or why do you want to start) your own business?!
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The answers vary, of course, but theyre dominated by things like:!
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Creativity.!
Freedom.!
Control.!
Opportunity.!
Happiness.!
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Risk.!
Hard work.!
Sacrifice.!
Bottom line.!
Stress.!
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Next I ask, Whats your definition of an entrepreneur? These answers typically include:!
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Quite different from the answers to the first question, right? In fact, in my most recent workshop,
the first person to answer this question said, Entrepreneurs are suckers.!
Most people who start their own business soon find that the self-employment dream they
imagined is very different from the reality. All too often their enthusiasm fades into a sea of long
hours, a dwindling bank account, and disillusionment.!
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To make sure this doesnt happen to you lets start by setting our expectations properly.!
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Some experts define entrepreneurship as the art of turning passion into profit or creativity into
cash. They use a model like this:!
This links the entrepreneurs creative ideas with the business reality of customers and cash flow.!
However, the model has a one-way arrow that suggests that the entrepreneur needs to pour
everything theyve got into their business to make it succeed. Too many entrepreneurs do this
only to find themselves exhausted and depleted.!
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Page 1
I prefer this model:!
It, too, tells us that entrepreneurial creativity is the source of the businesss cash. But to be truly
successful the business must generate enough cash to support the entrepreneur and their ongoing creativity.!
This creates a virtuous circle. Running the business still includes hard work, dedication and
sacrifice every entrepreneur expects that but the entrepreneur also expects the business to
return the favour. This expectation causes him or her to think about the business differently right
from the start.!
So, whats the first step in thinking differently? Lets start with strategy

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THINK: Business Strategy for Entrepreneurs!
Its truly unfortunate, but many entrepreneurs think business strategy is complex, difficult to
understand and something thats only useful for large organizations.!
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Simply. Not. True.!
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In fact, business strategy is 100% relevant for smaller businesses, including startups. It helps
your customers understand you, it creates focus for your team, and it improves your profitability.!
Heres a definition:!
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Business strategy!
is about!
making you wealthier!
by creating, strengthening and defending!
your companys unique attributes.
Sounds good, right? But just what are unique attributes? And how do they help your business
succeed?!
Heres an example. Lets say that you own a retail flower store in a busy mall. Nobody else in
the mall sells flowers. Therefore, youve got a unique offering for the malls customers and this
helps you in two powerful ways:!
1. You can be found easily. Anybody in the mall looking for flowers will be sent your way.!
2. You have no direct competition. You can set your prices pretty high so long as youre not
unreasonable.!
But what happens when the malls large grocery store also starts selling flowers? Now
customers who want flowers have two choices; they wont necessarily come to you. With
competition youll immediately feel pressure to reduce your prices.!
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Hmmless business and lower prices: this is bad news. How can you possibly be unique now?!
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The good news is that uniqueness doesnt necessarily come from a single thing. In fact, for
most businesses, several things combine to create a unique customer experience. Keeping that
in mind, what can your flower shop do better or differently than the grocery store?!
Perhaps you can offer different varieties of flowers that are fresher, more vibrant or more exotic;
you may be able to sell hand-crafted bouquets; your expertise may allow you to offer better
service than the grocery stores part-time staff; you might consider a delivery service. And so on.!

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Your job as an entrepreneur is to find that combination of products and services that
your customers want and that your competitors cant offer.!
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The last sentence, by the way, is business strategy in a nutshell.!
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Yes, the grocery store is going to sell some flowers and youll almost certainly lose some
customers to them. After all, they offer convenience as well as a lower price on basic flower
arrangements and this will attract some people.!
But many other mall customers come to you for your expertise, your beautiful floral
arrangements and your personalized service. You must understand those differences, get even
better at those differences, and then tell the world about them. Those differences, that
uniqueness, forms your strategic sweet spot.!
Next: How to develop your sweet spot.

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ASSESS: Evaluate Your Business Landscape!
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The last chapter introduced business strategy. It is your answer to three key questions:!
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What makes you different?!
How will you defend that difference from your competitors?!
How will you make money from that difference?!
Strategy is about creating a unique experience that your customers will pay for. This unique
customer experience is your sweet spot and it lies at the center of this diagram (marked as 1
and 2):!
The three circles are:!
A. Things that your target customers will pay for. Note that its not Things that your target
customers WANT or Things that your target customers LIKE. Your business must create
offerings that you will exchange for enough cash to make a profit. If you cant get enough
cash, then you must re-think your offering.
B. Your competitors offerings. A competitor is anyone with an alternative offering. There are
ALWAYS competitors. They can be direct competitors (ie. the grocery store that sells
flowers, just like you) or they can be indirect competitors like the chocolate store beside you.
Dont they sell Valentines Day and Mothers Day gifts, just like you?
C. Your offerings. Any product or service that you sell.!
The three circles overlap and create eight regions. Evaluate each region separately; ask
questions of each one and thoroughly discuss them. Involve your management team, your staff,
key advisors and even customers and suppliers in these discussions.
On the following page we go through each region and ask some questions that you may wish to
consider as you think about your business.!

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1. Things that customers will pay for where we have an offering and little competition.
This is our super sweet spot; our customers see our offerings as unique and we can
charge more.
How do we protect this area? Can we expand it?
2. Things that customers will pay for where we have an offering along with some
competition.
This is still part of our sweet spot but well have some downward price pressure due to
competition. We have to spend more on marketing to stand out among our competition.
Can we move our offerings from region 2 to region 1? How can we strengthen this area?
Should we abandon it?
3. Things that customers will pay for but for which there is no satisfactory offering.
Can we move into this region profitably? If so, it will expand our region 1. Why arent there
offerings in here? What dont we know about this area?
4. Our offerings for which we dont have any customers or competitors.
Why wont our customers pay for these items? Should we change them? Stop selling them?
5. Our competitors super sweet spot.
These are likely their most profitable offerings. Should we consider moving into that region?
How would they respond? Is it part of our core business?
6. Offerings where we have competition but no customers.
Are these offerings part of the future or part of the past? Should we change them or stop
offering them?
7. A region that nobody has thought much about.
Is this the future? Can we build something (like the iPad in 2009) that we think will get us a
first-mover advantage? Is this too risky?
8. Our competitor has products that we dont have and that customers arent buying.
What do our competitors know that we dont? Are these new offerings or out-dated
offerings?!
Are you enjoying the process so far? With all this thinking behind you, youre now ready to start
preparing your business plan. Turn the page and start telling your story

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Page 6
DISCUSSION: Start Telling Your Story!
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Your business plan starts with an introduction to the key elements of your business:!
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What problem or opportunity have you seen?!
Why is it so important?!
How do you plan to address it (what product or service will you offer)?!
Who will pay you for your product or service? Why? How much will they pay?!
How will you find those customers and convince them to buy from you?!
Who is the competition and how will you win against them?!
Do you have any ideas for future revenue sources or expansion?!
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The trick here is to write briefly and clearly using plain language.!
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Start telling your story by answering these seven questions:!
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1. Describe your target
customer(s)/client(s).!
Be specific: Who are they? Where
are they? Whats important to
them?
2. What are the key problem(s)

or opportunity(ies) that you
address for your customers?!
Do you save them time? Money?
Aggravation? How much time,
money or aggravation?
3. What are your products and/

or services (i.e. your
offerings)?!
How do they address your
customers problems/
opportunities?

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4. Describe your competitors.!

What are their offerings? Their
strengths? Their weaknesses?
How are you different from them?
Why would a customer choose
you rather than a competitor?
5. How do you generate

revenue?!
Sales of products; services by the
hour; subscriptions; etc. List all
your revenue streams.
6. Describe the marketing

approaches and/or sales
channels you plan to use to
reach your customers.
7. Are there other potential

expansion or revenue
opportunities you might
consider in the future?
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Page 8
STRATEGY STATEMENT: Set Your Direction!
Success in business (or in anything, really) comes from staying focused on whats really
important.!
But the life of a business owner is full of interruptions: customers want you; your staff needs
help; theres an issue with a supplier. Its darn near impossible to stay focused without some
help.!
Heres a way to help yourself: determine the single most important thing that youd like your
company to achieve in the next three months or six months or one year. This will become your
medium-term strategic goal.!
It could be getting your new product completed. Or it could be improving your customer
satisfaction. Or getting to positive cash flow. Or expanding your market into Texas.!
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One. Single. Thing.!
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Write it down in a sentence or two along with its deadline date. And then tell it to your staff and
keep repeating it, no matter how busy you all are, until its done.!
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Describe your medium-term strategic goal in one to two sentences:!
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Whats the most important
single goal that youd like to
achieve in the next 3 or 6 or 12
months?
What is/are the issue(s) that

might prevent you from
reaching this goal?
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PROJECTS: Bring Your Plan to Life!
To achieve your strategic goal youll need to do lots of things. We call these things tasks or
activities. We group related tasks together into projects.!
For example, if you wrote down I want to open a new Italian restaurant in Fort Worth on
September 15, 2014. youd have a lot of things to do between now and then. To keep
organized, you might be able to divide all those things into projects like this:!
Find and lease a location.!

Retrofit and furnish location.!
Hire and train staff.!
Prepare marketing plan and the opening day event.!
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Make sense?!
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What projects are required for you to reach your strategic goal?!
List between one and four projects. Briefly describe what each project should achieve. Add a
start and end date, and list the person who will be responsible for this project.!
Project 1 Name:!
Description:!
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Start Date:!
End Date:!
Responsible:
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Project 2 Name:!
Description:!
Start Date:!
End Date:!
Responsible:
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Project 3 Name:!
Description:!
Start Date:!
End Date:!
Responsible:
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Project 4 Name:!
Description:!
Start Date:!
End Date:!
Responsible:

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Now lets add some financial information for each project. Well do this in two parts: up-front
costs and income, and on-going revenue and expenses.!
Up-Front Costs and Income!

Lets look at each project one at a time.!
Will you need to spend money on up-front costs like deposits and down payments? If so, decide
which category they belong to and total the costs by category. The categories are:!
Does the project require any

one-time, up-front costs?!
If so, total them by category
and list them here.
Category 1: General & Administrative!
This category includes up-front costs like rent deposits, prepaid legal and accounting fees, things like that.!
This category is the big catch-all. Anything that doesnt fit in
the next two categories goes here.
Category 2: Research & Development!
Any up-front costs that are related to product research or

development, such as equipment purchases or deposits to
contractors.
Category 3: Sales & Marketing!
Any up-front fees, costs, payment, etc. that are related to

sales and marketing. For example, perhaps youve just
completed a market research survey or perhaps youve just
made a deposit on sales tracking software.
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What about up-front revenues and related costs of goods sold (COGS)?!
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Category 4: One-time Revenue!

Will the project receive any
one-time revenues at the start?! Things like pre-sales or pre-paid annual contracts would go
here.
If so, how much?
Category 5: Cost of Goods Sold Related to Above One-Time Revenue!
Include things like credit card fees, inventory costs or the

direct cost of labour (for example, if you bill by the hour, your
labour costs would probably be considered a cost of goods
sold) that are related to the above one-time revenue.
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So far, so good? Now lets look at each projects on-going monthly figures.!
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On-Going Monthly Revenue and Expenses!

Now, go through each of the five categories again and write in what you think the monthly
values will be. If these values will increase or decrease over time, show this monthly increase or
decrease as a percentage.!
For example, lets say that your monthly costs for rent, phone, Internet, bookkeeping, support
staff and your salary for this project will be $7,500 per month and this wont go up for the life of
the project.!
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You have no R&D costs.!
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Monthly marketing costs will start at $1,500 and will go up 4% a month.!
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For this project, how much will
the on-going monthly
expenses be?!
Will this amount increase or
decrease over time?
General & Administrative
7,500
Research & Development
0
% Monthly Increase/Decrease!
Sales & Marketing
0
1,500
Your revenues for this project will start at $11,000 per month and you expect them to increase
each month by 5%.!
You know that your COGS is 15% of your revenues so that means COGS will start at $1,650.
COGS almost always rises and falls the same as Revenue so lets make that 5% as well.!
How much monthly revenue

will this project generate?!
decrease over time?
Monthly Revenue
11,000
Cost of Goods Sold Related to Above Monthly Revenue!
1,650
If this all makes sense to you, then I have some good news: Thats all you have to do to
create a complete set of financial projections!!
Appendix 1 has blank project worksheets. Fill one out for each of your projects.

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OBJECTIVES: Project Checklist, Project Management!
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This section asks you to explain your projects in a bit more detail. The additional detail:!
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helps your team better understand what youre trying to achieve;!
it acts as a checklist to ensure that nothing important gets overlooked; and!
it helps you manage your projects on a day-to-day and week-to-week basis.!
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Review each of your projects from four perspectives by asking these questions:!
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1. What financial benefits do we wish to achieve with this project?
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2. What do we want our customers/clients to experience as a result of this project?
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3. What internal processes and equipment changes do we need to support this project?
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4. What staffing changes are required to support this project?!
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Some of these questions may not make sense for some projects and thats okay. However,
almost every project will have an answer to either question 1 or 2. Questions 3 and 4 remind
you to properly consider, How will this project get done?!
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Heres an example for a project called, Implement New Invoicing Software.!
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1.
What financial benefits do we wish to achieve with this project?
We want to reduce Accounts Receivable by invoicing on time.
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2.
What do we want our customers/clients to experience as a result of this project?
We want our customers to receive more accurate invoices as soon

as a job is completed.
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3.
What internal processes and equipment changes do we need to support this project?
We need to purchase and implement new invoicing software.
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4.
What staffing changes are required to support this project?
We need to train our staff on the new software and the new
invoicing procedures.!
Do you see how this helps everyone understand the project better? Youve described your
objectives in a way that your team can better relate to.!
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The next step is to set specific targets for each objective. This really sharpens the focus for your
team, makes your expectations crystal clear, and makes managing your projects much easier.!
For each objective, identify at least one metric that can be measured. Select a target value and
a target date.!
In our example, our financial objective was to reduce Accounts Receivable. There are a
number of ways to measure this but lets keep it simple and say, We want to get our Accounts
Receivable down to $10,000 by September 30, 2014.!
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Our metric is Accounts Receivable. Our target value is 10,000. Our target date is Sep 30.!
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Lets complete our objectives for this project:!
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1.
What financial benefits do we wish to achieve with this project?
We want to reduce Accounts Receivable by invoicing on time.
Accounts Receivable. Under $10,000. September 30, 2014.
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2.
What do we want our customers/clients to experience as a result of this project?
We want our customers to receive more accurate invoices as soon as a job is completed.
Customer complaints about invoices. Down to 0. September 30, 2014.
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3.
What internal processes and equipment changes do we need to support this project?
We need to purchase and implement new invoicing software.
New software ready to go. May 1, 2014.
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4.
What staffing changes are required to support this project?
We need to train our staff on the new software and the new invoicing procedures.
All staff fully trained and comfortable. June 30, 2014.
Youve now got a project framework that makes it easy for your staff to understand whats
expected of them and makes it easy for you to manage.!
Appendix 2 has a number of blank Objective worksheets. Take a few minutes now and fill out
one of these worksheets for each of your projects.!

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CONGRATULATIONS! Where do you go from here?!
Well done! Youve dramatically increased the chances of your business succeeding by working
through this handbook.!
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Whats next?!
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If youre working with a mentor, teacher, accountant, consultant or coach you should
immediately call them and tell them that youre done! Theyll let you know what the next step
should be.!
Everything youve done here can be used to create a professional looking business plan using
StratPad software. To do this, simply:!
Go to www.stratpad.com.!
If you havent already done so, sign up for a free 7-day trial by clicking on the Try It Free
button.!
Sign in.!
Create a new plan: click the StratFile button at the top right and then click New.!
Click on Write Your Plan in the left-hand navigation bar.!
Enter the information from the handbook into StratPad. Youll see that four of the handbooks
chapter headings match four StratPad sections: Discussion, Strategy Statement, Projects,
and Objectives.!
StratPads reports are instantly updated as you add your information. Click on View Reports
and View Financials anytime to see your plan come together.!
Finally, please drop us a line from time to time and let us know how your business is doing. We
love hearing from entrepreneurs!!
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All the best,!
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Alex and the Stratpad Team!
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Page 15
APPENDIX 1: Project Worksheets
Project Name
Who is responsible?
Whats the project start date?
What's the project end date?
one-time startup costs?!
If so, how much?
Sales & Marketing

one-time revenues at the start?!
If so, how much?
One-time Revenue
Cost of Goods Sold Related to Above One-Time Revenue
How much will the on-going

monthly expenses be?!
decrease over time?

decrease over time?
% Monthly Increase/Decrease
Sales & Marketing
Monthly Revenue
Cost of Goods Sold Related to Above Monthly Revenue

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Project Name
Who is responsible?
If so, how much?
Sales & Marketing

If so, how much?
One-time Revenue

decrease over time?

decrease over time?
Sales & Marketing
Monthly Revenue

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Project Name
Who is responsible?
If so, how much?
Sales & Marketing

If so, how much?
One-time Revenue

decrease over time?

decrease over time?
Sales & Marketing
Monthly Revenue

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Project Name
Who is responsible?
If so, how much?
Sales & Marketing

If so, how much?
One-time Revenue

decrease over time?

decrease over time?
Sales & Marketing
Monthly Revenue

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Project Name
Who is responsible?
If so, how much?
Sales & Marketing

If so, how much?
One-time Revenue

decrease over time?

decrease over time?
Sales & Marketing
Monthly Revenue

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APPENDIX 2: Objective Worksheets
Project Name
What financial benefit(s) do we
wish to achieve with this
project?
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Objective(s)!
Metric
Target Value
Target Date
What do we want our

customers/clients to
experience as a result of this
project?
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Objective(s)!
Metric
Target Value
Target Date
What internal processes and

technology changes do we
need to support this project?
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Objective(s)!
Metric
Target Value
Target Date
What staffing changes are

required to support this
project?
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Objective(s)!
Metric
Target Value
Target Date

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Project Name
project?
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Objective(s)!
Metric
Target Value
Target Date
What do we want our

project?
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Objective(s)!
Metric
Target Value
Target Date

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Objective(s)!
Metric
Target Value
Target Date

project?
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Objective(s)!
Metric
Target Value
Target Date

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Project Name
project?
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Objective(s)!
Metric
Target Value
Target Date
What do we want our

project?
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Objective(s)!
Metric
Target Value
Target Date

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Objective(s)!
Metric
Target Value
Target Date

project?
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Objective(s)!
Metric
Target Value
Target Date

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Project Name
project?
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Objective(s)!
Metric
Target Value
Target Date
What do we want our

project?
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Objective(s)!
Metric
Target Value
Target Date

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Objective(s)!
Metric
Target Value
Target Date

project?
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Objective(s)!
Metric
Target Value
Target Date

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Project Name
project?
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Objective(s)!
Metric
Target Value
Target Date
What do we want our

project?
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Objective(s)!
Metric
Target Value
Target Date

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Objective(s)!
Metric
Target Value
Target Date

project?
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Objective(s)!
Metric
Target Value
Target Date

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The StratPad Business Planning Handbook!

How to Quickly Create an Effective Business Plan,!

Copyright 2014 StratPad Inc.!

HOW TO USE THIS HANDBOOK!

If you want to use StratPad Cloud in conjunction with the handbook, go to

Copyright 2014 StratPad Inc.!

HOW TO USE THIS HANDBOOK!

THINK: Business Strategy for Entrepreneurs!

ASSESS: Evaluate Your Business Landscape!

DISCUSSION: Start Telling Your Story!

STRATEGY STATEMENT: Set Your Direction!

PROJECTS: Bring Your Plan to Life!

OBJECTIVES: Project Checklist, Project Management!

CONGRATULATIONS! Where do you go from here?!

APPENDIX 1: Project Worksheets!

APPENDIX 2: Objective Worksheets!

Copyright 2014 StratPad Inc.!

I prefer this model:!

Copyright 2014 StratPad Inc.!

THINK: Business Strategy for Entrepreneurs!

Copyright 2014 StratPad Inc.!

Next: How to develop your sweet spot.

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ASSESS: Evaluate Your Business Landscape!

The three circles are:!

C. Your offerings. Any product or service that you sell.!

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How do we protect this area? Can we expand it?

4. Our offerings for which we dont have any customers or competitors.

5. Our competitors super sweet spot.

6. Offerings where we have competition but no customers.

7. A region that nobody has thought much about.

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DISCUSSION: Start Telling Your Story!

2. What are the key problem(s)

3. What are your products and/

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4. Describe your competitors.!

5. How do you generate

6. Describe the marketing

7. Are there other potential

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STRATEGY STATEMENT: Set Your Direction!

What is/are the issue(s) that

PROJECTS: Bring Your Plan to Life!

Find and lease a location.!

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Up-Front Costs and Income!

Does the project require any

Category 1: General & Administrative!

Any up-front costs that are related to product research or

Any up-front fees, costs, payment, etc. that are related to

Category 4: One-time Revenue!

Include things like credit card fees, inventory costs or the

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On-Going Monthly Revenue and Expenses!

General & Administrative

Research & Development

Sales & Marketing

How much monthly revenue

Cost of Goods Sold Related to Above Monthly Revenue!

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OBJECTIVES: Project Checklist, Project Management!