When you have an idea for a business, it’s tempting to let the excitement take over and skip the important steps; strategy, business modelling and financial viability.
Our Clarity toolbox has been put together using proven methodologies that support you while testing your business idea.
Each tool contains trigger questions to get your thinking. If you need any support in completing the tools, please just call on our team of experienced business advisors.
Step 1. Vision to Strategy
This tool will prompt your thinking around where you want your business to go and how you are going to get there. You will articulate the driving purpose behind your business idea and be prompted to research how your business will be benchmarked against the competition.
Use the vision to strategy tool to assess your; goals, purpose, SWOT and strategic SWOT.
Step 2. Value Proposition Canvas
The value proposition canvas, created by strategyzer, will enable you to describe the benefits customers can expect from your products and services. It’s all about how you solve the customer's problem.
The end results in using this tool is testing product to market fit. It will also provide clear messaging for marketing, ensures your whole team will use a consistent message in the marketplace and will differentiate you from your competitors.
Step 3. Business Model Canvas
A solid business model will support the sustainability of a business, it will explain how the 9 key areas of business interplay and impact on the revenue that can be generated. This canvas, created by strategyzer, is a living document, a tool that will describe how your organisation creates, delivers and captures value.
Step 4. Viability Calculator
Testing your business ideas financial viability is important as it will define your business's ability to survive. Ability to survive is ultimately linked to financial performance and position. This tool will enable you to work out; the capacity to service your market, your breakeven point, your set up costs, your monthly overheads and the potential revenue of the business.
Step 5. One Page Business Plan
A one-page business plan forces you to think critically and articulate succinctly about your business idea. This is important for any investors (financial or emotional) as it is like an elevator pitch. This is another tool that will help you create a consistent message around the purpose of the business and the solutions it provides to the customer.