VISION, STRATEGY AND PRODUCT DOCUMENT
[BUSINESS PLAN SUBTITLE]
[Street Address]
[City, ST ZIP Code]
p. [Telephone]
f. [Fax]
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TABLE OF CONTENTS
I.
Vision ...................................................................................................................................... 2
Business Opportunity ....................................................................................................................... 2
Vision and Purpose .......................................................................................................................... 2
Mission Statement ........................................................................................................................... 2
Key Assumptions .............................................................................................................................. 2
II.
Strategy ................................................................................................................................... 3
Customer.......................................................................................................................................... 3
Key Strategic Observations .............................................................................................................. 3
Value Observations ...................................................................................................................................................................... 3
Growth Observations................................................................................................................................................................... 3
III.
Product .................................................................................................................................... 4
Product or Service ............................................................................................................................ 4
Key Features..................................................................................................................................... 4
Substitute Goods and Services......................................................................................................... 4
Secret Sauce ..................................................................................................................................... 4
VISION
Traditionally, the Vision section of the document is presented first when you present your idea to prospective investors and
potential customers. They want to make an early determination so I left the Vision the first section in the document. BUT save
yourself a lot of work and fill this out last. This section is meant to be a SUMMARY of the data that you have been collecting merged
with subjective reasoning about your product, service or company. WARNING: This document is a VISION DOCUMENT not a
BUSINESS PLAN. It is designed to help you document, refine and explain your VISON, STRATEGY AND OFFERING.
BUSINESS OPPORTUNITY
State the business problem or opportunity? HINT: Create this summary from your VALUE statements (below)! Be ACCURATE and
SUCCINCT. This does not have to be short, but it must be PLAIN, STRAIGHTFORWARD and EASY TO UNDERSTAND! Trust me, you
will have to explain this problem and concept when you are least expecting and while you are under pressure.
VISION AND PURPOSE
What do you want to achieve? HINT: You don’t know this yet. You have an idea, but we haven’t formulated any hypotheses or
achieved clarity about the business problem/opportunity. Once you know the problem then you can start to imagine a world where
that problem is solved and everything is daisies and roses. What will the world look like if you are successful?
MISSION STATEMENT
How will you accomplish your Vision? HINT: Do you know what your vision is? Your mission is the driving force behind your idea.
You must eat it, drink it and sleep with it, so let’s not be too hasty. You don’t want to be married to a loser. Your goal is to achieve a
mission statement that never breaks 51% visions of grandeur and 49% Hell on Earth. Mentally prepare yourself for the fight of your
life, but still be able to dream the dream.
KEY ASSUMPTIONS
What assumptions exist that were used to develop this strategy? Assumptions are not the same as observations. Assumptions (at
this stage) are gut feelings in the absence of data. HINT: Think about your Vision. Why will customers buy from you? Oh, snap!
You thought there were only four important questions. The reality is that I don’t want you to focus on assumptions just yet, but be
prepared to document your assumptions in a very articulate fashion.
STRATEGY
This is the FIRST section that you will fill out. Your primary concern is the customer and their needs. I know that you already have a
mental concept of how your Vision, Strategy and Product will work together. That’s OK, but you need to disconnect your business
and product concept from your customer. Today you will “get the ball rolling,” by documenting your observations and creating a
customer profile, but to be successful, you must scientifically find out what your customers want and deliver on their expectations.
CUSTOMER
Who are you selling to? HINT: Who will be most likely to be willing and able to purchase your product or service?
I am selling to (Customer Description) who (Customer Attributes)
KEY STRATEGIC OBSERVATIONS
Which came first, the Chicken or the Egg? Well now you get to ask yourself, “… the value observation, or the growth observation.” I
believe that mostly you will be able to intrinsically observe value. What problem are you solving for your customers? However,
growth observations may not be as readily available. Again, read my blog. In this case, we are very early in the process, so focus on
what you can do to create validated learning on growth and value.
VALUE OBSERVATIONS
Document your observations made relating to Customer Value. HINT: What problem are you solving for your customers?
The problem/opportunity is (person or entity) cannot / do not / will not (Desired Action), because (Describe the Problem).
The Problem/Opportunity is:
1.
2.
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GROWTH OBSERVATIONS
Document your observations relating to Customer Adoption. HINT: How will customers discover your product or service?
After / When I (Your Action) potential customers (Their Action):
1.
2.
3.
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PRODUCT
Fill this section SECOND. Create a compelling product description. You must think about your offerings “Secret Sauce.” You want to
know your product or service like the back of your hand, be able to explain the top 2 or 3 features (of the 5) and tell them why your
product is unique. Why no one can do what you can do.
PRODUCT OR SERVICE
What are you selling? HINT: What are you selling? I’m just being facetious, or am I? Right after you explain you’re Problem and
how you will solve it (Mission), you will need to deliver the goods! What are you selling? Why does it work? How does it work? This
is also not only SUCCINCT it is also SHORT. Why: Read my blog!!
KEY FEATURES
In order, what are your five most important features? Does your product do this yet? No it does not. In fact, your product or
service is only a figment of your imagination at this point. You will still have to explain it.
SUBSTITUTE GOODS AND SERVICES
Investors love to ask, “What are potential substitute and complimentary goods and services exist in the market?” Although it has
nothing to do with anything at this point, not having an answer will be the death of your financing opportunity. So this is CYA. At
this stage in the game, you need to Bing (no more google) anything remotely related to your idea and do your best to establish the
following:
What are potential substitute and complimentary goods and services exist in the market?
SECRET SAUCE
Why does this product (or business) have something that cannot be delivered by anyone else? “Your Secret Sauce!”