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PDF Editor FAQ

How does one create a business plan?

Here's the thing. If you're a startup company, making a long drawn out business plan is a waste of everyone's time.The Lean Canvas is a great way to gather rapid insight into your business in the early stages. It will take you 5 minutes. All you have to do is answer all of these questions on an A4 piece of paper:A) ProblemDefine the top three problems your customer hasB) SolutionGive one sentence describing your solution. Include at least three differentiating features your product will have.C) Unique Value Proposition (UVP)How are you at least 10% better than your competitors? Why are you different to the 50 other companies out there?D) Unfair AdvantageWhat do you have that can't be easily bought or copied?E) Customer SegmentsWho are your target customers?F) Key MetricsHow will you measure success? Sign ups? Views? Clicks? Subscriptions?G) ChannelsHow will you reach your target customers? Will you be using Facebook Ads, Google Ads, Affiliate marketing?H) Cost StructureHow much will you be paying to acquire a customer? How much are you paying to distribute the good/service?I) Revenue StreamsHow will you make money? Where do you expect to make your money? What is the lifetime value of your customers? What is your gross margin?Answering all these questions is a really quick and basic way to flesh out your business plan on paper. Continually make changes to your Lean Canvas by doing constant customer evaluations. Iterate. Iterate. Iterate.Best of luck!This was taken from my answer: How can I write a good business plan in one week or less? How can I start?

What would Donald Trump do about the thousands of tax preparers that would lose their jobs if he simplifies the Tax Code?

I'm a tax lawyer. Here is my evaluation of the consequences to me of every “tax simplification that will put tax professionals out of business” plan promoted by politicians that I've seen over the past 40 years:$$$$$$$$$$$$$$$$$$$$

How can we write a business plan for a social enterprise?

Business plans for social enterprises are not very different from the business plans for commercial enterprises. The key difference is the coverage of all stakeholders and the depiction of the way resolution of conflicts if any between them will be resolved. The list below has been put together from readings available on business plans but more from my observations while sitting through scores of social enterprise business plans.Business plans should start with a clear and fact based executive summary. Often executive summaries of business plans suffer from lack of key facts and lack of clarity on what is being proposed. All stakeholders must be identified.Business plans should present and adequately justify if new business models are being proposed. Even if existing business models are being reused, they must be clearly justified. Clarify stakeholder impacts of the business models.Business plans should identify and adequately justify all the critical numbers (such as proposed price or delivery fee) - numbers that can make or break the proposed business model. Clarify stakeholder impacts of all critical numbers.Business plans should show how the social entrepreneur will reach potential buyers and then convert a good proportion of them into actual buyers. Just reaching enough buyers is insufficient. Moreover, these buyers should be willing to buy the social enterprise product based on its intrinsic value (seen as a good buy) and not just on the basis of the social cause that it supports.Business plans should identify all the potential business risks and show very clearly how all those identified risks can be covered. It should also show how all the identified risks are actually being covered in the immediate future.Business plans should clearly show how the new business fits into the social entrepreneur’s personal goals and/or the social enterprise’s business goals. Potential conflicts if any on these goals have to be clearly addressed upfront.Business plans should clearly identify those who will actually implement the social enterprise plan. Do not say that you will recruit key persons after you get the investors money - it is risky for the investor and unfavourable to you.Business plans should demonstrate adequate homework and must answer all the obvious and related questions. Interactions after presentations are best utilized for the non-obvious questions that the business plan evaluators ask!

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