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Using a Framework for a Business Plan

Updated: Nov 11, 2023


Using a Framework for a Business Plan

If you're looking for a framework for a business plan you and I have something in common! You’re possibly looking for something you can use as a foundation for your venture, organization or a project. A tool perhaps that can guide you through the business planning process right?


So, in this post I’m going to cover the following:

  1. What is a framework for a business plan and how is it different from other business planning tools

  2. A deep dive into one framework for business planning and some additional ones that may be of interest to you

  3. An introduction to the Mi6 Marketing Integration Framework.

Framework for a Business Plan


What is it and how is it different from other business planning tools?


According to Merriam Webster a framework is: a basic conceptional structure (as of ideas); a skeletal, openwork, or structural frame.


I like the word structure when it comes to business planning. It guides you to think about your business plan as the foundation your business. An architect creates blueprints (a framework) used to build structures . So why not apply the same approach to building a business? It makes sense right?


There are key things that need to go into designing a business plan so picking the right framework is important. There are frameworks (one of which I use extensively) that exist specifically for business planning and execution.


When deciding on which to use consider the people that creating them. Let me explain.


A good framework is something that has been thoughtfully designed, applied and tuned over time that has a specific purpose. Use frameworks that:

  1. Have been developed by people who have studied how businesses work

  2. The creators use themselves

  3. Have supportive communities, contacts and content that will help you learn more

A good framework focuses you on the key building blocks need to plan, launch and grow your venture. It is not a forty page document you write and forget about! It's your blueprint.


In my view it’s something much better and more relevant in today’s day and age. Let’s take a look at some examples.


Example of Frameworks for Business Planning


As I mentioned earlier a framework is a structure on which to build your business. The key to a good one is the quality of people and organization behind the creation of it.


Plus, it helps to be able to meet and network with people that use it. Connect with me and we can do that!


Business Model Canvas


This is my primary go to framework for my ventures and our clients. I first learned about the Business Model Canvas while reading Alex Osterwalder’s book: Business Model Generation.

business model generation

The term business model gets bandied about quite a bit especially in the tech industry and among startups. But there’s a difference between saying you have one vs. building one!


This framework is extremely important because it makes you think about your business model. Good business model creates, delivers and captures value. Something I refer, in our framework, as "value exchange".


The Business Model Canvas helps you build your business model around nine key components. Components critical to value exchange.


Watch this two minute video to learn more about it.


Here’s a more in-depth, 7 minute video, where Alex drills deeper into the Business Model Canvas.


Lean Canvas


Developed by Ash Maurya, the Lean Canvas is part of Leanstack, a continuous innovation platform that helps early-stage entrepreneurs find repeatable and scalable business models.


I like Ash and his framework. He continues to evolve it, uses it and provides entrepreneurs with resources to learn and apply it.


He recently released a new updated version of his book Running Lean which I recommend you give it a read.


The Mi6 Marketing Integration Framework


For 15 years I’ve developed our own marketing integration framework which I use for my ventures and for our clients.

Mi6 marketing integration framework

This core framework is used to discuss and set direction, establish priorities and align marketing and stakeholder development strategy.


This drives the development, implementation, management and measurement of strategies and tactics.


It focused on establishing brand preference, developing and creating value exchanges that generate business outcomes.


This blog post has been written using the Mi6 Marketing Integration Framework as my guide.

 

RELATED: Learn about the Mi6 Marketing Integration Framework

 

Summary


Frameworks are tools you can use to design an idea for a business plan, and to help your business go to market. They focus on key strategic and tactical activities to start and grow your idea, project, organization and ultimately your venture.


Want to Keep in Touch or Connect?


My social channels of choice are Twitter and LinkedIn. Feel free to follow me on either. I'm open to connecting and meeting with you if there's something we can discuss that is of mutual value and is relevant to the content I'm producing, the project and ventures I'm involved with and clients my agency serves.

Just head over to our connect with us page for all your options to be in the loop, get connected and get involved.


About the Author

Chris Herbert spearheads Mi6 Agency, emphasizing small business growth and entrepreneurship. On the agency's blog, he offers practical marketing insights and solutions to unique challenges faced by businesses. Herbert advocates for sustainable and responsible growth. His "Rural Entrepreneur Podcast" extends this mission, providing essential advice and experiences for entrepreneurs. He adopts a comprehensive approach, focusing on building sustainable businesses, community engagement, and active participation in entrepreneurial ventures.

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