How To Write a Business Plan Part 5 – Your Solution Slide
Summary
Part 5 of How to Write Your Business Plan where I give you an easy to fill in the black formula to build your Solution Slide in two shakes of a lambs tail!
You’ve set things up, gave your elevator pitch, set up the problem your product addresses and now you lay down the solution.
I explain exactly how to do it in this episode.
Complete this slide and you’re well on your way to building your business plan!
A full transcript of the How to Build Your Solution Slide podcast episode is below
Hey, everyone, welcome to another episode of Build a business success Secrets. I’m your host, Brandon C White. And today we are on part five of our series on how to write a business plan in 13 slides. Today we’re covering your solution slide with an easy to follow formula. And hopefully you got your problems slide completed from the last episode.
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Let’s Not Waste another second. Let’s get to your solution side All right. Today we are going over your solution side, which is part five of our series.
A quick review on Part one we went over the overview of the 13 slides that we use for this formula.
On Part two. We went over your elevator pitch and gave you a very simple to follow formula. Fill in the blanks to get the elevator pitch started.
On Part three we went over three mistakes to avoid when building that elevator pitch that you definitely do not want to make. So if you missed that episode, it is Episode 12 part three of how to build a Business plan. Three mistakes to avoid to make sure you check out that.
And then in part four, we went over your problem. Slide with another formula that you could fill in the blanks and nail that.
And today we are onto how to build your solution slide in your business plan. And like the other episode, you guessed it or the other slides. You guessed it. I have a way for you to do this relatively easily.
Now, I do want to explain that you are setting up a story. We gave an introduction to our company. We set up the problem, and now we’re going to give the solution.
We’re going to talk about a solution to the problem, which is a description of our product or service. So what you do on this slide is you give three reasons or three things. That’s a solution.
And you put a really concise summary. I need to be using at least 32 point font on this and you want to do something like this on it. You have three solutions now.
We’re not going to mention our product by name just yet, because in the problem, we didn’t say we have X Y Z. We’re really just describing a situation. That is a problem. So in this we are just describing the solution to that problem, which obviously is a description of our product, which will come in the next slide.
On this slide, you want to give a very concise, simple in a few words. I’m saying there’s many different ways to you on purpose. It needs to be short and you give that one line, and then you describe what that solution does. Let me give you an example we used in the last part the File Finder company.
So we’ll use that real quick again, and I’ll give you another example. The problem in that is that it’s hard to find files in your email and or cloud drives, and people get frustrated because you just waste so much time. And existing solutions are broken because they work on a certain type of search, which isn’t how you remember things and can’t remember enough things around files to find them. In six months and they get frustrated, you pull out your hair and go crazy.
A solution to that is a way that indexes all of your files in a way that you understand and can recall them and it saves time. It’s simple to use, and there’s less stress.
Let me use another example that we used in the last part around this product itself. The build a business while you’re listening. And in that case, it’s an easy to follow formula to build a business including your business plant, and it saves you time. It’s simple to understand, and there’s less stress.
So a description of that would be simple to follow formula that saves you time Simple to understand, unless stress you can take this and almost use it for anything. Let me give you another example that we haven’t used in the series yet, but I think will be hopeful to you and understanding it.
So we’re going to use Airbnb, which I’m sure you are probably familiar with. The new way to stay at a location and their solution slide was this a Web platform where users can rent out their spaced to host travelers to save money when travelling, make money when hosting share culture and local connection to the city.
Notice they did not mention Airbnb their brand, but they answered the solution to the problem, which in their case is price is important concern for customers booking travel online hotels leave you disconnected from the city and its culture and there no easy way exist to book a room with lead, local or become a host. That is their problem and then their solution.
So you can see that what we’re talking about here are problems and solutions, not necessarily our product yet because we’re telling the story and we’re setting up the story and leading a person down a path that makes sense. Here’s a problem. And here’s the solution, and then your next slide.
You guessed it, but we’ll go over in the next part is your product side. They’re going to say, Oh, by the way, here’s what our product does and now it starts to make sent to someone who’s following you, and you will use this structure that you are setting up here in everything that you do.
That’s the beauty of this formula is that it’s not just your business plan. It’s just not a pitch for investors. It’s not just your road map to your team. It’s not just a recruiting deck to recruit team members or board members or any advisors, whatever. Whoever you’re trying to get as part of your larger team, it’s actually the framework that you would use for your marketing, your sales and marketing strategy.
Because this is your message and you’re making it so easy to understand that someone says, I want that That’s the going er so that is your solution slide for today.
In our next part, we will go over your product, and I will describe how to set that slide up and what we put in it, so that it flows with the last few slides and as a review.
Here’s what we’ve done. We’ve gone through your first lied where you give your elevator pitch. We set up the problem. Now we have the solution. Very logical. Easy for someone, Understand? So put this formula to work, write it down and get ready for the next episode, where we go over your product slide pretty easy to follow formula right now.
Look, if you are having a little bit of frustration getting this to fit your business, don’t worry. That is normal. Making these things simple is hard, but the magic is is that once you can make it simple, for people to understand. You are going to be amazed at how people respond to your message.
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