One framework…two perspectives. Learn how to tell a great story and you’ll learn how to build a strong business plan framework. If you’re on a journey to build an Entrepreneurial mynddset, you’ll appreciate having a tool for your tool belt, especially one that does double duty. There is an art to storytelling. And, there’s a technique. Today, let’s consider the technique (the framework).
Drum roll……Think 5Ps.
P(1) = Problem
P(2) = Promise
P(3) = Picture
P(4) = Proof
P(5) = Pitch
Jack and Jill went up the hill, to fetch a pail of water. So…what was the problem? What were they trying to solve?
Problem = They had no water.
The simplest of stories follow the 5P framework. They lay out what someone or some group’s Problem is or was. They describe the Promise in the”how this will be resolved” part of the story. At some point, the details, the HOW, or Picture of the solution is laid out clearly. How do we know the solution will work? Some evidence is provided, even in times of doubt or if a new solution is being attempted, some level of Proof it will work is presented. Finally, the process for how others can join in on the action is shared during via the Pitch.
Now, let’s look at what a good business plan needs. Hummm…..let me think. Give me a minute. So…, we need…wait! A great business plan needs those some structural components. Interesting. A good story framework is a good business framework.
It’s a myth to think businesses need a super complicated framework to be great businesses. If you’re struggling to define your business plan, think about the 5Ps. While you build the business framework, you also craft the business story.