Duncan Knight 

When founders talk about marketing, the conversation often starts with activity. Should we publish more content, attend events, run adverts or send emails? Before deciding, step back. Who are you trying to reach? What do they need to understand? What would you like them to do next? The marketing section of your business plan should explain how you intend to reach suitable customers and help them move towards buying. It should also show what you will spend, who will do the wor

When a founder tells me their business is different, my next question is: does that difference matter to the customer? You may have built something technically impressive or developed an unusual approach. But customers need a reason to choose it over the alternatives available to them. The differentiation section of your business plan should explain that reason and the evidence behind it. You do not need to prove that nobody has ever done anything similar. You need to underst

A large market can make a business idea look attractive. But the number that matters is how many suitable customers you can realistically reach and persuade to buy. When I work with founders, I want to understand the thinking behind their market estimates. Who are the customers? How do they solve the problem today? What would make them change? Your market opportunity section should explain why there is a worthwhile business to build and where you intend to start. It should al

Writing an executive summary can reveal how clearly you understand your business. Can you explain who your customers are, why they would choose you and how the business will make money? Can you show what you have learned so far and what needs to happen next? If those answers are difficult to put into words, that is useful information. It gives you somewhere to focus your thinking. I started my first company without a business plan. Having since built businesses and worked wit

I first wrote about this subject after hearing Russell Buckley speak at a conference in 2016. His talk prompted me to think about where a startup CEO should put their attention. Returning to the article now, I would frame the priorities differently. The five below reflect my own perspective, informed by building businesses and working with founders. A CEO can be involved in almost everything, particularly early on. But involvement is not the same as making a useful contributi

In the past, people have pointed out that I say yes to helping too readily. I enjoy getting things done. If someone needs support and I can see a way forward, stepping in feels useful. But that instinct has a cost when helping becomes taking over. My own priorities wait, while the other person loses an opportunity to develop their judgement and confidence. For founders, this can become a familiar pattern. People bring you problems, you provide the answers and more decisions c

When you start a business, you can find yourself doing almost everything. Researching, selling, delivering, organising and dealing with whatever needs attention next. In my first business, much of that responsibility initially sat with me. In my second, it was shared. Being involved in everything gives you a close understanding of the business. But as it grows, the same pattern can leave important work waiting and other people depending on you for decisions they could make th

An enthusiastic conversation can feel like progress towards a sale. But enthusiasm does not tell you whether someone has the budget, authority or reason to buy. I have taken a flight expecting to close a deal, only to learn that the finance director had pulled the budget. On another occasion, I received a purchase order from an IT department and discovered that the person who signed it did not have the authority to do so. Experiences like those teach you to examine what you t

As a founder, you spend a lot of time explaining things. Your product, your priorities, your decisions and what you need from other people. It can become a habit to arrive in a conversation ready to speak. But when you are preparing your answer while someone else is talking, it is easy to miss what they are trying to tell you. You might respond to the first part, make an assumption or solve a problem they have not actually described. I sometimes find my own attention wanderin

Why did you start your business, and how much does that reason still influence the way you run it? You may have wanted independence, spotted an opportunity or felt frustrated by a problem you knew you could solve. Perhaps you wanted to earn a better living or build something with people you respected. Those reasons can change as the business grows. The work becomes different. More people depend on you. A company that originally offered freedom can begin to fill every availabl