Video: What is a back of the envelope business plan?
My friend and accountant Bob Cole used to say that he loved when entrepreneurs came into his office with a business plan that fit on the back of an envelope. It made it easy to grasp the essence of what the business was trying to do, how it would work, and the amount of profitability. As businesses grow, we often lose sight of the essence and simplicity of the key drivers of what makes our business successful. Then it’s time to return and write it all down on the back of an envelope again.