Covering demand, contributors, advertisers and suppliers, suddenly we had a business plan. But none of it would have been possible if we hadn’t had a clear idea of what our business proposition was, who it was for, and who would buy it – our executive summary, otherwise known as an elevator pitch. That’s the part of the business plan that I’m most interested in, and which I feel is the most important.
To this day I don’t make formal business plans, but am always crystal clear on the concept of the business. We have a saying at Virgin, if your pitch can’t fit on the back of an envelope, then it’s too complicated. In fact, we have written many business plans on the back of beer mats and envelopes – they have gone on to become successful companies like Virgin Australia.