The following article is a sample from the full BVOP™ Ultimate Guide and is part of the preparation for the BVOP™'s modern Agile Product Management Certification Program.
A business plan is usually an official document containing certain product-related business objectives of the organization, timeframes for implementation, plan, and strategies for achieving targets and defining financial needs. The most common goal of creating a business plan is to apply for funding, but it also serves as a guide for internal teams for further steps and implementation guidelines.
The most common goal for creating a business plan is an intended application for funding or presenting plans to board of directors and other stakeholders, but it also serves as a guideline for internal teams for next steps and further implementation processes. The business plan may be a source for creating non-formal documents and resources like product visions, high-level initial roadmaps, project plans and etc.
A business plan may contain the following information in details:
- Executive summary
- Mission statement
- Business description
- Business environment analysis
- SWOT analysis
- Industry background
- Competitor analysis
- Market analysis
- Marketing plan
- Operations plan
- Management summary
- Financial plan
The Business Value Oriented Product Management (BVOPDM) office representatives may participate in the creation of formal business plans which may be a time-consuming activity. The main focus of the BVOPDM office representatives is creating clear, simple and concise documents containing rationalized subjects. Example of such a document may be the popular Product vision.
Product vision may be a simple document, chart, table, spreadsheet or a graphical canvas that may contain at least 3 needed categories of information about the product as a minimum:
- Target group
- User needs
- Business goals
These three categories of information provide at least what the target audience is, what its needs are, and how the organization will benefit from the realization of a product in that respect.
The Business Value Oriented Principles (BVOP) require as a minimum these groups of information collected and validated before any teams start any further research and development processes.
The product vision information may be collected from product management roles, internal organizational teams, third parties or it may be any other source of information that is meant to be valuable.
Extending the product vision is the next logical step. More categories of information may be included in the product vision such as:
- Initial product description
- Competitors strengths and weaknesses
- Cost factors
- Detailed users analysis
- Channels of distribution
- Value proposition
The product vision serves as a reference for all teams and stakeholders. All initiatives, additional research and development activities, and ready production need to be assessed against the information collected in the document.
Any new, valid and useful information about the product should be reflected in the document in a timely manner.