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Your Next Five Moves Master The Art Of Business Strategy Patrick Bet David

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How to Write a One-Page Business Plan It's not as hard as you think.

By Patrick Bet-David Jan 31, 2017

Opinions expressed by Entrepreneur contributors are their own.

Starting a business is no easy feat, and at the backbone of every business is a solid business plan . Before those words scare you, you'll be happy to know there's a simple way to do this.

In this video, Entrepreneur Network partner Patrick Det-David explains how to write a one-page business plan.

There are two ways to go about writing your business plan: Spend six or more hours a day detailing out a plan and reading it over every month -- or, gather all of the information and knock it out in one page.

If you chose the latter, here are some quick tips to help. Think of your business plan like a relationship , and brainstorm everything that's connected to it ( goals , financial health, interests etc.). Write down the various categories that you've just listed and begin researching each -- what can you change? What can you add? These things are the core of your plan.

After you've written those things down -- you're almost finished. Add a title and review and revise your plan daily.

To learn more, click play.

Watch more YouTube videos from Bet-David on his channel and check out his new book Drop Out And Get Schooled .

Related: How to Strategize as an Entrepreneur

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How to write a One Page Business Plan: templates, ideas, and a step-by-step guide

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Download our FREE one page business plan template + guide

The problem with business plans, using a one page business plan, vs. using no business plan at all, vs. a lengthy, drawn out business plan, the one page business plan bias, so what should you include in a one page business plan, examples of successful one page business plans, chris guillebeau’s one page business plan from the $100 startup, fizzle’s one page business sketch template, bplan’s one page business plan template, how to write a one page business plan from patrick bet-david of valuetainment, millo’s own one page business plan template & step-by-step guide, some final encouragement about your one page business plan, show me your one page business plans.

Writing a one page business plan (instead of a hundred-page, in-depth business plan no one will ever read) has become a popular and efficient way to get your small business moving in the right direction.

This article is meant to be an all-inclusive resource for anyone wanting to write their own one page business plan and use it to actually start a business .

I’ll include links to quality one page business plan templates, ideas for what to include in a business plan, and more resources to walk you through the process of building a one page business plan yourself.

If you’re ready to skip all of this and just want to download our one page business plan completely free, you can enter your email below and we’ll send it to you asap. Otherwise, keep reading.

Here’s the fundamental problem with business plans—I’m not talking about a one page business plan here, I’m talking about the typical business plan you might see in silicon valley or presented to a bank loan officer.

Therein lies the issue: if you’re looking for a one page business plan template, you’re most likely not headed to the bank to try and get some huge loan to start your business.

Like millions of people around the world, you’re probably a freelancer, a side-hustler, a solopreneur or aspiring to be one of these.

You’re not trying to start the next huge corporation. You just want to make some extra money on the side—and maybe eventually quit your job and work for yourself.

For this much more common purpose, a one page business plan is the exact perfect remedy.

Why? Because by putting all your business plans onto just one single page, you’re forced to do a few things:

• Prioritize: Limiting your business plan to one page means you can only include the most important elements of your new small business.
• Simplify: When you’re dreaming up what your business might look like in the future it can be really easy to get carried away. By limiting your business plan to one page, you force yourself to keep it simple.
• Organize: Instead of letting all your dreams and plans swirl around in your brain, putting them down into a simple one page business plan allows you to quickly organize and move forward.

By forcing yourself to prioritize, simplify, and organize, you’ll find you can get down to what’s more important in your business: actually getting work done and getting paid for the work you do.

Let’s compare what your first 6-12 months of business might look like with a one page business plan vs. no business plan at all vs. a lengthy, drawn out traditional business plan.

Your first 6-12 months might look something like this if you choose to develop a one page business plan:

You come up with an interesting business idea that you want to explore. You jot down a few ideas including how you’ll make money, what you’ll be selling, and how much you’d like to make doing what you’re doing.

After just a couple of hours total working on your one page business plan, you’re ready to get to work on the tasks that actually move your business forward.

Your first 6-12 months might look something like this if you choose to use no business plan at all:

You come up with an interesting business idea that you’d like to explore. Instead of writing anything down, you decide to sketch out what your logo might look like.

The logo sketching leads to a dead end but reminds you of another business idea you once had in college. So you talk to your friends about that business idea for a while.

A year later, you’ve followed a similar pattern with dozens of potential ideas, but without a business plan, none of them ever came to fruition.

Your first 6-12 months might look something like this if you choose to use a long, drawn-out business plan instead of something that fits on one page:

You come up with an interesting business idea that you’d enjoy exploring further. You start to crunch the numbers on what this might look like if it gets really big and successful.

Knowing you’ll need funding from angels or the bank, you decide to draft up a large document explaining what actions your small company will take over the next 5-10 years to ensure your lenders get their money back.

You go through so many revisions of this hundred-page document, you finally burn out and decide it’s easier just to keep your day job.

Ok, obviously, I’m biased toward the one page business plan scenario. It’s clean, it’s easy, it’s simple. But most of all, it gets you to take action…quickly!

When I was contemplating taking my own business full-time, I called up my dad who, my whole life, has been talking about entrepreneurship and inventing. If I had a dollar for every time my dad said something like “that’s a great business idea” or “I can’t believe no one has made a business out of that yet,”….well, I would never need to work again.

But my dad…he’s not in business for himself.

He never has been, really. He’s always been at a desk job. And I admire him for his persistence in taking care of our family.

One day I called him up and asked him: “why did you never try to build a business of your own?”

His response, among other things, was he couldn’t wrap his brain around how to build a business plan, get funding, and find the right manufacturing (all of which, might I add, were infinitely harder 30 years ago than they are today).

Why do I tell you this story? Because I’ve seen it a thousand times in lots of variations: people get overwhelmed with what they think they need in order to start a business.

One of those overwhelming tasks: building a 40-page business plan complete with competitive SWAT analysis, positioning statement, and blah blah blah.

So it kills your idea.

On the other hand, using a one page business plan lights a fire under you and pushes you forward into the work that matters more than the planning: the actual doing.

Okay, enough talking about a one page business plan. You’re convinced. Putting all your plans down on one simple piece of paper is going to be better than any other option.

But where do you start? What exactly do you put down in your one page business plan to really make it effective without being too complicated?

Remember, a one page business plan is much different from a 70-page plan primarily because this plan isn’t meant to be shown off to other people in an effort to gain support or get funding.

This business plan is primarily for one person: you.

That means there are lots of things you might find are recommended to go in a typical business plan. But that doesn’t mean they should be in your one page plan. Examples include “Executive Summaries,” “Management Organization” or “Funding Requests.”

Don’t waste your time on that kind of thinking for now.

Instead, include the most important elements of your new business only. Here are a just a few ideas to get you started:

• Company Description: What will your company do? What exactly will your company sell? Will you provide a service? Sell a product? To whom? Why?
• Products or Services: What products or services will you offer? How much will they cost in the beginning?
• Marketing and Sales: How will you get your first customers? Who will pay you for your service or product?
• Goals and Milestones: How many customers do you need to make this business “successful”? How long will it take to get the ideal number of customer or monthly revenue?

There are countless examples of business plans on the internet, but below, I’d like to highlight a few of my favorite approaches to one page business planning from some of the smartest people I personally know in the world of solopreneurship and small business.

Note: PLEASE don’t pay for an app or software to help you write a one page business plan. Maybe down the road you’ll need something like that, but keep it simple and download one of the free options below or just get out a blank sheet of paper and create your own.

Chris Guillebeau, author of one of my all-time favorite business books, The $100 Startup , offers a free one page PDF that’s pretty great.

It asks simple questions like: What will you sell? Who will buy it? And How will your business idea help people?  

I also love how Chris’s one page business plan focuses on success metrics—or what the business will look like if it’s “successful.” Will have it have a certain number of customers? A certain amount of monthly revenue?

This allows you to put an actual end point or goal on your one page business plan so that you know exactly what you’re working toward.

You can access Chris’s one page business plan here .

Another great resource to get you moving quickly toward your business goals is the Business Sketch Template provided my my friends at Fizzle.co.

Here’s what they have to say about one page planning:

“It might seem surprising or impossible to imagine that all of the most crucial pieces of your business can fit onto one page. At Fizzle, we call this plan a sketch: it’s meant to be completed quickly, if not a bit roughly, but the objective is still to put pencil to paper.”

What I like about Fizzle’s business sketch template is that it starts with the center focus on Key Metrics and prompts you to ask questions like “What will you measure to determine that this audience has this problem and wants this solution?”

As big proponents of building a small, lifestyle business, It’s no surprise this template also includes some unique sections like “personal fit” which force you to ask questions about how the business will interact with your daily life, personal passions, and life goals.

You can access Fizzle’s one page business sketch template here .

Another potential one page business plan is presented by Bplan.

Here’s what they have to say about “a new kind of business planning.”

“A business plan no longer needs to be a long document that takes weeks to write and research. It’s not something that you print, bind professionally, and then stick on a shelf. You probably only need a formal, traditional business plan if you’re seeking a bank loan or outside investment—you’ll be expected to provide one in those instances.”

With that, they offer some great advice on how to write a business plan in under 1 hour .

You can download their “lean business plan” template here .

If you prefer to learn by watching a video, I found this video is a pretty great resource to help you with your one page business plan. I don’t agree 100% with everything he says, but I like his overall approach to tackling business planning.

After studying this topic extensively—reading hundreds of articles and looking at lots of one page business plan templates, we’ve decided to include a free download of one of our own templates as well.

Our one page business plan template is tailored particularly to freelancers and solopreneurs—one-person businesses who want to stay small and build a healthy revenue for themselves and their loved ones.

Our one page business plan template is designed to be completed in less than 45 minutes and give you the ammunition you need to hit the ground running—instead of getting stuck in the details of starting a business.

You can download our free one page business plan template by entering your email below:

Before you go, here are some final words of encouragement and advice when it comes to planning your business.

First of all, you can plan everything you need to on just one page. At least for now.

Sure, one day you might need a more lengthy, in-detail plan to present to someone else, but for now, give yourself a break. You don’t have to write a plan that Mark Cuban would be proud of. You just have to write a plan that helps you get from point A to point B.

Secondly, don’t get stuck at this phase. If you have to, time yourself. Set a time limit of 45 minutes (or whatever amount makes sense for you). And when the timer’s up, it’s time to get back to work actually starting or building your business.

Finally, use this one page business plan as a compass, but be flexible. The point is to give yourself a roadmap, but just like your GPS has to “reroute” when there’s an unexpected obstacle, you might also need to pursue a different path, different method, or different goals as you go along.

In fact, I’d say it’s next to impossible to build a business plan of any kind and then stick to it 100% over any significant amount of time.

There will always be unforeseen obstacles and changes. There will always be hiccups. The idea is to just write your business plan .

Roll with the punches and something as simple as a one page business plan can take you far.

After you draft up your one page business plan, I’d love to see what you landed on. Share a link with me in our mastermind group , by leaving a comment below, or sharing on twitter .

I can’t wait to see what you’ve done. Good luck!

Keep the conversation going...

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Written by Preston Lee

Editor at millo.co.

Preston Lee is the founder of Millo where he and his team have been helping freelancers thrive for over a decade. His advice has been featured by Entrepreneur , Inc , Forbes , Adobe, and many more.

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Choose Your Enemies Wisely

The much anticipated follow-up to the #1 Wall Street Journal bestseller Your Next Five Moves , Patrick Bet-David reveals his business planning secrets for writing a plan to create a sustainable, multi-generational business. Published by Portfolio/Penguin Random House and sure to be an instant classic.

Order Today

You know who your competitors are. But your enemies are a whole other matter. They're the haters and the doubters who said you'd never make it, the ones who stomped on your dreams. When you think about your enemies, you get emotional. You feel like you won't let anything—or anyone—stop you.

In Choose Your Enemies Wisely , Patrick Bet-David, #1 Wall Street Journal bestselling author, founder of Valuetainment, and host of The PBD Podcast, shows how to harness that emotion to turbocharge your business, dominate this year, and grow for generations after.

But first, you need to choose your enemies wisely.

Read Choose Your Enemies Wisely if you are a visionary, dreamer, and big thinker. Where you are now in your business journey doesn't matter. By following Bet-David's plan, you will set up your business for sustainable success and accomplish your most audacious goals.

Endorsements.

"One of the best lessons my dad taught me is that 'adversity is a terrible thing to waste.' You can’t control what challenges life throws at you, but you can decide how you react to them, how you let them fuel you. In this inspiring book, Patrick Bet David unpacks this idea brilliantly, and lays out a step by step path that will help you bring your business dreams to life."

Will Guidara

national bestselling author of Unreasonable Hospitality

"While Choose Your Enemies Wisely is an excellent guide to creating a business plan that will accelerate your company’s success, it is also, at its core, an ode to American capitalism—and Bet-David is living proof that anyone can achieve their wildest dreams, with the right motivation."

Ken Langone

Co-founder of The Home Depot

"Patrick understands and can see the entire big picture, which very few can do. He is able to use that insight to inspire and motivate individuals to reach their highest goals."

Tommy Mottola

Former Chairman and CEO of Sony Music

“Patrick is one of the most exciting thinkers I've had a chance to converse with.”

Author of Principles: Life and Work

“Patrick is one of the most driven goal oriented individuals that I have ever met. What he has done has inspired so many including myself. I am not only a friend I am a fan.”

Actor, Comedian

“Patrick is unusual because he's a highly successful business person but he's [also] a thinker… Plato would've called him a philosopher-king.”

Robert Greene

Author of The 48 Laws of Power

“[I believe in and follow] Patrick Bet-David. He has the drive and the fire to make a difference.”

Steve Wozniak

Co-Founder of Apple

“A former veteran himself, Patrick's teaching style and story is now inspiring other veterans to become entrepreneurs.”

Robert Kiyosaki

Author of Rich Dad, Poor Dad

“Patrick helps entrepreneurs understand exactly what they need to do next.”

Brian Tracy

Author of Eat That Frog!

Bet-David has spent years perfecting the system that led to the knockout success of his own financial services company. Now, Bet-David shares the secret behind this system: his 12 Business Building Blocks, which will teach you how to seamlessly blend emotion and logic in your business plan. Both a practical document for achieving goals and the fuel needed to fire up yourself and your team, this plan goes beyond the “how” and digs deeper into the “why”: not only how you’ll get funding, but why you need long-term vision; why you must build a culture that makes employees want to run through walls; why you have to know the enemy you’re out to prove wrong. Straightforward and simple, the steps in this book will lead you to move the levers that create exponential growth and lasting success.

About Author

Patrick Bet-David immigrated to America at twelve years old, when his parents fled Iran as refugees during the Iranian Revolution. After high school, Patrick joined the U.S. military and served in the 101st Airborne before starting a business career in the financial services industry. At age 30, he founded PHP Agency, an insurance marketing organization with 66 agents. He grew the firm to 40,000 agents before making a multi-nine-figure exit.

A serial entrepreneur, Bet-David founded Valuetainment, which became the #1 YouTube channel on entrepreneurship with nearly a billion views, and expanded into a media, consulting, and production company. He hosts the PBD Podcast, the #1 business podcast on Spotify. He lives in South Florida with his wife and four children.

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BUSINESS PLANNING

Workshop 2023, december 15th, virtual event hosted by patrick bet-david, do you want 2024 to be the biggest year of your career.

• Do you make New Year’s resolutions that you don’t keep—and want next year to be different?
• Do you want a roadmap and game plan to lead your team to create a strategic plan?
• Do you have the motivation but lack the know-how to scale and raise capital?
• Do you want to learn from someone who has been there and done that?
• Are you looking for ways to take your business to the next level?

Then you should attend the Virtual Business Planning Workshop with Patrick Bet-David. For over 20 years, Patrick has been helping businesses grow and reach their full potential. He knows what it takes to create a successful business, and he’s sharing his knowledge with you in this workshop.

You’ll learn how to develop a business plan, set goals that will drive your business forward. You’ll also discover how to use emotion and logic in your business plan to help scale your business for long-term success.

If you’re serious about taking your business to the next level, register for the Virtual Business Planning Workshop today.

Fire in me reignited! I realized I stopped doing what i did to reach the level I have in my business. My growth and expansion stopped because I neglected to continue to feed the baby.

HOST & KEYNOTE

Patrick bet-david, founder & ceo of valuetainment.

• Founder and CEO of a financial services firm
• Creator of Valuetainment, the #1 YouTube channel for entrepreneurship with 3 million subscribers
• Author of the #1 Wall Street Journal bestseller Your Next Five Moves
• Thought leader, keynote speaker, and business mentor
• Army Veteran who served in the Army’s 101st Airborne 

GUEST SPEAKER & PANELIST

TOM ELLSWORTH

Teacher, mentor and business driver.

• Tom leads corporate development and strategic initiatives at PHP Agency
• 25 years of experience as a CEO, President, and founder with start-ups and mid-stage companies, disrupting Insurance/Financial Services, Enterprise Software, and Mobile while generating exits/transactions totaling over $1.2B.
• Tom holds an MBA from Pepperdine University and a Bachelor’s degree in Business Administration – Marketing from California State University, Northridge.

WHAT YOU'LL GET AT THE WORKSHOP:

You will have your own fill in the blank workbook with 100+ pages. This will help you stay on track throughout the year. The secret is to include emotion and logic in the plan. Track your progress with weekly or monthly check-ins.

Tom Ellsworth's blueprint for finding investors and raising capital starts with a great business idea. But that's just the beginning. You also need to have a clear understanding of your business model, your target market, and your financial projections. Only then can you start pitching your idea to potential investors. And even then, it's not guaranteed that you'll get funded. That's why it's so important to do your homework and put together a well-crafted pitch that conveys both the potential of your business and the strength of your team. If you can do that, you'll significantly increase your chances of raising the capital you need to get your business off the ground.

A successful project depends on careful planning. By taking the time to develop a detailed plan, you can avoid many of the pitfalls that can lead to project failure. A good plan will help you to define your goals, and it will provide a roadmap for achieving them while also creating accountability into the plan. This is a great way to ensure that you stay on track with your goals. By setting up a system of accountability, you can keep yourself accountable for meeting your goals.

WHAT IT'S LIKE TO STRATEGIZE WITH PBD?

TAKE YOUR BUSINESS TO THE NEXT LEVEL!

Join Patrick Bet-David for a full day workshop on how to create, scale and maximize your business and personal goals. He will be teaching you everything he knows about business planning so that you can achieve success in the upcoming year.

By the end of this workshop, you will have all the tools you need to make your 2024 goals a reality. You’ll be able to apply what you learn immediately and see results. Register now before it fills up!

Reserve your spot today before it fills up!

TAKE THE FIRST STEP TO MASSIVE SUCCESS!

Choose your experience, early bird pricing ends november 18th.

• Virtual Seat for Main Session
• 100 Page Digital Workbook
• 2 week access to replay recording
• Ability to submit questions
• Access to virtual breakout rooms

• 4 week access to replay recording
• LIVE Q&A interaction with PBD (100 people)
• 2 Hour Private Q&A after main session

• In Person Seat for Main Session
• 100 Page Physical Workbook
• Lifetime Recording
• Ability to ask questions in person
• Limited in Person Group (MAX 20 people)
• LIVE in person Q&A interaction with PBD
• Networking Lunch

December 15th, 2023

• 9:00am - 12:00pm Session I
• 12:00pm - 1:00pm Lunch
• 1:00pm - 5:00pm Session II
• 5:00pm - 6:00pm Dinner Break
• 6:00pm - 8:00pm **Elite Session

Taxes and processing fees are already included in the price as listed.

Yes, we offer a 20% discount to active service members, veterans, and students. Please contact the team to process discounted offer.

Replay capability varies depending on the ticket you buy. Please check available options here .

There will be a webinar link sent out to all attendees in early December with details on how to access the business planning webinar live stream. This link will also be sent out one week prior, the day before and day of. 

For this virtual event there is a no refund policy, if you are unable to watch the live stream on the day of, then you will have access to the recording to make sure you don’t miss out on anything. 

The virtual business planning webinar will take place on December 15th, and it starts at 9AM EST

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Choose Your Enemies Wisely

Description.

What’s the difference between your competitor and your enemy? You know who your competitors are. You keep tabs on them regularly, and can list them calmly, along with their strengths and weaknesses. But your enemies are a whole other matter. They’re the haters and the doubters who said you’d never make it, the ones who stomped on your dreams. When you think about your enemies, you get emotional . You feel like you won’t let anything—or anyone—stop you. In Choose Your Enemies Wisely , Patrick Bet-David, #1 Wall Street Journal bestselling author, founder of Valuetainment, and host of The PBD Podcast , shows how to harness that emotion to turbocharge your business, dominate this year, and grow for generations after. But first, you need to choose your enemies wisely. Bet-David has spent years perfecting the system that led to the knockout success of his own financial services company. Now, Bet-David shares the secret behind this system: his 12 Business Building Blocks, which will teach you how to seamlessly blend emotion and logic in your business plan. Both a practical document for achieving goals and the fuel needed to fire up yourself and your team, this plan goes beyond the “how” and digs deeper into the “why”: not only how you’ll get funding, but why you need long-term vision; why you must build a culture that makes employees want to run through walls; why you have to know the enemy you’re out to prove wrong. Straightforward and simple, the steps in this book will lead you to move the levers that create exponential growth and lasting success. Read Choose Your Enemies Wisely if you are a visionary, dreamer, and big thinker. Where you are now in your business journey doesn’t matter. By following Bet-David’s plan, you will set up your business for sustainable success and accomplish your most audacious goals. * This audiobook edition includes a downloadable PDF that contains important visual aids from the book.

• Patrick Bet-David - Author
• Greg Dinkin - Author
• Patrick Bet-David - Narrator

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• ISBN: 9780593791677
• File size: 233372 KB
• Release date: December 5, 2023
• Duration: 08:06:11

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• File size: 233407 KB
• Duration: 08:11:07
• Number of parts: 9

OverDrive Listen audiobook MP3 audiobook

Business Nonfiction

Publisher: Books on Tape Edition: Unabridged

OverDrive Listen audiobook ISBN: 9780593791677 File size: 233372 KB Release date: December 5, 2023 Duration: 08:06:11

MP3 audiobook ISBN: 9780593791677 File size: 233407 KB Release date: December 5, 2023 Duration: 08:11:07 Number of parts: 9

• Formats OverDrive Listen audiobook MP3 audiobook
• Languages English

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Patrick Bet-David | WSJ # 1 Best Seller | Founder Valuetainment

Private mentoring, monthly mastermind, elite mastermind, talk to a pbd business consultant, take the personality quiz, choose your enemies wisely.

Patrick Bet-David has spent years perfecting the system that led to the knockout success of his own financial services company. 

Now, he shares the secret behind this system: his 12 Business Building Blocks, which will teach you how to seamlessly blend emotion and logic in your business plan. 

Both a practical document for achieving goals and the fuel needed to fire up yourself and your team, this plan goes beyond the “how” and digs deeper into the “why”: not only how you’ll get funding, but why you need long-term vision; why you must build a culture that makes employees want to run through walls; why you have to know the enemy you’re out to prove wrong. 

Straightforward and simple, the steps in this book will lead you to move the levers that create exponential growth and lasting success.

WALL STREET JOURNAL - BEST SELLING AUTHOR

Both successful entrepreneurs and chess grandmasters have the vision to look at the pieces in front of them and anticipate their next five moves. In this book, Patrick Bet-David translates this skill into a valuable methodology that applies to high performers at all levels of business.

Whether you feel like you’ve hit a wall, lost your fire, or are looking for innovative strategies to take your business to the next level, Your Next Five Moves has the answers.

INFLUENCER THOUGHTS ON PBD

CREATOR. PERSONALITY. AUTHOR

Patrick’s amazing story starts with his family immigrating to America when he was 10-years old. His parents fled Iran as refugees during the Iranian revolution and were eventually granted U.S. citizenship. After high school Patrick joined the U.S. military and served in the 101st Airborne before starting a business career in the financial services industry. After a tenure with a couple of traditional companies, he was inspired to launch PHP Agency Inc., an insurance sales, marketing and distribution company – and did so before he turned 30. 

Patrick also created Valuetainment, a media brand with the purpose of teaching fundamentals of entrepreneurship and personal development while inspiring people to break from limiting beliefs or other constraints. It has been referred to as “the best channel for entrepreneurs” online and has evolved into an emerging media network providing news, other content partners and a weekly podcast. Patrick speaks on a range of business, leadership and entrepreneurial topics including how and why to become an entrepreneur and the importance of learning how to fully process issues.

WHATS YOUR NEXT MOVE? TALK TO A PROGRAM DIRECTOR

Get a custom plan for you or your company.

Have your team strategize and brainstorm your next moves to scale the operation, management or competitive strategy.

PDF Summary: Your Next Five Moves , by Patrick Bet-David

Book summary: learn the key points in minutes..

Below is a preview of the Shortform book summary of Your Next Five Moves by Patrick Bet-David. Read the full comprehensive summary at Shortform.

1-Page PDF Summary of Your Next Five Moves

What do master chess players and master businesspeople have in common? Both always plan five steps ahead. In Your Next Five Moves, entrepreneur Patrick Bet-David argues that what distinguishes exceptional business leaders from average ones is their ability to anticipate future events and plan effectively for them—ideally by thinking five steps ahead. To turn you into a master business planner, Bet-David presents five strategic steps you must start taking now: learn about yourself, improve your problem-solving skills, create a winning team, expand your business, and position yourself as an industry leader.

In each step, we’ll describe how you can enhance your ability to strategize for long-term success. We’ll also connect Bet-David’s ideas to those of other entrepreneurs and business leaders, such as Eric Ries ( The Lean Startup ) and Gino Wickman ( Traction ), so you get the greatest insight on how to build a successful long-term strategy for your business.

(continued)...

Bet-David thinks giving employees the opportunity to earn equity is the best form of compensation because they’ll feel they have a stake in the success of the company and will work harder to make it succeed—a win-win.

(Shortform note: In Zero to One , Peter Thiel provides additional context for why equity is a good form of compensation. He argues that when employees—Thiel focuses in particular on CEOs—work for equity, they shift their thinking from short-term to long-term, which leads to healthy, sustained growth for the company.)

Task 3: Build the Right Culture

Once you’ve hired the right people and incentivized them to stay, build a company culture, says Bet-David. Culture is critical because for employees to put in their best effort, they must identify with the company and its values .

(Shortform note: In his book, Bet-David lists culture as the third step of creating a winning team, after retaining employees. However, others see establishing a strong culture as preceding the successful retention of employees . This is because when employees feel like they’re part of a culture and community, they’re more likely to stay.)

According to Bet-David, you can build culture by creating a set of company principles (for instance, honesty and diversity) and acting on them (for example, by leading CEO Q&A sessions and establishing a diversity, equity, and inclusion committee). Behaving in accordance with your principles lends you credibility in your team’s eyes.

(Shortform note: In How Will You Measure Your Life? , Clayton M. Christensen agrees with Bet-David that it’s critical to enforce your cultural values. If you don’t, the values and methods employees currently use will become the culture . If those values and methods are undesirable (or even illegal), then you’ve lost control of the culture and possibly the company.)

Additionally, encourage constructive honesty by communicating your expectations and whether employees are meeting them, writes Bet-David. Tell your team to create healthy conflict by challenging each other to improve based on the company’s principles.

(Shortform note: Kim Scott’s concept of radical candor is arguably a more nuanced look at Bet-David’s constructive honesty, which Scott applies mostly to supervisor-employee relationships. Scott breaks radical candor into two components: showing care for the employee and showing a willingness to have difficult conversations that improve their work . When it comes to inter-employee relationships, Scott believes employees should practice radical candor in a healthy debate culture . By teaching your subordinates to demonstrate care and honesty toward each other during debate, you encourage them to improve each other’s ideas without draining anyone’s emotional energy.)

The Fourth Step: Grow Your Business the Right Way

In the first three steps, you learned about yourself, developed the ability to solve problems, and learned how to create a winning team. With these pieces in place, let’s now move on to growing your company. According to Bet-David, there are seven parts to this growth process:

Part 1: Raise Funds

To grow, first, think about how to raise funds, counsels Bet-David. How you do this depends on the degree of control you want to maintain: The more money you raise from outside investors who then gain a stake in your business, the more control you sacrifice. Conversely, funding yourself means maintaining control but risking running out of money. Bet-David believes outside funding gives your company a huge security boost and recommends this route.

(Shortform note: Bet-David asserts that often when you accept outside funding, you cede a degree of control to the investor. To help determine whether to accept an investment from a party that wants control over the company, ask yourself if you’d be okay ceding control if you and the investor agreed on major decisions about the company . If you agree on major points, then giving up some power won’t entirely transform your company in a way you’d dislike. If you still wouldn’t be happy ceding control, ask yourself how urgent the investment is and if you can afford to continue looking for a less controlling investor.)

The best way to gain access to funding is through mentors with connections, claims Bet-David. Explain to them why you must raise money, how you’ll use it, if you want investor input, why you’re worth investing in, and if you plan to eventually sell the business. Knowing this shows them you’re serious and worthy of being connected to investors.

(Shortform note: Even if you provide your mentor with the information Bet-David recommends, they still might not want to connect you to investors unless you give them something in return. In Never Eat Alone , Keith Ferrazzi proposes that in exchange for their help, you can offer your mentor loyal support in the future . For example, if they embark on their own business venture, you can loyally support them by using your social media platforms to promote their work.)

Part 2: Find Ways to Grow Both Steadily and Aggressively

According to Bet-David, use your funds to grow both linearly—through steady progress in areas like supply chains and administrative protocols—and exponentially—by making significant, rapid progress in areas like leadership development and innovative business ideas. Inspect your weaknesses and determine where there’s an opportunity to grow linearly and exponentially.

(Shortform note: Bet-David presses you to find areas of your business you can expand both steadily and aggressively. But in Blitzscaling , Reid Hoffman and Chris Yeh argue that if your company is in an internet technology-based field, you should only focus on rapid expansion. This is because internet companies have the potential to grow much more quickly than traditional companies. If you don’t take big risks to scale as quickly as possible , other internet companies will dominate the market ahead of you.)

Part 3: Press Employees to Grow Along with the Company

The third part of growing your business is to press employees to meet the career goals they’ve set for themselves, says Bet-David. This compels them to rise to the challenge and grow along with the company. Additionally, when you pressure employees to improve, they do the same to each other. This elevates the competency level of the entire organization, leading to sustained growth.

(Shortform note: In The Oz Principle , Roger Connors and Tom Smith agree with Bet-David that employers should hold employees accountable for achieving goals and that employees should hold themselves accountable for achieving those goals . To encourage this kind of accountability, Connors and Smith suggest teaching employees that accountability doesn’t mean blaming themselves for everything that goes wrong. Rather, it means doing whatever is within your power to improve your odds of success .)

Part 4: Build and Maintain Momentum

To grow as a business, you must build and maintain momentum, asserts Bet-David. Here are three methods for doing so without letting the momentum get out of control:

(Shortform note: Bet-David recommends building momentum but doesn’t clearly define what “momentum” means to him. We can conceive of momentum in business as the continually increasing ability to succeed easily in whatever new venture or campaign a company attempts .)

Method #1: Build Internal Trust

Build momentum by fostering trust among employees , writes Bet-David. Trusting employee relationships lead to speedier internal operations, which, in turn, helps sustain momentum.

(Shortform note: Bet-David doesn't clearly indicate how building trust speeds up internal company processes. A possible explanation is that when employees trust each other, they don't feel compelled to check others’ work or verify that a coworker completed a task. This makes workflows faster and smoother.)

Method #2: Always Focus on Increasing Speed

According to Bet-David, you can also build momentum by constantly devising new ways to perform faster in every area of your business. To do this, look at different speeds at the company—speed of internal processes and speed of the customer purchase process, for example—and shorten the duration of those processes by removing steps.

(Shortform note: While Bet-David focuses on increasing the speed of internal company processes to maintain business momentum, you could also aid momentum by increasing the speed of your personal processes. In The Effective Executive , Peter Drucker outlines ways to do this, including cutting tasks that don’t yield useful results from your schedule .)

Method #3: Plan to Maintain Momentum in the Future

Finally, maintain momentum by planning for eventual future growth, advises Bet-David. Do this by first thinking about what the business might need or want in the future. Then, take calculated risks that increase the chances of achieving that future. For example, in the future, you’ll need to hire more employees to expand the business. You might thus hire an HR specialist now who can onboard future employees.

(Shortform note: Bet-David argues that you should maintain momentum by planning ahead for future growth points. In The E-Myth Revisited , Michael Gerber outlines potential negative outcomes if you don’t plan ahead for future growth. You might be forced to shrink your business back down to its original size, or you might grow at a pace you can’t control , which exacerbates existing problems in the business.)

Part 5: Track Your Growth Using Metrics

To effectively grow your business, learn how to collect and use the metrics that matter to your company , stresses Bet-David. Metrics eliminate ambiguity or personal bias around how the company is performing, giving you a clear view of your status. This clear view then allows you to identify inefficiencies and correct them. For example, if you own a travel agency, you could start tracking how many customer complaints each of your travel agents receive. This objective statistic can help you determine which of your agents are the most and least effective.

(Shortform note: In The Lean Startup , Eric Ries provides additional information on how to work effectively with the metrics you’ve gathered. He recommends presenting metrics in a way that’s both accessible and easily reviewable . This way, company leaders or employees can understand the metrics without needing a background in data analytics, for example.)

Bet-David adds that as helpful as metrics are in identifying problems, you still need the human capacity to analyze the metrics and a human touch to solve the problem the metrics point out.

(Shortform note: Bet-David’s idea that you need human input to analyze and take action on metrics is evidence in support of the argument that although robots are taking over many workplace tasks formerly performed by humans, humans will still be needed to add critical soft and problem-solving skills to the workforce .)

Part 6: Put Your Knowledge Down on Paper For Posterity

The sixth part of growing your business is to turn your knowledge and experience into a documented system that successors can use, says Bet-David. This ensures the business can grow after you’ve left.

(Shortform note: In Traction , Gino Wickman agrees with Bet-David that every business should document its operating processes. Wickman adds that this not only allows your business to grow after you’ve left, but it also ensures everyone at the company is using the same approach and process right now , which increases consistency and efficiency.)

Part 7: Stay Alert As You Grow

Finally, even when you’re growing steadily, always behave as though a threat could overthrow your business, counsels Bet-David. Stay alert in two ways:

Way #1: Don’t Cede Control to Temptation or Your Ego

Don’t fall prey to temptations like gambling, excessive spending, partying, and so on, warns Bet-David. Stay on the straight and narrow to maintain momentum and growth.

Additionally, stay alert by keeping your ego in check and asking friends to tell you when you’re making poor choices, advises Bet-David. Don’t take things personally and let ego-driven emotions, like resentment or vindictiveness, guide your actions.

(Shortform note: Bet-David advises you to maintain control over your ego and your reactivity to temptation to keep your company momentum up. But he doesn’t specify how you can do these things. One good way to master both temptation and ego is to cultivate mindfulness: a sense of connection to what you’re feeling in a given moment . You thus increase your awareness of when you’re being tempted to behave badly or when your ego’s in control and can then actively work to resist temptation or override your ego.)

Way #2: Obtain the Input of Experienced Business People

Adversity will inevitably strike when you start growing rapidly, warns Bet-David. When this happens, seek the counsel of numerous people with differing perspectives and experiences . Ideally, find people who’ve studied or personally experienced the type of problem you have. They’ll give you the most valuable advice.

(Shortform note: If you don’t have a bench of experienced business friends to whom to turn for advice, consider heeding Robin Sharma’s advice to create a committee of imaginary mentors . These mentors can be renowned thinkers or famous figures you admire and can be living or dead. Simply imagine what advice they’d give you in your situation.)

The Fifth Step: Position Yourself as an Industry Leader

We’ve just talked about the fourth strategic step—growing your company. Now, let’s turn to the last step of your strategy for sustained success: making the bold business moves that position you as an industry leader. According to Bet-David, there are two bold steps you can take: taking down behemoth competitors and acquiring negotiation skills to apply in high-stakes deals. Let’s discuss each.

Take Down Behemoth Competitors in Your Industry

Though this is a risky move that’s not for every company, you can try to take on the behemoth competitor in your industry, writes Bet-David. This is possible because behemoths, once they’ve grown powerful and complacent, lose agility and the willingness to work hard and take risks.

(Shortform note: Another reason behemoth companies might lose agility is because they’ve fallen out of touch with the customer . Because they’ve been around a long time and have achieved sustained success, they might not be paying enough attention to changing customer needs and trends and can lose out to smaller, more customer-oriented companies.)

To take down a behemoth, use the following two tactics:

Tactic #1: Take Down the Behemoth Gradually

Take the behemoth down gradually by committing to incremental growth, insists Bet-David. While you quietly strengthen your company, the behemoth will be resting on its laurels, unaware of your progress. This complacency allows you to emerge as a surprise competitor and conquer.

(Shortform note: Bet-David suggests that small companies grow incrementally to take down their large competitors, but he doesn’t specify what sort of growth companies should try to achieve. Small companies might grow competitively by committing to superior customer service . Their small size allows them to have more personal interactions with their customers, which boosts customer satisfaction and competitiveness.)

Tactic #2: Tell Your Story Effectively

When you take on the behemoth, you’ll be prone to unflattering media coverage and slander because you’re doing something bold, warns Bet-David. To counter negative rumors, share your story through social media , as this is a direct path from you to followers. When doing this, be honest, vulnerable, and consistent: Reveal mistakes you’ve made, solicit input from followers, and share content on a regular basis, so followers know when to expect it.

(Shortform note: To tell your story effectively, consider using a time-tested storytelling formula, as Donald Miller proposes in Building a StoryBrand . Miller’s storytelling formula is specifically designed for marketing efforts, but it can also be applied to tell the company’s narrative. In the formula, you first describe your company’s desire , then the problem hindering you from achieving the desire, and finally how you followed a plan to avoid disaster and find success.)

Negotiate for Sustained Success

According to Bet-David, to become an industry leader, you’ll need to become comfortable negotiating high-stakes deals with partners, vendors, and competitors.

(Shortform note: Bet-David argues that negotiation skills are critical for high-powered business leaders, but in Getting to Yes , Roger Fisher and William Ury propose that all employees, no matter how high on the totem pole, must increasingly negotiate in the workplace . This is because companies have begun adopting more democratic and less hierarchical structures, wherein employees have more say over, for instance, where and what hours they work.)

Here are three methods for negotiating in a way that sustains long-term success:

Method 1: Prepare Extensively for Meetings

Before you enter a high-stakes meeting, prepare extensively by thinking about the other person’s expectations and needs, what they want to express to you, and how you’ll respond, insists Bet-David. When you’re prepared, you process negotiations more effectively in real time and avoid brash, deal-ending decisions or outbursts.

(Shortform note: While Bet-David insists on extensive preparation before a meeting, others warn of the danger of over -preparation. Over-preparing can be symptomatic of a fear of failure and can lead you to deliver a poor performance because you’re not fully present. Some even argue that to best tackle a new situation or negotiation, you shouldn’t prepare at all. )

Method 2: Be Firmly Convinced of the Value of Your Product and Your Position

To negotiate effectively, believe firmly in your product and the value it will add to the customer’s life, stresses Bet-David. Similarly, when making deals, know confidently what you want and what you can offer, and be ready to follow through on your claims, writes Bet-David. This allows you to act boldly and make deals that greatly expand your opportunities.

(Shortform note: Bet-David recommends having firm conviction in your product and position, but it’s easy to lose that conviction in high-pressure negotiations. If this happens, you might try a power pose: a stance in which you make yourself big by putting your hands on your hips or above your head. Though there’s debate as to whether this tactic increases testosterone and decreases stress hormones , as researchers initially claimed, power posing still might simply make you feel more confident.)

Method 3: Develop Negotiating Power by Seeking Many Options

Ensure you get the best deal by having alternate deal options, Bet-David advises. Having options means you don’t desperately need any one deal and are therefore in a more powerful negotiating position. To secure many options, always be looking for new clients, opportunities, and business partners. This ensures you’re never dependent on a single relationship.

(Shortform note: While Bet-David advises you to actively seek out alternative options to gain negotiating power, Roger Fisher and William Ury argue that to succeed in a negotiation, all you have to do is know what your “BATNA” is. A “BATNA” is your single best alternative to the ideal outcome of your negotiation . For example, if you’re negotiating terms with a distributor for your product, your BATNA would be the next biggest distributor willing to make a deal with you. If you know your BATNA before negotiating, you can confidently refuse any deal that would benefit you less than your best alternative.)

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