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Courtesy of Palo Alto Software, Inc. The best way to show bankers, venture capitalists and angel investors that you are worthy of financial support is to show them a great business plan. Make sure that your plan is clear, focused and realistic. Then show them that you have the tools, talent and team to make it happen. Your business plan is like your calling card, it will get you in the door where you’ll have to convince investors and loan officers that you can put your plan into action. Excerpt from On Target: The Book on Marketing Plans by Tim Berry and Doug Wilson Public Relations involves a variety of programs designed to maintain or enhance a company’s image and the products and services it offers. Successful implementation of an effective public relations strategy can be a critical component to a marketing plan. Not everyone who starts and runs a business begins with a business plan, but it certainly helps to have one. If you are seeking funding from a venture capitalist, you will certainly need a comprehensive business plan that is well thought out and demonstrates sound business reasoning. Business planning is about results. For every business plan, you need to make the contents of your plan match your purpose. Don’t accept a standard outline just because it’s there. Often you may hear about what a business plan consists of. While including the necessary items is very important, you also want to make sure you don’t commit any of the following common business plan mistakes: 1. Putting it off. A business plan is not a one-time document, at least it shouldn’t be. Most businesses put together a business plan during their start-up phase to organize, attract partners and employees, and to try and get a loan or financial investment. This is a great use of a business plan, however far too often once the company has started up the plan isn’t touched again. A common problem people encounter when writing their business plan is finding information about their business industry and competitive companies. Fortunately, in recent years the Internet has made information gathering simple and easy, but sometimes the best information is found much closer to home, with real people, in real time. Excerpt from On Target: The Book on Marketing Plans by Tim Berry and Doug Wilson Every marketing plan has to fit the needs and situation. Even so, there are standard components you just can’t do without. A marketing plan should always have a situation analysis, marketing strategy, sales forecast, and expense budget. |
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