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by Fran Piggott
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.
A public relations (PR) strategy may play a key role in an organization’s promotional strategy. A planned approach to leveraging public relations opportunities can be just as important as advertising and sales promotions. Public relations is one of the most effective methods to communicate and relate to the market. It is powerful and, once things are in motion, it is the most cost effective of all promotional activities. In some cases, it is free.
The success of well executed PR plans can be seen through several organizations that have made it a central focus of their promotional strategy. Paul Newman’s Salad Dressing, The Body Shop, and Ben & Jerry’s Ice Cream have positioned their organizations through effective PR strategies. Intel, Sprint and Microsoft have leveraged public relations to introduce and promote new products and services. Read more... (440 words, estimated 1:46 mins reading time)
by Fran Piggott
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.
If you are approaching a banker for a loan for a start-up business, your loan officer may suggest a Small Business Administration (SBA) loan, which will require a business plan. If you have an existing business and are approaching a bank for capital to expand the business, they often will not require a business plan, but they may look more favorably on your application if you have one.
Reasons for writing a business plan include:
- Support a loan application
- Raise equity funding
- Define objectives and describe programs to achieve those objectives
- Create a regular business review and course correction process
- Define a new business
- Define agreements between partners
- Set a value on a business for sale or legal purposes
- Evaluate a new product line, promotion, or expansion
What’s in a business plan? Read more... (664 words, estimated 2:39 mins reading time)
by Fran Piggott
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.
In the United States business market there is a standardization about business plans. You can find dozens of books on the subject, about as many Web sites, two or three serious software products, and courses in hundreds of business schools, night schools, and community colleges. Although there are many variations on the theme, a lot of it still falls into the same standard.
What is a Business Plan?
A business plan is any plan that works for a business to look ahead, allocate resources, focus on key points, and prepare for problems and opportunities. Business existed long before computers, spreadsheets, and detailed projections. So did business plans.
Unfortunately, people think of business plans first for starting a new business or applying for business loans. But they are also vital for running a business, whether or not the business needs new loans or new investments. Businesses need plans to optimize growth and development according to priorities.
What’s a Start-up Plan? Read more... (685 words, estimated 2:44 mins reading time)
by Fran Piggott
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.
Don’t wait to write a plan until you absolutely have to. Too many businesses make business plans only when they have no choice in the matter. Unless the bank or the investors want a plan, there is no plan.
Don’t wait to write your plan until you think you’ll have enough time. “There’s not enough time for a plan,” business people say. “I can’t plan. I’m too busy getting things done.” The busier you are, the more you need to plan. If you are always putting out fires, you should build firebreaks or a sprinkler system. You can lose the whole forest for paying too much attention to the individual burning trees.
2. Cash flow casualness. Read more... (669 words, estimated 2:41 mins reading time)
by Fran Piggott
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.
Ultimately, a business plan is about results, about making your business better. If you don’t think doing a business plan will improve your business, then don’t do one. Planning for planning’s sake is a waste of time.
Where a plan is most likely to make your business better is by allowing you to:
- Set priorities properly
- Track plan vs. actual results and make course corrections
- Plan and manage the critical numbers that aren’t intuitive: not just profit and loss, but the relationship to cash flow, balance sheet, and ratios
- Communicate your plan to others: partners, employees, lenders, and investors. You may have a great plan in your head, but as soon as you need to explain it to others, you need to write it down
Reviewing Your Plan Read more... (938 words, estimated 3:45 mins reading time)
by Fran Piggott
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.
Always take a look at other businesses similar to your own, as a very good first step. If you’re looking at starting a new business, you may well be starting one similar to one you already know. If you’re doing a plan for an existing business, you are even more likely to know the business well. Even so, you can still learn a lot by looking at other similar businesses.
- Look at existing, similar businesses
If you are planning a retail shoe store, for example, spend some time looking at existing retail shoe store businesses. Park across the street and count the customers that go into the store. Note how long they stay inside, and how many come out with boxes that look like purchased shoes. You can probably even count how many pairs of shoes each customer buys. Browse the store and look at prices. Look at several stores, including the discount shoe stores and department store shoe departments. Read more... (446 words, estimated 1:47 mins reading time)
by Fran Piggott
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.
Once you have raised the money to start or expand your business, your plan will serve as a road map for your business. It is not a static document that you write once and put away. You will reference it often, making sure you stay focused and on track, and meet milestones. It will change and develop as your business evolves.
Do I need a business 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 contains sound business reasoning. Read more... (877 words, 1 image, estimated 3:30 mins reading time)
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