Business Plan Strategies
When starting a business it can be overwhelming
for a novice entrepreneur. They're a plethora of
factors involved in creating a successful business plan.
Subsequently, with the start-up landscape being so vast and wide, the
question becomes, which path is best to take? Two industry experts help
navigate us through the set-up process with the following key insights.
Andrea Cockerton
has worked as an independent pitch expert for over a
decade. Throughout her career she has worked with over
350+ entrepreneurs and business leaders on investment and commercial
pitches. Her company
Mudhut offers consulting in commercial pitches, investment
pitches, speech writing, and communication training. (Cokerton, 2005).
Cockerton's business plan principles focus on
three essential components.
- Target a growing market
with a need for you product.
- Ensure that your team is
talented and able to execute the business plan.
- Assure your
product/service is groundbreaking (Brummelhuis, 2008).
Cockerton teaches the importance of having a revolutionary
product and then finding a growing market that needs your creation. In the book
The Successful Business Plan: Secrets and
Strategies, Rhonda Abrams (2009) explains, “Meeting needs is the basis of
all business. You can devise a wonderful new machine, but if it doesn’t address
some real and important need or desire, people won’t buy it, and your business
will fail” (p. 4). The readings further explain that having a great product is
simply not enough, especially if one is seeking funding. “Many investors look for companies aimed at
substantial-sized markets and that are market driven. In other words, they seek
to fund companies whose orientation is shaped by the demands and trends of the
marketplace rather than the inherent characteristics of a particular product or
service” (p. 99).
Angelo Meneguzzi
has over 12 years of high tech marketing, public relations, product developments,
and sales experience. He offers strategic counseling on branding, marketing,
and business development. Meneguzzi has created a successful business approach
by using extensive marketing technology, media, and networking skills to
identify and leverage worldwide opportunities with products and company
exposure. Resulting in strongly increased global brand awareness and sales. (Meneguzzi).
- Business plan benefits include: a heads-up to
changes in the environments, better forecasting, and opportunities to analyze
situations before they become problematic. (Meneguzzi, 2011).
- The actual steps to starting a business are
really quite easy, as it only takes hard work, smarts, and cash. Cash can make
up for the other two to some extent, but not forever. Whereas the steps are to
create an idea, craft a plan, continue the research, edit the plan, secure
investment, and execute the plan. Bingo, you're in business. (Meneguzzi, 2011).
- There has to be a great team that understands
their big/growing market and can execute the solidly crafted plan, which at its
core is simply a great investment. (Meneguzzi, 2011).
Meneguzzi teaches the importance in being proactive.
Developing a business plan early on is the essential preventative care approach
every start-up should be implementing. An owner can now avoid various career
pitfalls by producing this vital tool. Megenguzzi further explains that having
a well thought-out business plan is not enough. In order to generate success an
owner must have a strong team of executers that can optimize the tool. Abrams
(2009) offers identical sentiments expressing, “Perhaps more than any other
factor, competent management stands out as the most important ingredient in
business success. Your business plan must inspire confidence in the
capabilities of your management, and you should put your management team
together carefully.” (p. 8).
Cockerton and Meneguzzi offer very similar advice. L.I.V.E.
has found value in all the guidance given. Although our entire premise is based
on filling the needs of the culture, the key takeaway is maximizing this
outlook through a revolutionary and innovative approach. Conjointly, having the
proper tools makes for a smoother and effective journey. However, a tool is
only as good as its craftsman. Thus, L.I.V.E. has an established understanding
that creating and maintaining a potent team is vital to the business's success.
Resources:
Abrams, R. (2009). Successful marketing: Secrets &
strategies (5th ed.).
Palo Alto, Calif.: The Planning
Shop.
Brummelhuis, S. (2008, December 27). Expert interview: 13
questions on Funding &
Pitching (part 1). Retrieved June
7, 2015, from
questions-on-funding-pitching-part-1
Cockerton, A. (2005). Mudhut Communication Ltd. Retrieved
June 6, 2015, from
http://www.mudhut-communication.co.uk/mudhut-background.html
Meneguzzi, A. (n.d.). How do I start my own business?
Retrieved June 7, 2015, from
business#ixzz22jJCYhsf
Meneguzzi, A. (2011). How do I start my own business?
Retrieved June 7, 2015, from
business#ixzz22jIjDH9o
Meneguzzi, A. (n.d.). Angelo Meneguzzi - Bplans Blog.
Retrieved June 6, 2015, from
Meneguzzi, A. (2011). Why have a business plan? Retrieved
June 7, 2015, from
http://www.bplans.com/ask-bplans/572/why-have-a-business-plan
When we look at people that are truly living one of their
success factors is their ability to cut away all distractions and focus on the
mission at hand. Some may presume that this super power arrives once you've
made it to your desired destination. But the truth is you will never make it to
that place if you haven't created that space of focus. Put on your spiritual
blinder, sequester yourself and get tunnel vision about your purpose. The
faster you learn this skill the sooner you’ll become impenetrable to the
outside noise.
