My Triberr friend Laurinda Shaver publish an interesting post “My assumptions questioned. Daily.“ regarding business plan’s dilemmas.
I decided to get a deeper into how to build business plan – not any business plan but good one. First reaction: I can’t do that, that’s too complicated but the bigger problem was –> where should I start? How to embrace everything and not forget about important factors? And at the same time how not to lost yourself along the way?
Lets start from Wikipedia definition of business plan:
A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.
Business Plan is a road-map to the future. Well written business plan is a dynamic, evolving, living document. Business Plan is one of the steps to entrepreneurship:
idea –> research –> business plan –> funding –> start up –> money
11 steps of typical business plan:
- title page –> don’t forget to add contact details
- table of content
- business description, service/product description
- business model –> how will your company make money? Mission – your reason for being/Vision – what you strive to accomplish/Values – all principles that guide you
- market analysis + your competition + your customer –> you need to know who is your direct competitor and who is your client. Do you know what your customer want? Who is your customer? Where to reach them?
- marketing, target, sales strategy
- organization –> management strategy, operational plan (how, when, what, where will do)
- goals and objectives –> details regarding your goals. What do you expect to accomplish + how you will measure your goals.
- financial planning –> where you will get the money for your business? etc.
- action steps –> time frames
- executive summary –> it’s your “business plan elevator speech”. Just few pages of summary
We need a business plan to validate whether all the money, time and efforts we want to invest in our business will give us any return from investment. Well, I really would like to do such analysis before I start investing my money or time.
While creating business plan don’t forget to ask yourself few questions:
- Why you?
- why your business?
- What benefits will your customer get choosing your business?
- What should your customer remember about your business?
- What is your image/brand?
- What kind of relationship do you want to build with your customer?
Every time when you think “business plan” think also SWOT analysis. What’s SWOT? It’s a strategic planning method used to evaluate:
- Strengths –> internal characteristics of the business or team that give it an advantage over others in the industry
- Weaknesses –> internal are characteristics that place the firm at a disadvantage relative to others
- Opportunities –> external chances to make greater sales or profits in the environment.
- Threats –> external elements in the environment that could cause trouble for the business.
involved in a project or in a business venture
SWOT Analysis youtube video (10min):
Few additional links you might find useful:
So I decided to share some of those books with you. Most of those (if not all) are social media, marketing, leadership , personal development related books. I hope next time create “just to read and have fun” list of books.
Here is the link where you can find that list.
I will update the list as often as possible.
If you did – have you every tweeted on Twitter or posted a comment on Facebook about that? If the TV ad is really good/or really bad – people will tweet and watch at the same time. Which means that some of those commercials go viral, that’s why companies need to connect with viewers on multiple platforms.
Here are some of those TV commercials:
- Volkswagen: Darth Vader Kid (2011)
- Chatter.com: Black Eyed Peas (2011)
Do you remember that (it was a lot about that via social media) that many people watched Super Bowl only for TV commercials? That’s incredible! I guess that’s why some companies are willing to pay $3 million for 30sec. commercial. After all, the buzz about their TV ads will be all over social media.
Here’s TV ads which directly connecting off-world with social media:
- carnival cruise lines
- Macy’s Million Dollar Makeover – Casting Call
- 2011 Toyota Venza Commercial – Social Network
…sure, this is living! ohh and that ad was created by Saatchi & Saatchi.
Do you remember
It’s not enough to promote product/service on TV ad, it has to be connected (somehow) to social media. I am wondering what’s next? What TV commercials will look like in a future. There are hundreds of TV ads with short info at the end “you can find us on Twitter/Facebook” and it was “cool” and “new” few years ago, right now I am not sure if we even pay attention to that info. TV ads will have to be more interactive inviting viewers to interact with the brand/company.
As Edward Boches wrote:
Brands will create more complex forms of advertising. If we’re all to engage and talk about the advertising, it can’t be boring or limited to outbound messages. We need more interactive, conversation-inspiring ideas that invite our participation. Think Frank Rose’s The Art of Immersion. More and more ads will include hashtags, start conversations and seek true consumer involvement, extending the story beyond the thirty-second spot.
…so do you watch TV commercials? I do, and I even like some of them.
Did you read that book?
Here are some interesting points (in my opinion the best part of the book):
- “we tried it, it doesn’t work” –> this is exactly the biggest problem, we are impatient, and at the same time social media is a long-term plan. How many small companies doesn’t have even a short-term social media strategy? How many companies first do some research and then create a plan of action? Why they can create a financial strategy, etc. but when comes down to social media it’s hard to believe there should be one?
social media is a long-term play, which is why the majority of the companies that have tried it have failed yo reach their potential. (…) You can’t reap the benefits of social media’s word’s of mouth without strategy and commitment.
- “We’re doing fine without it” –> why do you think you are fine without social media? because your revenue is high? How high will be your revenue if you tried social media? Did you test it? No? so how do you know?
How do you know you are “fine”? if you are not in the trenches, listening to your customers and asking them what they think?
- “It takes too long to pay off” –> of course it take long time to pay off! Do you expect to get more clients/more money withing first week or two? It’s not doing to happen, so you better think how to create a long-term communication with your customers, potential customers
Social media is a marathon. (…) Diversification is important.
- “Social media works only for startup, lifestyle or tech brands” –> no no no! Every business can use social media, it’s all about the content, good idea how to get to your potential customers. The moment we find the right link/common topic to engage people – they will get involved (oh and don’t forget that’s the long-term strategy).
The concrete company’s mission isn’t to get as many people as possible to buy concrete, it’s to get as many people who need concrete to buy concrete. And the biggest challenge, the one that offers the most potential for growth, is to reach people who don’t yet know they need concrete.
Again, like every day, I opened my Google Reader and went wild on reading interesting (or not) posts.
This time was a little bit different because I decided to focus even more on posts’ titles. I noticed that there are a lot of post regarding “how to drive traffic to you website/blog”. Everything about TRAFFIC and how you can get more MONEY!!!
Have you ever wonder what if you get all that great traffic to your blog/www – then what? Do you have a strategy? Do you know what do you need, what is the reason why you want all that traffic?
that’s not all… there were dozens of posts similar to those.
…too much about traffic, ok so maybe this time about “right keywords” or maybe how to earn a lot of money working on your blog? Sure, after few months writing posts you can earn a lot of money!
I didn’t find anywhere anything about “hard work”, that before you get big money, you need to (for real) work hard to get that. At least most of the time. I guess people like to talk about the money, how to earn money (as fast as possible), how to become the most popular blogger/…, etc. After all those post I think “wow, it’s so easy. Few weeks and I will be next Lady Gaga among bloggers”, right ;) Get back to work and try to enjoy it.
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