“Experts Views on the Value of Business Plans”

There are many things to think about when creating your business plan. It is the layout of how your business will operate and should be used to attract investors.

Susan Ward

Susan Ward writes for www.about.com and has earned both her bachelor and masters degrees in education. Since the last 1990’s, Ward has been writing about business and the importance of business plans. Her work has been published numerous times.

One of the things she encourages entrepreneurs to think about when writing a business plan is that it should be prepared with an investor in mind. As the years pass and your business grows, so should the business plan. By writing out a business plan, one will find that they have saved time and money by doing so. One will be able to see what changes need to be made to their company after writing out the blue print to their company.

According to Susan, if capital is needed for the startup of your business, the plan is the only thing accepted and considered by financial institutions. Investors also look for a business plan when considering new ventures. They want to be comfortable knowing that investing in your company will be the best decision, it is their money they are putting behind your company.

Paul Heyworth

Paul Heyworth is the Director of Business Development at Orvia Group Limited. Mr. Heyworth states, “It is true that a business plan is a written proposal often used when raising finance for a business, but it also serves other vital functions.” He believes that a good business pln will set goals and milestones for your company.

“If you do not set targets, how do you measure what you have achieved?” - Paul Heyworth

Investors look for the following:

·      A management team with a proven track record

·      A defensible product with a competitive advantage

·      Reasonable Valuation

·      A clear statement of the investment offering

References:

Berry, T. (2005, September 12). What investors look for in a plan. Retrieved from http://www.entrepreneur.com/article/79834 

Heyworth, P. (2011, November 29). Expert view: Do i need a business plan. Lancashire Business View, (41), 1. Retrieved from http://www.lancashirebusinessview.co.uk/news-details.htm?news_id=212

James, N. (2011, September 29). Experts views on the value of business plans. Retrieved from http://nayjames.com/2011/09/experts-views-on-the-value-of-business-plans/

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Digital Marketing

 Digital Marketing is the promotion of brands and products by using all forms of digital media to connect with consumers.   There are many forms of digital media that companies utilize such as the Internet, Radio, Television, and many more different avenues.

As the world advances in technology, many companies are making an effort to become more efficient at Digital marketing and marketing via social media sites. Social media has become the gateway for companies to connect directly to their consumers.  

Every time I log onto my computer and get onto the Internet, I see advertisements all over the place. From the ads on Facebook and Twitter, to the RSS feeds that I have subscribed to, I come across a lot of different companies trying to reach out to the consumer market. As a consumer, I find it very beneficial that companies are now utilizing the Internet more to connect with consumers. A lot of times, people may not be able to go to a store to see what is on sale, or what special deals are being offered. Now you can subscribe to certain companies email lists and RSS feeds, which are constantly updated if used right.

“Open conversations generate loyalty, sales and most of all, learning… for both sides”. Seth Godin

In his bestselling book Seth Godin coined the phrase Permission Marketing, indicating a shift in control to the consumer. Marketers must earn the right to communicate to customers. This is done over time, bit by bit, by drip-feeding valuable communications to customers in return for their most valuable asset - their time (Millar, 2010).

The next time you log onto your email, social media site, etc… Take a few minutes to see how companies are attempting to reach out to you in the form of digital marketing.

Also, here is a Video that goes further in depth into Digital Marketing.

Reference:

Millar, M. (2010, December 12). What is digital marketing? not just another channel to market [Web log message]. Retrieved from http://www.inpharm.com/digital-pharma-guide-2010/digital-marketing-not-just-another-channel-market