Educational News: Industry Experts in Business Planning Part. 2.

(Courtesy The Square Dealer)

After my first blog post, I learned a lot of information from two well-known business developers. Their names are Guy Kawasaki and Tim Berry. Both men have great accolades in their fields of business development.  My first post highlighted their work and their extreme dedication to helping new business owners grow to the next level.

In this blog discussion, I will highlight specific changes that I’ve made towards my business plan based on the “Top 2 Key Components” that were given out by both men.  I will address the importance of their advice and how it effectively helped strengthen my business plan and brand.  Last, but not least, I will discuss the most important section for my business plan.

To begin, I learned a lot of helpful tips from Tim Berry. His top two key components are listed below…

(Courtesy of Amazon)

-       Be realistic

-       Be Specific, Track Your Results!

I took both of these key components to heart for a number of reasons. The first reason is simply based on being realistic. A plan must be attainable. Having a multimillion-dollar computer company when you don’t own a computer is not likely to be a profitable business venture.  It is a major consideration that I took into effect immediately. My online media platform is very attainable. With the new technology out these days, having a virtual platform to host a website and stream web content is easy to do, once legal aspects are taken into consideration. Creating an app nowadays is a great commodity to have and easier than ever to create. The aspect of being realistic and knowing what is effective is definitely a great key component to have.

(Courtesy of Blincker)

Furthermore, Mr. Berry discussed candidly the importance of tracking your progress. Knowing the importance of being able to know what’s going on with the progression of your business is needed. By tracking my progress, I can immediately hit on weak areas in my business plan and strengthen my stronger attributes.

(Courtesy of Entrepreneur)

Next, I will discuss what I took away from Guy Kawasaki’s “Top 2 Key Components.” His components are listed below…

-       Put the right stuff in your business plan

-       Write deliberate, Be emergent

Guy gave an amazing amount of wisdom when opening up about the perfect things to have in a business plan. I was more than willing to consume as much information on the “must haves” for new business developers. This list included sections such as unfair advantages, competition, and forecast. Obviously, this information is needed and should be taken seriously. It goes without saying that this valuable information is an important commodity in stacking your business plan for professionals. This take away impacts the benefits of having everything put into your business plan portfolio.

(Courtesy of BlueSodaPromo)

            Last, but not least, Guy mentioned the benefit of being deliberate and flexible. I took away the importance of being stern and knowing my product. I also learned the importance of being flexible. The business world is always going to throw something new into the mix. I enjoyed Guy’s wisdom in dealing with the changes to a business plan model due to unforeseen issues. I will apply this to my business plan to always look out for unexpected things.

            Finally, the most important aspect of my business plan is the competition analysis and progress tracking.  These are important aspects of my business plan because it outlines the strong attributes to my product. I am able to showcase the major differences between my business and my competitors.  Furthermore, the importance of tracking my progress allows an investor to see my production value and marketability. Investors want to be able to invest their money into a company that is going to do exceptionally well. It is my job and responsibility to make sure that my investors can see the “NEED” of my business/product.

            All in all, the knowledge I learned from both guys is unforgettable. With their words of wisdom I will apply many of their great advice to assist in making my business venture successful.

Resources:

http://timberry.bplans.com/2009/02/some-key-questions-on-business-plans.html

http://chrislocurto.com/wp-content/uploads/2014/02/Business-Plan.jpg

http://blog.guykawasaki.com/2012/01/how-to-create-an-enchanting-business-plan-officeandguyk.html

http://timberry.com/about

http://eclecticurbanmd.blogspot.com/2014/04/educational-news-industry-experts-in.html