“Experience is simply the name we give our mistakes.”
~ Oscar Wilde
This week’s theme is about the importance and benefits of business planning to your company.
Today’s business plan benefits are as follows:
- To prove you’re serious about your business. A formal business plan is necessary to show all interested parties — employees, investors, partners and yourself — that you are committed to building the business. Creating your plan forces you to think through and select the strategies that will propel your growth.
- To establish business milestones. The business plan should clearly lay out the long-term milestones that are most important to the success of your business. To paraphrase Guy Kawasaki, a milestone is something significant enough to come home and tell your spouse about (without boring him or her to death). Would you tell your spouse that you tweaked the company brochure? Probably not. But you’d certainly share the news that you launched your new website or reached $1M in annual revenues.
- To better understand your competition. Creating the business plan forces you to analyze the competition. All companies have competition in the form of either direct or indirect competitors, and it is critical to understand your company’s competitive advantages. And if you don’t currently have competitive advantages, to figure out what you must do to gain them.
Writing a business plan? Use this template…
Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives and business owners have come to me for help on their business plans.
Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.
And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.
Today’s Question: In 1984, while filming a commercial for which company did Michael Jackson suffer second degree burns after pyrotechnics set his hair on fire?
Previous Question: Which company/product connected with transportation is associated with the immensely successful ‘Think Small’ ad campaign?
Answer: Volkswagen. According to CNN, Doyle Dane Bernbach faced the challenge in the 1960’s of selling a compact, strange-looking automobile to Americans obsessed with muscle cars, which reflected the country’s new superpower status.
The result was creating a whole new market within the U.S. for small cars and leading the way for years to come.
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