“Blog Post #1” discussed the various key pointers that two
particular experts in the field gave for successful business plans. These two business experts are Jim Blasingame
and Richard Milton. Jim Blasingame
stressed that business plans should evaluate the strengths, weaknesses,
opportunities, and threats of a company, and should assist in acquiring
financing. Since investors want to see where they can make a profit, showing
profitability and accurate financial projections is also important.
Richard Milton stated that the marketing plan is an
extremely important aspect of the business plan, for it has a direct effect on
corporate revenue. Another article by
Kirkus Reviews (2013) reviews a book called “Start Your Own Corporation”. The author, Gary Sutton, claims that the
difference between a good idea and a prosperous idea is a well-written business
plan. Therefore, it is extremely
important to sit down and draft a thorough business plan before conducting any
business.
The business plan of White Label Events, LLC has a detailed
and thorough marketing plan because of the expert advice provided by Richard
Milton. Even Rhonda Abrams (2010), author of Successful Business Plan Secrets
and Strategies, states that an effective marketing plan that secures customers
is vital for a company’s success. The
White Label Events marketing plan provides marketing goals and marketing
channels in which it plans to gain impressions from potential customers. In
addition, the thorough financial estimations and projections, that Jim
Blasingame discussed, suggest a profitable business structure for White Label
Events. Instead of breezing over
essential details in the marketing, financials, and industry analysis sections,
White Label Events incorporated the sound expert advice provided by Blasingame
and Milton. The most important sections
of the business plan would be the financials section and the industry
analysis. These two sections will
attract investors and help them feel comfortable with investing in a growing
industry, and a company with potential to create a profit within the first
eighteen months of operation.
Sources:
Abrams, Rhonda. (2010). Successful
business plan secrets and strategies. California: The Planning Shop.
Writing winning business plans: How to prepare a business plan
that investors will want to read and invest in. (2013). Kirkus Reviews, 81(2), 320.
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