The Things to Cover in Your Business Plan

A well-written business plan may be used to solicit opinions and advice from experienced experts in the field, offering sound guidance and a head-start to those new to the market.

Dos and Don’ts of Writing a Business Plan

There are certain common errors made in business plans that are very easy to make, and you should take special care to avoid.

Do Not Indulge in Over-optimism – You probably would not be going into business if you were not optimistic about your future in it, but a business plan is a hard bitten and realistic document. Do not be pessimistic, but be very conservative and realistic regarding things like capital requirements, timelines, sales, and profits. Most new businesspeople underestimate the amount of capital that will be required to start the new business.

Do Have a Back-up Plan – Do not ignore the potential adversities that a new business may encounter. Spell out strategies for tackling them within the plan.

Do Not Rely on Gimmicks – Do not rely exclusively upon the individuality of your business idea or even of a proprietary invention that no one else has. All business success is based on a plan with a solid economic format, not the great inventions. The things that make your business stand apart may well help your success, but they will be worthless without the sound financial plan.

Do Use Appropriate Language – You are communicating business ideas to potential investors and lenders who may have no idea about the minutia of the business that you are launching. Stay clear of specialized, industry vocabulary and lingo in your descriptions.

Do Answer All Questions – Make every attempt to answer all the questions that a potential investor, lender, or business associate might have about every aspect of your business plan. Do not leave gaping holes.

Video Creates a Strong Brand

Video involves an entire strategy. If you do it, it has to be done well. In social media a brand has to play to their strengths. If you post things, it has to look good, it has to resonate with your audience. One of the most important items that the Obama campaign did was to have a video from a man who explained why the candidacy was so important to him. He said that before Barack ran, he could not honestly tell his daughter that she could be anything that she wanted to be. With Barack’s candidacy now he could say something like that.

A Page is created to create brand with your customers. The best way to create brand is have friends recommend the brand to other friends. One of the strongest means of recommendation is through a video. The video has to have high quality and done well to have the impact that a marketer wants in creating brand awareness. A marketer has to make a decision in their video strategy. Does the marketer make the video, or does the individual customer or supporter. Friends like to receive things from their friends, but if the video is poor, this is not good for the brand’s reputation. Personalized video were an important part of the Ford Fiesta Campaign, and the Obama campaign. Rihanna does both. On her page, she has videos from her concerts taken by individual fans that are not high quality. In social media branding, a marketer wants the customer to take possession of the brand. This creates brand. On the other hand, you want your page to have a high quality to it. Rihanna has other video that is professionally done to offset the poor videos.

The beauty of online video is that it is an important tool in creating a modern brand and yet it is simple, nowadays, to create a high quality video. As author Susan Guelius tells us, the process of creating videos for the social platforms has become less overwhelming thanks to technological advancements.