I was recently asked, “What are the vital components of a good business plan?” Although I’ve covered this earlier in the year, I think it’s probably important enough to feature again – and maybe to highlight every other month or so. Sales and marketing are key to a great business plan. Ultimately, it’s all about how you’ll reach people, if they’ll buy, what conversion rate they’ll buy at, will they buy AGAIN, and if so, how often and for how much.
I saw a high potential biz plan a few days ago. I know they can build the technology – it’s for mobile coupons, and I know they can get the wireless deals done. What I don’t know is if they can get the consumers and the retailers on board. They still need work there. Once they nail that part of the story, they’ll get funded. Nailing this will require adding more expertise to the company, which they can’t afford yet.
A good fix is to add some consumer marketing, shopping analytics, and a few retail experts to the advisory board. This will help complete the story and the plan.
Be sure to check out my Jan 20th blog if you want to read the long blog on creating killer business plans. And if you want to know what you NEED to know about your business before you start it? Click here for a great Sample Business Plan Outline: http://tinyurl.com/ad5cj7
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To your success! Christine Comaford, Biz Accelerator and CEO of Mighty Ventures, Inc.