“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.
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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. Retrieved from http://web.ebscohost.com.oclc.fullsail.edu:81/ehost/detail?sid=7b716648-2d0c-4c14-bbad-d579743e6c7f%40sessionmgr11&vid=4&hid=21&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=a9h&AN=84935248
