Brand Best Practice: To insure success of your brand, connect it with a solid business plan to better insure the business will be profitable.
Today’s Article Connect Your Brand to a Profitable Business Plan
A business plan doubles your chances for success, says a new survey. “The study found that writing a business plan correlated with increased success in every one of the business goals included in the study. These were: obtaining a loan, getting investment capital, making a major purchase, recruiting a new team member, thinking more strategically and growing the company.”
Build your business success on a solid foundation, with a brand that provides customers what they want, how they want it and at a price they can afford. Part of that solid foundation is a business plan that assists in implementing and monitoring the brand along with proactively guiding future operational decisions that complement the desired brand.
Business Plan Sections
Executive Summary – 1 page overview of the business and why it will be profitable
Business Description – type of business, legal structure & customer’s value proposition
Target Customer – describing the customer using demographics and psychographics
Pricing Strategy – review of pricing strategy: below market, at market or above market
Competition – review top 3 competitors with their brand, value proposition and pricing
Competitive Advantage – what causes you to stand out to new and repeat customers
Marketing/Sales Strategy – describe how you will attract new and repeat customers
Management Team – describe who has the skills to operate a profitable business
Capital Requirement – review how much money the business needs and its source
Financials – Cash flow Statement – 12 month spreadsheet with income and expenses
Financials – Breakeven Analysis – shows when the business will break even: income versus expenses
Financials – P& L Statement – shows how the business performs profit versus loss
Action Step: Complete or update a current business plan. Will you write the plan on your own or use an online program to write the plan?
Write Plan on Your Own (Template)
Use a Fee Online Program (Plans with more content and graphics)
Your brand is your handle. The handle that opens the door to your business, its products and services. Brand Door is always open to you. “Easy access to expert branding”