It is important to have a business plan when you’re starting a new business. In this short video, Jim outlines 8 basic questions that you need to ask yourself to create a solid business plan. The questions range from brand identity and funding, to your product and target market. Once you have written all that down, you now have a business plan. Make it a habit to re-read your business plan often and use it as a bench mark of how your business is doing. Additionally, you should also update your business plan annually. As they say, you can’t get to where you are going, if you don’t know where you are.
Communications Concepts, Inc. is celebrating 40 years of business so CCI’s President and Founder, Jim Lewis, is sharing forty tips which he has learned through those years about how to survive and prosper in business.
A Business Plan is Crucial to Your Success
There’s another popular saying that says, “People don’t plan to fail, but they do fail to plan”. Not having a business plan is a fast track to failure. However, continuous review and updates to your business plan, the way companies like Facebook and Apple operate, can lead to great success.
Facebook started as a company for students that had a .edu e-mail address. Since that limited their growth opportunities, founder Mark Zuckerberg opened Facebook to anyone over the age of 13 with a valid email address. We all know how that change in business strategy worked out for him, as Facebook continues to grow with continuous reviews of an ever-evolving business plan.
Apple was on the verge of extinction between 1993-1997, trying to market a variety of products with very little success. When Steve Jobs returned to the helm in 1997 he changed the direction of the company. Apple started creating beautiful consumer electronics, and acquired several companies in the video editing and digital production arena. This change in business operations help make the Apple product extremely popular today. If you have ever gone to an Apple Store, or opened the package of an Apple product, the user experience starts immediately and is second to none. Apple’s plan to engage the consumer, and provide product ergonomics that provide the best experience, has really paid off for them.
It’s CCI’s hope that by sharing our company’s 40 years of experience that we can help you. Please use this information to improve and grow your business. Subscribe to CCI’s social media accounts so that you don’t miss our future business tip videos on a variety of subjects.
And be on the lookout for our next blog as we talk about finding your businesses “Marketing Sweet Spot”.