Experts Views on the Value of Business Plans

Andrea Cokerton is an expert in delivering product and services from the United Kingdom.  During her career she has worked with over 350 entrepreneurs. Her career expertise centers on “venture funding and business critical ideas. She has facilitated entrepreneurial workshops, network events for businesses in the U.K.  and has aided large companies in developing key talks in order to successfully impact the business world.  In an interview in 2008, she expressed some essential key information for a successful business plan. She comments that it is important to ask for money from investors and bankers before there is no cash left. Andrea states, “Going to investors at too late a stage is a risky strategy. Better is to look at the long-term objectives and aspirations of the business and plan the fundraising sensibly into this long-term strategy,” (Thenextwomen.com, 2008). She adds that there should be three essential points that a person must have in their business plan pitch: “that you are (1) targeting a growing market with a need for your product or service, (2) that the team is talented and able to execute the business plan, and (3) that your product, service or idea is groundbreaking,” (Thenextwomen.com, 2008).  These idea’s are key fundamentals to the presentation of a business plan because investors are searching for entrepreneurs who invest time and energy in the successful future while understanding and applying mindful risk management.

Angelo Meneguzzi is a business expert and professional with over 10 years of experience in the business world. He has helped and mentored several start ups in the technological world. He has generated millions of dollars in revenue. Some of the A-List companies he has had the pleasure of working with include Disney, Upside Magazine and ABC News among others. While giving consulting advise, he has develop several business plans. Given that I am a new business owner, I have often wondered why is a business plan so important? Angelo states, “benefits include: a heads-up to changes in the environments, better forecasting, opportunities to analyze situations before they become problematic,” (Bplans.com, 2011). Once again, this advice is essential to the future success and the ability to spot out concerns before they become problems for your business.

As I am developing my business, I am taking both Meneguzzi and Cokerton have mentioned about business plan development.  It is so important to have a plan that that has specific objectives and forecasts for your business. Starting a company is risky, but if one is able to make educated predictions on the direction of the industry and its future trends then prosperity can be just around the corner.