Business Plans

There is a lot to be learned from professionals in the business consultants just from their views on business plans. In the previous post, I researched Frank Gloey and Dave Lavinsky. These two have similar views that I found rather helpful. They both talk about realistic assumptions and how realistic the business plan is (Lavinsky, 2012) (Goley, 2012).

I incorporated information from both professionals in my business plan. Goley stresses being genuine and realistic. I made the most realistic assumptions in my business plan as possible. As a company, we care genuinely about our clients and their music.

From Lavinsky, I found it best to make a unique company that has a high edge on the competition. In the specific area my company is located in, there is no other company just like it. As my business plan describes, the studios in the area are focused on other things. They are not focused on building the music scene in Pittsburgh. JustRiot Productions uses the management side to help their bands and really grow the music in the area. This is what I have incorporated into my company. I also incorporated scalability. My company could easily expand. Another studio could be built anywhere in the country, and there is no real limit for the amount of studios we could expand to.

There is a lot to think about as an investor. Many things come together to make a company strong and profitable. What I think is most important is understanding the business plan and implementing it completely. This is a concept of Frank Goley’s, and I’m sure many other consultants us the same concept (“About us,” 2012). I think knowing your business plan shows investors that you know what you are doing. I also find it important to be scalable, unique, and genuine. Scalability speaks loudly to investors. They want their money back and to make the most out of a company as possible. A good exit strategy goes hand-in-hand with scalability. As Lavinsky stated, the exit strategy is where the investors make the most off a company (Lavinsky, 2012).

Resources:

About us. (2012). Retrieved from http://www.businessconsultingabc.com/About_Us.html

Lavinsky, D. (2012, May 13). Finding angel investors & convincing them to give you funding. Retrieved from http://www.growthink.com/content/finding-angel-investors-convincing-them-give-you-funding

Goley, F. (2012, May 9). Effective investor and venture capital pitch tips. Retrieved from http://abcbusinesssuccessblog.businessconsultingabc.com/2012/05/09/effective-investor-and-venture-capital-pitch-tips/

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Investors and Business Plans

FRANK GOLEY

Frank Goley is the business consultant at ABC Business Consulting. He has worked for many years in a vast variety of different business industries. He has also published books about business plans and success. (i.e. Business Planning book and The Business Success Guide) ("About us," 2012).

The way ABC Business Consulting and Goley operate is through planning, consulting, and implementing. As they say, the plan will only work if it is implemented. Anyway, what good is a plan if it is never put into practice ("About us," 2012)?

There are many important critical and key components that investors look for in a plan. One important one is being genuine. Being perceived fake is not going to get you or your business anywhere. Realistic assumptions in a business plan are also important. Realistic assumptions can show investors that you are not expecting too much and that you know what you are doing. It makes you and your business both look credible (Goley 2012).

DAVE LAVINSKY

Dave Lavinsky is the founder of growthink. Growthink helps “entrepreneurs to successfully start, grow and/or exit their companies,” (Growthink Inc, 2012). Lavinsky has written over 100 business plans and hundreds of article about entrepreneurship, business planning, and capital-raising, according to his company’s website ("Dave lavinsky," 2012).

Some of Lavinsky’s tips for investors consist of scalability, high barriers to entry, and your exit strategy (Lavinsky, 2012). Scalability determines how much the investors are going to make off of your business. They are not going to want to keep putting more and more money into your business to get it to be full scale and growing. They want to make the most money off of you while putting the least amount of their own money in. High barriers deal with competition. The harder it is for others in the industry to compete with your company, the better. You want a definite, strong edge on the competition. Your exit strategy is where the investor will potentially make all their money. You want your company to be likely to be bought out or to go public, according to Lavinsky (Lavinsky, 2012).

Resources:

About us. (2012). Retrieved from http://www.businessconsultingabc.com/About_Us.html

Dave lavinsky. (2012). Retrieved from http://www.growthink.com/team/dave-lavinsky

Lavinsky, D. (2012, May 13). Finding angel investors & convincing them to give you funding. Retrieved from http://www.growthink.com/content/finding-angel-investors-convincing-them-give-you-funding

Goley, F. (2012, May 9). Effective investor and venture capital pitch tips. Retrieved from http://abcbusinesssuccessblog.businessconsultingabc.com/2012/05/09/effective-investor-and-venture-capital-pitch-tips/

Growthink Inc. (2012). About us. Retrieved from http://www.growthink.com/about-us

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