Implementing Business Plan Tips

In my last post, we looked at two industry professionals, Dr. Steven Gedeon and Andrea Cockerton. They gave some great tips on writing successful business plans. As we work towards becoming business owners ourselves, it’s important to use these tips and other sources so that our own ventures are successful.

One of Dr. Gedeon’s tips that I personally will be using is regarding the selection of my management team. Dr. Gedeon states that you should be selective when choosing the management team and make sure all members of the team have skills that will help with the success of the business. With Team 20 Productions, I plan on keeping the management team extremely small to start off with. I also plan on only hiring dancers, choreographers and creative directors that I have previously successfully worked with. This will help with creating confidence within investors. Another tip that Dr. Gedeon gives regarding writing successful business plans is to keep revising and refining. I think that as my personal business grows, I will have no choice but to do this. This also shows that as a business owner, you’re always looking into new trends, strategies and technologies to help take your business to the next level.

Andrea Cockerton is an expert at pitching business ideas to investors. The biggest piece of advice that I got from her was making sure that my executive summary is detailed and effective. She also advises that the executive summary is also easily prepared in an elevator pitch. I believe the saying is “time is money” and having a ready elevator pitch is important to snag the interest of investors in a short amount of time. Andrea states that

“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.”

-       See more at: http://www.thenextwomen.com/2008/12/27/expert-interview-13-questions-on-funding-pitching-part-1#sthash.nZDQhesb.dpuf.

Team 20 is a company that does several different functions. Creating a elevator pitch that accurately describes what Team 20 Productions does is a bit difficult but in the works.  I’ll make sure to keep the main functions of the company to one sentence if possible. I’ll continue to re-work the elevator pitch until I feel it’s accurate.

Armed with these tips from Dr. Gedeon and Andrea Cockerton, new business owners like myself can really work on creating a successful business plan.