Showing posts with label Experts. Show all posts
Showing posts with label Experts. Show all posts

Saturday, July 30, 2011

Business Plan Part 2: No Walk in the Park.


Continuing with our previous post, creating a business plan is no easy task. For the past month I have been creating one for a potential business I have planned, a specialized corporate event planning company based in Puerto Rico. I can assure everyone that it has not been a walk in the park.

Taking into consideration the expert advice of Dave Lavinsky, I have certainly developed as detailed as possible all the key sections of the business plan. Every section has been personalized and strategically described, this will give any reader and/or investor in great detailed what the company is about, it’s goals, objectives, financials, team, etc.

Simone Brummelhuis, advices us to specifically point out what makes your business successful and how it can benefit an investor or a bank, She suggests that your top sections should be your financials. People who are interested n investing in your idea want to see numbers. Personally, two of the hardest sections while creating the business plan have been the law and financing sections.  However, options like outsourcing outside help from a lawyer or an account can be of benefit of those who have difficulties in those areas. Agreeing with Brummelhuis, in my personal opinion the financial section is the most important. Those who are going to invest in your business NEED to understand when they will get their investment back and when they will start making some money.

Having great resources like a good book on business plans, watching a tutorial video and reading about expert advice can be a great way to save money and create a successful business plan. Knowing the areas that you need more help can be a very good factor while creating your business plan.

I do have to point out that research is key while creating this sort of document, but don’t be discouraged having a business plan benefits your business enormously.  Remember these tips and the creation of a business plan are a step closer to your SUCCESS. 

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Monday, July 11, 2011

Become an Entrepreneur; Start with a Business Plan.


Throughout the start of this Blog we have posted numerous trends, tips and strategies that benefit your business. However, this post will benefit those who want to start their own businesses or lack a business plan. We will discuss what is a business plan, the importance of creating one, the benefits of having one and we will present various expert views on the subject. 

Let’s start by explaining what is a business plan. A business plan is any plan that works for a business and/or company explaining what the company is, its goals, overall numbers and future. (Bplans)A business plan is meant to look ahead, allocate resources, focus on points, and prepare for different opportunities and problems. 

It is crucial for any business to create a business plan. Nowadays, people continue to disregard owing a business due to a false impression that you only need a business plan to start your own business.  A business can help running a business, whether you need a loan or investment or not, any business needs a plan that can optimize growth and development.

According to Dave Lavinsky, founder of Growthink and President of Growthink Publishing, a successful business plan must have the following ten key points:
 
1.     Executive Summary
2.     Company Analysis
3.     Industry Analysis
4.     Analysis of Costumes and Competition
5.     Marketing Plan
6.     Operations Plan
7.      Development Plans
8.     Management Team
9.     Financial Plan
10. Appendix

He expresses that many forget to explain several points resulting in a poor business plan. (Growthink)Lavinsky is an internationally renowned expert in the fields of business planning, capital raising, and new venture development. Over the past decade, Dave has guest lectured at top universities, developed over 100 business plans, and has written hundreds of articles on entrepreneurship, business planning and capital-raising. (To learn more about Dave Lavinsky click here)

Another expert advice comes from Simone Brummelhuis, former attorney and founder of The NextWomen, the first Women’s Internet Business Magazine and community.  She expresses the importance of highlighting your business’ success and detailing the steps you have taken to achieve success in your business plan. (To learn more about Simone Brummelhuis click here)

Pointing out in your business plan what makes your business successful and how it can benefit an investor or a bank can help your business bloom in a blink of an eye.  Having key elements like your financial plan, and your analysis of customers and competition can be decision makers when negotiating an investment or a loan. People who look for smart investments want the facts and numbers right away. Sections like the ones listed above makes it easy for those interested to make a decision and have an incentive at the time of the investing. 

Taking these suggestions into consideration and researching more do’s and don’ts when creating a business plan can help your business enormously. Remember that creating a business plan benefits everyone; investors, banks, clients, staff and most importantly YOU! When you start creating a business plan you are a step closer to Success! 



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Monday, November 15, 2010

Q&A with the Experts


A project in business is a collaborative enterprise, frequently involving research or design, carefully planned to achieve a particular aim. Whether your business includes selling a product or providing a service projects are everyday tasks. The event/convention production industry obviously is not the exception, and PR 101 had the opportunity to discuss very important points in the development of conventions with a talented local Puerto Rican PR firm; Eferrer Public Relations & Integrated Communications.

Eferrer is a boutique firm specializing in Public Relations and Integrated Marketing Communications, established in Puerto Rico.

“We believe success strives in being strategically creative. Offering our clients the perfect marketing mix based on a continuous process of analyzing necessities, opportunities and weaknesses of our clients, keep us on the competitive edge”
                                      -Eferrer Public Relations & Integrated Communications

PR 101 had the opportunity to have a Q&A with the company’s founder & CEO, Edaliz Ferrer. Here she gave some pointers on project (in this case Convention/Event planning) development, among other things.

PR 101: What are the main starting steps to create a convention?
Ferrer: The main points taken into consideration at the starting point in the creation of a project are the objectives, and the purpose of the project. You also have to take into consideration the audience that you want to address, the date, very important the budget, and the history; has the event been done before or is it new.

PR 101:  What are the key factors to a successful event/convention?
Ferrer: Definitely, I believe there are 5 key factors to a successful event. First would be the planning, this includes the brainstorming process and the determination of the roles within the work group. Another key factor are teamwork, and your ability of budgeting. Last but certainly not least, it’s a tie tied between time and sponsors, both equally important.

PR 101: Which are some of the common objectives for a prosperous convention?
Ferer: To be able to meet every objective established for any event is the best to determine how successful or unsuccessful the event truly was. This is why at the time of choosing the most common and most important objectives of a convention production I chose the following:
·      Earn triple of the investment
·      Be able to do the event continuously, at least once a year.

PR 101: Working on a PR firm, what is the most common request from clients that are looking for new venues to do conventions or events?
Ferrer: Every client is different. They have different needs, ideas, suggestions and requests. I can say that the most important qualities they search within new venues are the venue’s capacity, its cost and its accessibility.  

PR 101: Which are some of the common mistakes event coordinators or producers make, creating events?
Ferrer: Wow, at the time of making an event you have a great responsibility of meeting every client’s demands and request but sometimes we do have mishaps. No need to say that sometimes its trial and error what helps us get better through time. Some of the main mistakes are concentrating on the assembly, equipment, sound, and lights, and not on the content of the event. 

PR 101: What tips can you suggest for creating a one of a kind event?
Ferrer: A one-of-a kind event is not very difficult; you must have a good and creative name, an innovative idea, new opportunities to expand the market within sponsors and knowing how to target your market.

PR 101: Why is Puerto Rico is a good alternative for an event/convention?
Ferrer: Puerto Rico is a great destination either to do tourism or to create an event or convention. Considering the year round nice climate, quality service, a wide range of activities for all ages and preferences.  In addition you have the option of incorporating water sports, and top class nightlife. And remember Puerto Rico is part of the USA, which means that if you are American you don’t need a visa or passport to come and visit.  

PR 101: What venue in Puerto Rico would be a good choice to do a company convention?
Ferrer: The best one would be the Predo Roselló Convention Center.*

PR 101: What does Eferrer Public Relations & integrated Communications have to offer in the Event/ Expo/ Convention department? 
Ferrer: At Eferrer Public Relations & Integrated Communications we offer and guarantee the best production and content you can wish for.  Not only a one of a kind experience but attention to detail like no other. In addition we provide media exposition free from cost. In conclusion, we offer an unforgettable experience.

PR 101: Does Puerto Rico really does it better? Why?
Ferrer: OF COURSE! We offer great service, first-rate tourism; some of the finest hotels from 2 to 5 stars, plus affordable air fees and accommodations can be found easily.  You can have the best of worlds, Spain’s exotic history with hip modern cities and fine entertainment. Plus we speak English!
From left to right: Camila Calderon, Edaliz Ferrer, Diana Otero & Ishaa Lopez. Staff at Eferrer  Public Relations &Integrated Communications
So, consider Puerto Rico as a venue for your next event/convention. You won’t regret it. Special thanks to everybody on Eferrer Public Relations & Integrated Communications, especially Ms. Edaliz Ferrer for taking some time off her hectic schedule and sharing some of her knowledge with us. 

For more information on Eferrer PR Firm, add them on Facebook or  follow them on Twitter



 
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