A business plan is your recipe for success. A blueprint that anyone can follow to manage and grow your brand in your absence. The result is not having a clear roadmap pointing you toward your target objectives including sales, profit, & distribution goals.
Welcome. I spend a lot of time talking about all the different brands that I’ve worked with, from pre-revenue to multibillion-dollar companies. One of the things that really surprises me is that most of the brands, especially in the natural channel that I work with, don’t have a business plan. Let me explain. We spend a lot of time as an industry, in fact, we do, I think, an amazing job as an industry, teaching you how to raise money and how to hire a broker, et cetera, but I feel that we do a lousy job of teaching you about a business plan and why a business plan is important.
A business plan is your roadmap. It’s your blueprint to success. A business plan is going to give you everything you need to get from point A to point B. Let me explain. If you’re a brand and you want to grow to a certain size within a certain amount of time, well you can put that in your business plan so that you know that if you do A, B, C, D in that order, then that’s how you’re going to get reach that goal. If you want to sell your brand at a certain point, then that’s something you need to be able to put in your business plan. More importantly, your business plan needs to be very customized and tailored to your specific needs, your specific business. I see a lot of brands buy business plans that are templates and fill those out. Huge, huge, huge mistake. Your business plan should be so complete that you can give it to anyone and they can run your business for you on your behalf in your absence. That’s the goal and that’s why this is critically important.
The difference and the reason this is so important to you and why this matters, is because this can determine how long you’ll be around. And the best part is, when you’re looking at funding, when you’re looking at getting into retail, the more complete your business plan is, the easier it’s going to be able to get the kind of funding or negotiate the kind of terms that you want. So instead of settling for scraps from a venture capitalist, you can choose to work with venture capitalists that can actually become a strategic advisor or go to a bank and say, “Here’s what I need and here’s why this matters. Here’s what I plan to do with it. Here’s how I’m going to execute,” and when you’re working with a retailer, “Here’s how I’m going to sell products in your store. Here’s how I’m going to grow my brand. I’m going to start in these stores, in this ZIP Code, and I’m going to grow.”
Now, while this may sound kind of complicated, it really isn’t. All it is, is you taking the time to think about what do you want your brand to be, who do you want to buy your brand, and then how do you want to have your brand represented long term? Anyhow, this episode is probably going to be one of the most important episodes that you’ll ever listen to.
Download the show notes below
Empowering Brands | Raising The Bar
Ever wish you just had a roadmap? Well now you do!
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