Developing your corporate brand begins with your business plan.
Some professional advisers insist that business owners should complete their own business plan. We agree – to a certain extent. The business owner must provide the input to a business plan. Without the owner’s commitment to completing and implementing a plan, however, the process is a waste of time.
A business owner knows what they want to do but may need the skills of a more experienced planner to compile the plan more effectively and obtain financing. Many people in business also don’t know what they don’t know, which means having someone with the expertise in many different areas to assist can save time and money. Expertise in leading a sales team may not translate well to budgeting and financial projections. Being proficient in production techniques may leave something to be desired when it comes to choosing advertising channels or defining consumer markets. Professional consultants earn their fees by having the knowledge that proves beneficial in a variety of areas.
The first step in starting a business involves some soul searching and market research. When Brand Irons meets with a prospective client, it is essential to be open and honest in the discussion. We look for commitment to the process of planning as well as to the long-term success of the business concept. We also recommend a feasibility study to assess the economic and market conditions, potential profitability, and other financial considerations before deciding to proceed.
Spending a little money up front to know the idea has merit is a wise investment.
While the cost of a feasibility study may be daunting, if the results indicate a better-than-average potential for return on investment (ROI) and the owner decides to go forward, the foundation of the business plan has been put in place. Assembling the rest of the plan and crafting a strategic model to implement is relatively simple once the decision is made to proceed.
What few people who want to start a business realize is that only one out of every 50 business ideas is commercially viable. That’s a 2% success ratio!
With the proper guidance from business and marketing consultants such as Brand Irons, you can craft a brand identity for your business based on the foundation provided by your business plan and strategic model. Your business is unique, which is one of the reasons you need professional assistance in compiling a brand strategy that is consistent with the unique nature of your business and capitalizes on your assets. The result is a more focused approach to marketing your business and reaching your desired audience.