The Value of a Business Plan

This entire program is designed to propel us into becoming, if not already, entrepreneurs. From the beginning with Research Methodologies to now, putting together our final business plan it has provided with tools for success, negotiation, managing a product and artist, and knowing how to effectively generate and manage finances.

You may be asking, why is a business plan so important? Why do I have to create one? Why does it matter? It does not matter the industry, but in order to reach your long-term goals, a business plan is the way to show investors, banks, etc how you plan to execute, why, where, and what. It is the glue that holds the success of the business together. According to Nic Brisbourne, “writing a business plan typically helps to clarify and enhance thoughts and plans about the business.” There are many things that I want to include in my plan, but I have to be really careful when it comes to non-profits. Unlike for profit companies, who petition investors or venture capitalists for finances, non-profits have to go through a series of trial and error when it comes to finances. I intend to focus mainly on my Executive Summary, strengthening it to reflect who I am and why I want to do what I plan to do. The financials are another important focal area. I plan to map out every detail possible to show what we will need to start-up, maintain, and keep the organization thriving.

In our textbook, The Successful Business Plan: Secrets and Strategies it provides us with a roadmap to creating a successful business plan. “Creating a business plan as a response to an external request makes the process seem like a burden instead of an opportunity” (Abrams, p. 1). You may still be asking what can a business plan do for you? Well write one with the proper components and see. Paul Heyworth makes an excellent point; he says, “A plan will help you to put your ambitions for the business down on paper so that you can have a clear vision. Then you can monitor your progress.”
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Abrams, Rhonda. (2010). The Successful Business Plan: Secrets & Strategies. Palo Alto, CA: The Planning Shop.

Brisbourne, Nic. (September 17, 2010). Understanding how a business plan is read. Retrieved on June 12, 2011 from http://www.theequitykicker.com/2010/09/17/understanding-how-a-business-plan-is-read/

Heyworth, Paul. (n.d.). Expert view: Do I need a business plan? Retrieved on June 26, 2011 from http://www.lancashirebusinessview.co.uk/news-details.htm?news_id=212

Through the lens of an 'Expert'

What makes an expert and expert? Is it because they are more knowledgeable in their field of choice? Or is it because they have taken the necessary steps to master their field of choice? The two individuals I will discuss are Dave Lavinsky, President and co-founder of Growthink, the largest strategic advisory and investment banking firm and Peter Shankman, founder of HARO.com (Help a Reporter Out).

Since 1999 Growthink has completed more than 2,000 engagements for companies in the technology and energy, consumer and retail, entertainment, financial services, and healthcare industries. Lavisnksy received his MBA from Anderson School of Management at UCLA and his BA from the University of Virginia. Lavinksy, along with Jay Turo, co-founder of Growthink devised a list of components that will make any business plan stand out and get investors to actually read it through. It must have an Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Competitive Analysis, Marketing Plan, Operations Plan, and Financial Plan (Growthink.com). Of these components, the Executive Summary is the most important. “The Executive Summary alone persuades a reader to spend the time to find out about your product, market, and techniques” (Abrams, p. 47).

On the other hand, Peter Shankman is best known for founding (Help a Reporter Out) HARO which in under a year became the de-facto standard for thousands of journalists looking for sources on deadline, offering them more than 200,000 sources around the world looking to be quoted in the media (Shankman.com). Shankman, a Boston University graduate is also the founder of The Geek Boutique, Inc., a boutique Social Media, Marketing, and PR firm in New York City. In Shankman’s high-resolution life of an expert he feels that a business plan is not necessary. Instead he says:

• Don’t launch into your business plan right away, or in fact, at all, the first time we meet
• Don’t go deep
• Don’t be a close talker
• Lastly…
o Practice.Smile.Believe in whatever you’re saying.Again-Smile.

Though these two individuals are experts at what they do in their perspective fields, they see the world of business plans different. Both are successful and have generated revenue totaling billions, I mean hey, Peter Shankman sold HARO.com for $5.7 billion dollars, built lasting relationships with thousands of companies, and still continue to build on their ‘plan.’
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Abrams, Rhonda. (2010). The Successful Business Plan: Secrets & Strategies. Palo Alto, CA: The Planning Shop.

Kennedy, Peter. (n.d.). How to Write a Business Plan for Venture Capital. Retrieved June 3, 2011 from http://www.growthink.com/content/how-write-business-plan-raising-venture-capital

Shankman, Peter. (November 15, 2010). What is the first thing you say to me?. Retrieved on June 4, 2011 from http://shankman.com/whats-the-first-thing-you-say-to-me/

Is Apple Too Anti-Social for Media

When it comes to social media, the keyword is: SIMPLICITY. No one wants to spend an entire day’s work searching for your company or its products, let alone your Twitter and Facebook pages. Have you ever heard the saying, “less is better”? Well, in this case “simple is better”. When Apple launched its first Macintosh in 1984, Steve Jobs, Steve Wozniak, and Ronald Wayne had no idea that the company would gross $8.16 billion dollars a year in revenue. You may be wondering how in the world can one company dominate the world of computers and technology. With the launch of iTunes in 2001, it has allowed the world of music and video to be seen in a whole new light.

iTunes is a digital media player application that is used to play and organize digital music and video files. It is also an interface to manage the contents on Apple’s iPhone, iPad, and iPod. With its 14,669,119 fans on Facebook, over 900,000 followers on twitter, and its blog that is updated 2-3 times a month, keeping consumers engaged in every effort to improve their product and deliver more content.

In its effort to market, Apple really doesn’t need to because it has already established credibility with its clients and consumers. There are an estimated 5o million iPhone users in the world, so you can imagine how many have downloaded and are actively using the iTunes application. Apple makes every effort to integrate social media not only in their marketing efforts, but in their sale projections as well. If you were to visit the Facebook it has at least 2-3 posts daily with music, TV, and movie updates and release information. Needless to say iTunes has done a phenomenal job with its marketing efforts. It not only gives updates about music releases (which is what I normally pay attention to), but also short reviews about the artist or project up for release. For more information on the when, where, and how visit http://www.apple.com/itunes/ping/. As Apple continues to create new and innovative products and applications, I hope we all can keep up.

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How Digital Marketing Impact Non-Profit Organizations

When it comes to non-profit organizations, most people will only utilize one or two marketing tools. If your desire is to grow your organization on a local, national, or even global level, it will require more than just a website with just enough information to get sponsors. With the advancement of technology and the expansion of resources, most non-profits are able to develop websites with gadgets where they can be accessed anywhere and on any device. Whether it is to reach a target audience, various sponsors, or for education purposes, digital marketing plays a vital role in non-profits. According to Evan Lazarus, CEO of LazBro, Inc., a full service digital marketing agency in Los Angeles, CA suggests that non-profits:

• Don’t skimp on your website
• Keep talking
• Be innovative
• Advertise your non-profit 501c3
• Learn about your 501c3 audience

All of these points are very helpful when it comes to a non-profit deciphering on where to start with digital marketing. Whether you are a novice or well established non-profit, it is always fitting to make improvements to virtually reach a growing sector of the entertainment industry. Yes, there is more that a non-profit can do to enhance its visibility and search engine optimization by just a click of a button or two, but in actuality most want to do it in the most cost effective and highly optimizable way possible. Using social sites, such as Twitter and Facebook have proven to be efficient and effective advertising tools too. Lazarus also encourages companies to “keep talking” about your 501c3. It will not only enhance your SEO, but also your writing skills. By doing this, consumers, sponsors, and your audience will get a full preview of what your non-profit is all about and how they can be apart of this project by donating of course.

Digital marketing is not only way to move your company up on the ladder, but also it is important for the mission of your company. When you discover new ways to market online, using E-mail, search engine optimization, and mobile and social media will drive traffic to your website and create a lasting impression on the hearts, mind, and pockets of sponsors and donors.
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Lazarus, Evan (n.d.). Marketing for Non-Profit 501c3 Organizations. Retrieved 6 May 2011 from http://www.lazbro.com/news/non-profits.html

The Art of Being Human in a World of Music

Since January 2011 I have been interning with Alliance Artist Management, a company that manages classical ensembles. This company has a roster of approximately 20 groups that travel nationally and internationally sharing their talent with the world. Working closely with the Managing Partner, Rob Robbins I get to experience first hand what an Artist Manager truly entails. I witness him; four days a week as he negotiates, participate in conference calls, and ensures that his artists are getting the best out of the negotiation. In the very essence of all the witnessing, drafting correspondence and contracts, attending performances, and filing booking reports I have a better understand and deeper respect for the business of artist management. Mr. Robbins and his business partner have worked tirelessly on compiling press kits, repertoire, and setting up engagements for their artists. There is no secret in knowing how to successfully put a press kit, but the key in knowing what components are essential in building a successful company. Alliance Artist Management did not come about overnight, it took two genius minds to say, “Hey we have over 20 years of combined experience and with our extensive knowledge of the business we can make this work.” I admire the humble spirit and enterprising mindset of Mr. Robbins. He does not stop until he gets a YES. In closing, I want to examine a bit more closely. How would you respond if you were given the opportunity to manage a roster of 20 acclaimed classical ensembles? Would you, with all of your being make it your best effort to negotiate the best deal or would you let them walk blind and alone? I look at it like this, in this business you are dealing with human beings with emotions. So in order for one to successful make it in this business, they must learn from experience, and experience comes from learning to not only be the best, but also be the best at what you do. That is why Mr. Robbins is at the top of my list for successful music industry people. He may not be famous, but his gentle and businesslike spirit makes him seem he is.

www.allianceartistmanagement.com

Is Distribution the Right Way?

Going throughout the course of this week, my mind and thoughts were racing about a topic in my field of choice to post a blog on. The music industry is vast in its aspects and parameters, but I found something interesting in the Christian sector of music. Birthed out of Nashville, TN in January 2005, Infinity Music Distribution has made it its mission to target the youth with lively, upbeat, and innovative songs from Christian artists such as Jai, Canton Jones, and Wess Morgan. To some it may seem fruitless, but to others especially the youth it gives them a sense of hope because the music that is distributed is mainly “Hip-Hop” Gospel. The traditional audience does not accept this new trend and twist on Gospel music because it contains a “rap insinuated” beat. As far as the prices for each CD, they range from $9.99 to 13.99, in the world of distribution that is actually a fair price, but when you can find it on iTunes for $9.99 or less then it becomes a problem. Being that the artists’ CDs can all be found on iTunes for $9.99 or even the singles for $1.29, it really does not benefit them because more consumers will be prone to download it from iTunes. The business of distribution can be precarious because unless you have an established library and reputable artists, then it is difficult to make ends meet. I have always wondered why it is so easy for consumers to overlook Gospel music, but when it comes to Rap it is no doubt on the top hit list. I guess that is another story for another post. Overall, the world of music distribution, whether established or on the come up is increasing in popularity. Many artists are using them more and more to distribute their music because it is less expensive and more guidelines can be covered.

http://www.infinitymusicdistribution.com/index.htm