Expert Views On The Importance Of A Business Plan

Andrea Cockerton  

According to this post on a BP Expert Views Blog Andrea "is an independent pitch expert and advisor in the United Kingdom. She has her own business Brick Handbag and has worked for Microsoft in the past. Why have a business plan? 

What to look for in a plan?

During a talk in 2008 Andrea says that some of the most important things to show in a business plan are that the company is going into a market that is growing and "has a need for your product or service." She also says that the plan must show that the team behind it all has the experience and talent to make it happen, and last, but not least, the plan must show that the "product or service is groundbreaking."

Why these are key

Andrea says, "These specifics are necessary to increase the strength of the pitch for financial backing." An investor will be asking themselves why the business should be started and if it will be successful enough against competitors to be profitable.

And now, for something completely different…

Chuck Blakeman

The same expert blog lists Chuck as a "serial entrepreneur and business success mentor" who believes that business plans actually do more harm than good. He says that forming a business plan to look into the future takes time away from the changes that could be implemented now to change the future as the company goes. Essentially, take care of today, and tomorrow will take care of it’s self.

Why to avoid a plan

Writing business plans wastes time and can make things worse by allowing a company to follow the wrong trends, could make the company miss opportunities, fill a niche, or become a leader.

Why this is key

Chuck offers these statistics as evidence of his points. I encourage all readers to vista Mr. Blakeman's article and take a look at it entirely and then leave a comment below and let us know where you stand on the topic!

“A Harvard researcher found that 97% of all businesses leave their prime objective in order to be objective. The world’s greatest past and present businesses (Apple, Google, Facebook, HP, 37signals, etc.) all started out to do something other than what they ended up doing. And none of them did much pre-planning, if any.”

Chuck Blakeman’s Company

A Business Consultant Should Have Experience

     For the content here on my blog I have tried to focus on the questions and topics I deal with most in my daily work as an Entertainment Business Consultant. Within the last two weeks the question of what is most required, or what one should consider imperative, to be a business consultant in any sector of a given industry has arisen in conversation several times. I have taken this as a fateful hint to quickly cover this question as a topic in my post this week. In my humble opinion, the most important attribute one must possess in order to be qualified to work as a business consultant in any sector of a given industry is experience, and lots of it. The best possible scenario is for one to have a good deal of experience in many sectors of a given industry in order to be most effective as a business consultant.

     Education is also extremely important, but this is secondary. Some of the most sought after business consultants have indeed risen from years of experience before they decided to get an education. Some of the best in the entertainment industry, such as Gerry Barad, head of Global Touring for Live Nation, have risen to such positions through years of experience and learning in the trenches alone. While it is surely important for one to have a solid education under their belt, years of experience, contacts, and "been there done that know-how" just cannot be matched by classroom education when it comes to being an effective business consultant. Here is a quote taken from Business Consulting ABC's website," Having an MBA from a good business school isn't enough. The Business Consultant must have solid real world experience with many types of companies in order to be an effective consultant." This statement could not be truer when one is speaking about the entertainment industry.

     An experienced Entertainment Business Consultant will have been in the trenches and have been involved in many different dealings across many sectors of the industry. He or she will know exactly what is needed to get a project back on track without having to do hours of research or call in a team of outside experts costing a client more time and money. When choosing an Entertainment Business Consultant one must choose someone who fits the bill and must not pay attention to the individual's education, this is a bonus. Finally advice for anyone who wishes to get into the field… Jump into the industry with both feet, get involved in everything you can, and if in ten years you are the one everyone is calling for advice, you have arrived at your destination.

Profitable Markets For Foreign Distribution

     In the last couple of posts on this blog I have spoken about budgeting for media distribution as well as a bit of the change that has occurred in laws governing the content that is being distributed. In addition to the posts regarding law and technical changes of the overall entertainment business landscape, there have been more specific entries regarding information for foreign distribution and licensing for ancillary revenue sources. Topics for entertainment business consultants, publishers, and independent artists, labels, and managers are the purpose of this blog, and specific information is often not repeated unless it is asked by the audience to possibly provide some additional resources on a topic in general, as most of the posts here reflect questions I am asked weekly in my work.

     So, this week for my independent audience, as well as my entertainment business audience of consultants, producers, publishers, etc, I will provide a few resources that will build on my previous post, found here, regarding global music sales, territory specific sales information, and global charting history for researching genres, songs, and artists, that have found success in foreign markets. I know you will find the information valuable, and after a bit of research you will undoubtedly begin to "get in where you fit in."

1. The Digital Global Music Report 2012

This report from the IFPI will help anyone looking for specific information as it relates to separate platforms, territories, and more.

2. Historical Global Charting Information

Here one can search charts and successful artists, genres, and songs across different time periods in just about any country in the world.

3. This chart is an indicator of global music sales separated by country and can give one a starting point when thinking about where to begin their research, or campaign.