Melissa Krinzman, the keynote speaker at the Miami Herald’s recently held Business Plan Bootcamp and a judge for the upcoming Miami Herald Business Plan Challenge (sponsored by Florida International University’s Pino Global Entrepreneurship Center), had some words of advice for her audience of would-be entrepreneurs looking to put together a business plan.

“If there are any milestones you’ve hit, or successes you’ve had, make sure we know that,” she said. “And tell us what moment in time your company is in,” added Krinzman, founder and managing director of Venture Architects, which helps companies with business plans and investor presentations. In addition, she said, it’s very important for your plan to answer the following question: “What problem are you solving?” What’s more, she noted, investors — and judges — want to see that you have the team required to execute your plan.

It’s critically important to describe your target customer and marketing strategy, Krinzman continued. “In today’s economy it is all about sales and marketing, so we want to know if you know how to sell and market the product,” she stressed. Throughout the plan, she added, you should be concise - and use bullet points liberally. Do not be afraid to address the competition, she advised. “This is a section a lot of people skip — or they say they have no competition; big mistake,” Krinzman opined. “Everyone has competition in some shape or form, so briefly describe the competitive landscape.”

Whether you are writing a full plan or a shorter version for a competition, Krinzman suggested showing it to friends who don’t know much about your business — and to take note of their questions.

Source: Miami Herald

Posted February 2nd, 2010 under Intellectual Property Marketing

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