'Is Your Business Shark Tank Ready?' on 3AW Radio
I had the pleasure of speaking with Alan Pearsall from 3AW radio, about the importance of business planning.
Specifically, we used the example of whether your business is "Shark Tank" ready, referring to an Australian TV series where aspiring entrepreneur-contestants make business presentations to a panel of "shark" investors with the hope of gaining their interest and promoting them to invest in their business. The entrepreneurs pitch their ideas for a business or product they wish to develop and the 'sharks' judge the business concepts and then decide whether to invest their own money to help market and mentor each contestant. Not only must the contestant have a worthy business idea but they must also have a solid business plan and clear idea of the vision of their business and what they want to deliver to the consumers.
I discuss the key elements that any business owner should consider whether they're starting a new business or running an already established business. The premise of success either way.
If you've never run a business, or even for a lot of business people that approach me who have been running a business for many years, there are elements of business acumen that you learn along the way. Often, people simply 'don't know what they don't know' and my recommendation to any business owner is that it's vital for them to have an up-to-date business plan, research their industry and market on a regular basis and commit to the success of their business through planning, creating strategies and following through with the actions.
It all starts with a plan. Most people don't know how to build a plan (just like you wouldn't build a house without a plan), so one of the things I'm passionate about and help people with is creating a comprehensive business plan for them to achieve their goals.