This is one of those topics that some people feel pretty strongly about. There are probably those old-school business practice professors who will say that any good idea is first set into motion with a strong written plan. I fall somewhere in the middle with former Apple “evangelist” and Garage Technologies Ventures founder Guy Kawasaki; “A great plan won’t make a lousy idea successful, and a lousy plan won’t necessarily stop a great idea.”

Here is where I think the merits of the business plan truly exist; it opens your eyes and raises questions you might not otherwise consider. A good deal of research does go into crafting a well thought-out business plan. Market research, an outline of your target demographic, competitive positioning to set you apart from the competition; all of these are important things to think about. Certainly you don’t need a business plan to be able to accurately summarize where you are headed, but some people are the type that benefit from this kind of structure.

Who needs a business plan?

If you are thinking about writing a business plan, chances are it’s because you have hopes of raising money from an investor to help fund your project. Like me, you think that if you can show enough foresight and creative thinking, some angel somewhere is going to be swept of their feet by the picture of ingenuity you paint. Truly, this is the most likely scenario in which you would need a well thought-out business plan. Often an investor is going to want to see that you’ve accounted for potential problem areas and have considered how exactly it is you are going to grow. A business plan makes total sense in this case.

However, to be brutally honest, you have next to no chance of raising money from an investor. UNLESS said investor is a friend or family member, no business plan is going to convince a big-wig VC to throw money at a start-up clothing line. Unless of course you’ve brought the next Alexander McQueen or Zac Posen on (in which case you wouldn’t be reading this!) board to run your project, you are just way too big a risk.

The Wall Street Journal wrote a story covering a Babson College study titled ” Do Start-ups Really Business Plans.” Here is the summary:

“This study examined whether writing a business plan before launching a new venture affects the subsequent performance of the venture. The data set comprised new ventures started by Babson College alums who graduated between 1985 and 2003. The analysis revealed that there was no difference between the performance of new businesses launched with or without written business plans. The findings suggest that unless a would-be entrepreneur needs to raise substantial startup capital from institutional investors or business angels, there is no compelling reason to write a detailed business plan before opening a new business.”

I think this study is right-on. Looking back at the business plan developed by my business partner and myself, I see many helpful components, but nothing that is make-or-break when it comes to the development of a business. The only noteworthy observation is just how incredibly far-off our financial projections were (and I don’t mean for the better!).

At the end of the day as the above article says, you just need to get to it and start making money. Be flexible and willing to adapt along the way all while making a solid effort to learn. However, if you do still insist on writing a business plan, there are numerous resources online (which I won’t get into here) that can guide you through the process. The general rule of thumb is to keep it short and sweet, as no would-be investor will spend more than 10-15 minutes max on your idea. Online sites like Bplans.com offer software that will walk you through the entire creation process (a clothing manufacturer example here ) and can be beneficial if you don’t have any traditional business background.

Personal Anecdote:

As mentioned above I did write a business plan for my brand, circulated it amongst 4-5 potential investors (I’m talking guys who invest millions of dollars in tech start-ups), and got nothing more than an education out of it. It was not a lost cause in my eyes simply because of the experience I gained in pitching an idea to a money-man. In the interest of full disclosure, our plan did end up helping us land $30k but that was more due to relationships and networking. I’ll get into that soon.

A worker shortage might be excellent news for the economy! Maybe, just maybe, firms will awake and see workers’ substantial contribution to their success. Some CEOs take unconscionable sums and destroy their firm’s value, unlike many frontline workers who create value. During the pandemic, CEOs took vast sums as they laid-off workers. Some firms sought bankruptcy protection, but hat didn’t stop their greedy CEOs from snatching hefty bonuses.

We have a worker shortage and firms are scrambling to hire whomever is willing. Some firms, like McDonalds have paid signing bonuses. Canada’s Loblaw and its competitors paid a bonus to frontline workers when the pandemic began. They stopped it after three months in unison with their competitors. When government confronted them about this collusion, they claimed it happened independently. Go figure! It’s like you caught your three-year-old with her hand in the cookie jar and she said, Mom, “Cookie Monster did it!”

Worker Shortage Inevitable With Shoddy Treatment

Loblaw’s behavior disturbs me. During the bonus period, profits soared. Per se, that’s no problem. I favor firms making profits. To be sure, I am against government taxing profits. But paying workers the bonus during the pandemic shouldn’t hinge on profits. It was just right. Meanwhile, my wife and I shopped at a Loblaw store and workers continued their excellent service despite Loblaw’s slight.

Leaders must realize frontline workers are the firm’s foundation and treat them well, not as cogs turning out CEOs bonuses! When employers treat workers like machines, they disengage. Gallup said, over several decades, they and other researchers found a strong link between employees’ workplace engagement and the company’s overall performance. Yet employers refuse to accept this. But there is good news: surveys show some firms break the mold and treat workers with respect: Cisco, Apple, Accenture, IBM, FedEx are a few.

Next Quarter’s Earnings Drives Businesses

Companies see next quarter as the prize, so they exploit workers and fudge next quarter’s numbers. I repeat: I am against government taxing business. However, I favor the Biden Build Back Better provision to tax share buybacks that the House passed, and it is before the Senate, even if it might have only a modest effect on share buybacks. Companies shouldn’t be spending billions buying back shares while exploiting workers.

Firms should present to shareholder meetings options to use buyback funds. Choices might include effects of paying bonuses to frontline workers with buyback funds. Shareholders should hear about potential strategic investments, too. Another option is stopping buy-backs for five years after layoffs. Executives, too, shouldn’t get bonuses within five years of layoffs. We must get rid of worker exploitation that enhances CEO bonuses.

Restaurants need to encompass considerable marketing avenues for the sake of success. Without publicity and marketing, there are chances that the restaurant may not survive in the market. But with thorough planning and enactment, the restaurant’s promotion can grab the customer’s attention just like that.

The restaurant business is quite tough. It is difficult for the owners to flourish in this thrift and with very low profits. Restaurant owners are enthusiastic about food because not much profit is left after paying all the mandatory expenses like produce, wages, upkeep, and maintenance. Better so than eternally, restaurants publicity and marketing are necessary.

Some restaurant owners thoroughly expand their profit margin by contracting their business prototype and resemblance to others, assembling a franchise, spreading their reputation, and cultivating a future passive income. While others choose to concentrate on their flagship eatery, trusting that quality over quality is vital for drumming up future business.

Smart advertising encourages the restaurant owner to create a good reputation in the market and reach customers who might not even have heard about the restaurants near them. It also promotes the restaurants with discounts, offers, special occasions, and new items to the menu.

For marketing purposes, the best way is social media. Whether people are seeking someplace to dine in safely or looking for the best takeaway service, they turn on the social media app. The more the traffic drives to your specific website or page, the more you will succeed in this business.

What the advertising brings to the restaurants

It helps to target customers, as if the customers like the taste of the food at a specific restaurant, they will start recommending that place to their colleagues and friends. Advertising helps target particular types of customers and proves to be more effective.
Advertising certainly helps to stay competitive in the business. The competitors will be advertising their specific establishment to the customers. They will assume that the establishment has lacked publicity, is less thriving, and offers less than the other competitors.
Publicity and advertisement are thoroughly an investment. If the restaurant owner is investing wisely, they will surely profit from that. But the amount to be spent on publicity depends upon the area and type of restaurant. Usually, casual and family-specific restaurants do not spend more on advertising, while fine-dining restaurants spend more because they must create a lavish image.
Publicizing can certainly help to develop crucial aspects of the restaurant’s reputation. Advertising fetches the customers by creating the business’s reputation in the community.
Hiring a marketing agency can reduce almost all of the burden regarding advertisement. A good social media marketing agency can maintain whatsoever the name’s niche and aesthetics through social media. Great brand recognition can lead to more followers, leading to more traffic to the site and a boost in orders.