Views on business plans from industry experts

A well thought out business plan is the foundation for every successful business. It is essential that a new business have a solid plan for development and operation. After all, attempting to start up a business with lack of a plan is equivalent to steering a ship with no rudder. Business owners and aspiring entrepreneurs must know the direction they are headed with their business, and the steps necessary to take it there. However, do you know what it takes to create a business plan that can drive a successful business? No worries, in this blog I will look at two experts, Bobby Flay, who is one of America’s top chefs and restaurant owners, and Steve Ells, who founded the national chain restaurant, Chipotle.

Bobby Flay has been into the restaurant industry for quite some time. “At the age of 17, Flay took a job at Joe Allen’s restaurant where his father was a partner.” Burhoe, 2011. Flay attended the French Culinary Institute, where he currently is a spokesperson and Master Chef for the Institute. Flay has opened up such places as BOLO and Mesa Grill. Beyond restaurants and cooking, he also has published several books including Boy Meets Grill and Bold American Food. It does not end there; Bobby is also featured on several hit TV shows as Hot Off the Grill for Food Network and The Main Ingredient for Lifetime.

Our other expert, Steve Ells, took a loan from his father for less than $100,000 and founded the now popular chain of restaurants known as Chipotle. Ells took a different approach than Bobby Flay, and graduated with a Bachelors of Arts degree in art history from the University of Colorado. However, he also graduated from the Culinary Institute of America in 1990. Both Steve Ells and Bobby Flay are currently big investors on a new NBC hit series known as America’s Great Next Restaurant.

Bobby and Steve, investors on this new hit series, are looking for the next big restaurant to invest in. Well, this includes looking over business plans for each of these concepts that are brought to the table. Amongst some of the things they look for in a successful business plan is the name of the business, the logo, the slogan, and marketability.

Bobby and Steve have mentioned that the name of the company must fully represent exactly what the company is about, and not mislead consumers to believe anything different of the company. The logo must not be complex and directly portray what the company is about. The slogan must be original, creative, and catchy. Consumers must be able to memorize the slogan with ease and the slogan must portray the company perfectly. The company must also have a solid marketing plan, as any business lacking a solid marketing plan is sure to fail.

These are just some of the simple things to keep in mind while creating a successful business plan. For more information, please visit: http://bpexpertviews.blogspot.com/

Resources:

Burhoe, Steven. (2011) Expert Views on Business Plans. www.blogspot.com. Retrieved on July 12, 2011 from http://bpexpertviews.blogspot.com/