For any modern business, the proper communication tools are a must. During the early phases of starting your enterprise, it is wise to think about which ones you are going to choose. Communication has been a deal breaker in business for generations, and is perhaps even more important now that so much sales and trade takes place online. This also means that the methods of communication have changed greatly, so some parts of your business plan will have to be adjusted to fit this.
Software such as video conferencing is a worthy investment for any new company that will pay for itself with the possibilities it opens up. However, since it is still a relatively new trend, not everybody you show your business plan to may understand why it is a part of your projected budget. Here are a few ways you can fit the investment into your investment plan when you are starting out and how it can go a long way towards securing funding for your new venture:
Canada Business Network lists the marketing strategy as an integral part of any business plan that should be somewhere near the top, as an enterprise cannot hope to stay afloat for long without good marketing. This is an ideal time to note down how you hope to use your meeting software as a marketing tool as well as a communication device. Using it to contact new clients is one useful thing, but keep in mind the other creative ways you could use it to your advantage. Perhaps you could use it to host a seminar you can share online to build your reputation. Or you could use it to hold a virtual product launch, which will have much more of a memorable impact than sending out a press release document, which can be easily ignored. This will hopefully have the double advantage of generating some marketing ideas and demonstrating how you intend to use the tools you invest in to their full advantage.
Marketing is only one area where money can be saved using conferencing software. Mentioning other areas where you can save a substantial amount of money, making back the relevant expenses in the budget, is also useful. The renting of office space is an obvious example if you are able to work from home and communicate remotely. Transport costs and the expenses of hosting out of town visitors is another. You could also note how you will save on repairs by relying upon your software’s technical support line, save on new equipment by using devices you already own and use regularly, and cut down on phone bills by using your video meeting software in its place. If you go through your projected expenses, you may find plenty more which could be struck off or at least reduced greatly thanks to your conferencing software.
Entrepreneur says that another important part of a business plan is to answer how you are going to turn a profit. The obvious answer is finding the best clients you can which will allow your company to grow, and you should note how you plan to use video communication to reach the global marketplace and bring in plenty of revenue to your company, much more than if you relied on the local market alone. Mention also how much of a difference this will make over relying upon older methods, such as e-mail communication, and how using the most up-to-date software will put you at an advantage over others in your field, as many still haven’t adapted to this way of working yet. If you can tap into the opportunities that your competitors are missing out on, you can capture much more potential business than they will.
You don’t need to go into intense detail, but it may be worth giving some clue about how you will use your software for daily operations. Video conferencing solutions will likely be used not only for client meetings or sales events, but also for day-to-day communication with colleagues, customers, or collaborators. You might even be planning on using it in place of your e-mail program. Projecting the amount of sales you can make directly through the use of online conferencing will go further to demonstrate how you plan to make the most of the investment and why the monthly subscription costs will be worth it.
This should demonstrate why you should include video conferencing software in your business plan and why it will impress bank managers or potential investors who you show your plan to. By demonstrating the savings it will provide your company at a small up-front cost and how useful it will be in day to day operations, it will show what a smart investor you are and make it much easier to secure the funding you require.
Photo courtesy of: jayakrishnan
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