When you are a successful CEO and founder of a company like Murphy Anawana was for Murphy Ben International, being able to spread your knowledge and help out others with their business is a great feeling. Murphy Ben International will be explaining how to better your business by starting with a business plan in order to be sure that everything will work out before throwing your money down the drain in case something doesn’t go your way. It is important when you open up your own business to be sure that everything will work out and if it doesn’t, having a back up plan and back up finance is crucial in order for your small company to succeed and grow in the first couple of years that its opened. What Murphy Ben International does is they aggregate, create and promote different entertainment related to the African culture. Promoting the African culture is their goal and making individuals realize how much talent they have is what is important for Murphy Ben International as a company.
Developing a Business Plan
The way that Murphy Ben International developed their business plan before opening their entertainment company is by first giving a business description on your company. You need to explain what you do as a company and who you are first very specifically. As a business nowadays, having a social responsibility role is very important because people tend to look up to companies and want to be involved more when they are doing something to better the world we live in. Living in Africa, it was very important for Murphy Ben International to analyze their market and how they can fit into that in order to make sales. Doing a SWOT analysis is very important for your company due to the fact that analyzing your strengths, weaknesses, opportunities and threats needs to be done for a start up business before entering the market. Having a budget is also one of the most important factors because this is what makes or breaks your business and determines your success. You can’t invest all of your money into advertisements right away; advertising via social media where it’s free is how you can start out until you are comfortable with your profits. You also need an operation plan included in your marketing plan. This explains how the company will operate and who is in charge of what so for example Murphy Ben International the CEO of the company is Murphy Anawana and he is in charged of the overall company etc. For the final step and one of the most important of the business plan, is the financial factors and knowing where to store all of your financial data. By this we mean having some sort of database. After creating your business plan, success can be possible once you follow your business plan outline in order for your company to be organized. Sticking to the plan makes there be no room for mistakes and helps your company have a secure plan and that’s why it was useful for the CEO of Murphy Ben International.