The business plan for media relations companies or PR firms is an important document if you need a roadmap for your firm or want to obtain expansion capital to open a new office, broaden your client base, or roll out a new service. Your media relations business plan should give a clear description of the sort of services you provide and, if permissible under your current agreements, the clients you service now. Give as much detail as you can about the way you deliver value to your clients – what sort of campaigns have you developed to date? What were the results of a specific media relations initiative you undertook? Has your firm received publicity that you can use as a selling point to attract an investor or show a loan officer that you've already gained significant traction with your market? There are other factors to consider as well:
• - What is your target market? Which industries do you serve most actively, and are there additional avenues for growth within these sectors?
• - What market research can you bring to bear on the argument that this would be an ideal opportunity for expansion?
• - What companies do you compete with? The more you know about your competitive landscape the better, so make sure this section is informative.
• - How do you market yourself? It's critical that you show you can drive new contracts through channels other than simply referral business.
• - What do you expect your revenues could be in Year 3 or Year 5 from today?
The business plan will need to include a financial projection that itemizes your expenses and plots your growth trajectory. Cash flow, balance sheet, P&L, break-even (if applicable) and a sensitivity analysis are all important components, and most investors will want to see your costs and sales in a monthly format for the first year. A use of funds is also critical if you need expansion capital. Also, assuming yours is an existing business, a past performance table – showing up to 3 years of back balance sheets and P&L data – is a smart inclusion. If you need consulting help on the financial model or want to talk about the layout of the document, call MasterPlans at 877-453-2011. We have helped hundreds of existing business clients obtain growth capital and we can help your firm as well.
