Starting Your Business - Business Planning
Articles:
2 Small Business Start Up
Secrets For When You Need to Start Up Fast
You want to start up a
business as fast as you can because that great idea is burning a hole in your
mind right? But, you've been told you need to do a plan and that sounds painful.
Business Plan Pro Review
Business Plan Pro is a
software program that helps guide you through the process of creating a business
plan.
Business Plans For Tough Times - 5 Keys to
Success
Do existing businesses need
money? Probably. Is this a time to start a
business? Maybe.
Business Plan – your statement
of intent
Your business plan is a
document that includes everything that you want and hope to achieve in your
business as well as the resources that you have to make it happen.
Three Ways To Write A Business
Plan To Recession Proof Your Business
Many entrepreneurs are
uneasy with the looming recession as reported in the news over and over again
every day.
Business Plan 101 The Financial
Statements
No part of the business plan
is more important than the financial section. It is here that the plan can fail
if the needs of funders are not taken into account. The financials should
include the following key information:
Business Plan Guide - 7 Mistakes
to Avoid When Writing a Business Plan
A business plan guide is a
great place to start when you are getting ready to write your first business
plan.
The Adventure of Business
Planning
Business planning is an
adventure?
I doubt that many people
would describe it that way.
Computer
Repair Business Plan
If you're thinking about starting Computer Repair
Business, it's a very good idea to create a business
plan. The best reason is not what you think.
Business Plan Software: Do You Need It?
Find out what you need to know about business plan
software. Business plan software is something that
often gets overlooked and isn't considered to be a
necessity for some reason.
Essential Startup
Business Questions .. Failing To Plan is Planning to Fail.
Failure to answer a few critical questions may doom your
business from the start.
Sage Advice For Upstart Small Business Owners
If
you just started a small business or are thinking
about it you know that there are books and books of
advice out there. Here are the top tips for small
businesses.
Producing a Successful Business Plan To Start A New
Business
Every new business start up has a business plan that
varies in sophistication from a few brief thoughts,
an idea or aspiration to a formal written document
setting out all major elements. Preparing a business
plan is essential if grants are to be applied for or
money is being borrowed to fund the start up.
What
Really is a Business Plan?
Get to know about it before you start
writing it. Business plans are basically textual
descriptions of the future of a business. It also
includes how and what you plan to do
Small Business Planning
Small business planning – no excuses, you need to
write it down! Before you condemn me and say “he’s
dead wrong”, let me share what I have seen.
Dread Planning? Simple Business Planning That
Works Well
Your
business day has just begun and you quickly whip out your clearly written plans.
Pardon? Did you say you don't have a written business plan? Then join the club,
'Business Owners Without Plans'.
2 Small Business Start Up
Secrets For When You Need to Start Up Fast
by
Justin Mountford
You want to start up a
business as fast as you can because that great idea is burning a hole in your
mind right? But, you've been told you need to do a plan and that sounds painful.
You've probably even seen a
plan template and had a little freak out at the amount of information you needed
for it.
Well I'm going to share with
you a small business secret that top entrepreneurs already use.
Obviously I don't need to
tell you that planning is good. I'm a fully qualified PMP project manager and
previous experience has taught me that poorly planned things go, well, poorly.
However there is a secret
simple formula that tells you exactly how much planning you actually need.
To answer that let's ask
ourselves a few questions?
Are we quitting our jobs,
borrowing thousands and looking at a long time to market our service or project?
If you answered yes, your
taking on a lot of what we project managers call RISK. The more risky the
business ventures the more detailed your business plan should be. This ensures
you're not flying by the seat of your pants into certain doom.
Are you looking to start a
second income business with under a thousand dollars investment and still remain
working in a full time job?
This is a low RISK venture,
meaning you still need a plan, but you don't need anywhere as much detail.
So here they are, the 2
small business planning secrets:
1. Do as much
planning as you need to manage the risk.
2. Review your
business plan every 2 months
Business plans are not set
in stone. If you start a basic business plan and find your business developing
quickly, add more detail to the plan. More growth, more risk, more planning.
To ensure that you stay on
top of things proactively review your business plan every 2 months. An easy to
read business plan can be reviewed and edited in fewer than 5 mins. There is no
excuse for not revisiting your business plan.
If you're an entrepreneur
you don't want to waste valuable time working on a highly detailed business plan
for a low risk venture. You want make the best possible use of your time. Are
you making the best use of your time?
Use your extra time to
create a second income. Drop by
The Great Cubicle
Escape to read more about time management, making a second income and
entrepreneurialism. Let The Great Cubicle Escape help you escape the cubicle
with crazy passive income ideas and methods.
Article Source:
EzineArticles.com
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Business Plan Pro Review
By
Jason Kay
Business Plan Pro is a
software program that helps guide you through the process of creating a business
plan. Because a business plan is a pivotal component for any business to have,
especially a start-up, ensuring that your plan is up to par is critical. For
those who don't know how to write a plan from scratch, plan writing software can
be a life saver.
Business Plan Pro has two
different software programs the Standard and the Premier. Both the Standard and
the Premier include such features as:
• 9,000 plus industry
profiles.
• Over 500 sample plans.
• Two different business
planning e-books.
• The ability to import data
from Quicken.
The Premier edition also
includes:
• The ability to import from
Microsoft Excel.
• A business evaluation
analysis.
• Cash planning that is
visual.
• A program that let you do
a plan versus actual financial tools.
Depending on how in depth
you want to get with your plan and of course how much you want to spend will
determine which version of the software is right for you. Just as with any other
piece of software, Business Plan Pro has pros and cons. Before deciding whether
or not you want to use the plan writing software it is worth checking out both
sides of the story.
Because Business Plan Pro
has been around for 15 plus years they have over one million customers who have
used their program. Most would agree that the software was easy to use and did a
more than adequate job in helping them create their plan. You can read through
some of the actual reviews on the company website.
They have also been voted
the number one plan software for the past ten years straight by NPD Group and
they have been featured in the Wall Street Journal as well as Inc.com. Best of
all though, they offer a 60 day money back guarantee so if you get the program
and don't like it you can go through the process of getting your money back.
As far as those who left
reviews of Business Plan Pro there were not too many complaints, but the
software does come with one big negative selling point, which is its price. The
Standard edition is just under $100, which is comparable to many other business
software programs in the industry, but the Premier Edition that comes with all
the bells and whistles is just under $200. While the software very well may be
worth every nickel, it is still one of the higher priced
business plan software programs available.
The ultimate decision is
yours but whatever you decide you must be sure to write the best possible plan
that you can so your business has the most amount of potential and a chance to
going on to do great things. Remember, investors and many vendors expect to see
a well written and articulated plan so be sure that is what you deliver them.
Jason Kay recommends reading
Business Plan Pro reviews to help you decide if this software package is
right for you.
Article Source:
EzineArticles.com
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Business Plans For Tough Times - 5 Keys to
Success
By
MaryAnn
Shank
Do existing businesses need
money? Probably.
Is this a time to start a
business? Maybe.
In either case, the business
plan you write today will be different than the one you wrote five years ago.
Five years ago money was available. It is still there, but it is a lot harder
to find, and to tie down. Here are the five keys to getting funding now:
1. Take it as far as you can
yourself
Whether your business is is
brick and mortar, or online, do as much as you can yourself. Bootstrapping is
IN style, if indeed it ever went out of style. Getting funding to "expand" is
always easier than getting funding to "start".
Yes, this means more
extensive planning and researching than you may have done previously.
Yes, this means developing
prototypes and test marketing before spending millions on a project.
Yes, this means actually
beginning the business if you can. Most businesses can start early. Most
businesses can begin as an online business, a very inexpensive alternative to a
brick and mortar business. A beauty salon would have a hard time, but a
professional speaker, credit repair, and dozens of other businesses are naturals
for online businesses. Even the beauty salon can begin online if it will have
some unique products to sell. One lady I know began her business online, making
custom mineral makeup. It was so successful that she never opened the boutique
business she had planned. Now she fills orders from around the world every day.
She discovered, too, that she didn't even need a business plan - she had all the
money she needed.
2. Be THE pro in the
business
Nobody wants to finance your
on the job training. Prove up front in your business plan that you've got
industry experience and management success behind you. The "wanna be's" are in
for a rude awakening over the next few years.
Your business plan needs to
tell the tales of your successes. Lists of "accomplishments" can get pretty
boring. Translate those into real vignettes and it is a slam dunk. Don't have
the success stories to tell yet? Well, get them. Don't expect funding until
you've got the tales to tell.
3. Be The Dreamer
Capture your lender with
your enthusiasm and sincerity. Swallow whatever fear and misgiving you may
have, and march up to the lender, stick out your hand and say, "I'm Josephine
Martinez, the entrepreneur down the street." It doesn't matter if that business
isn't open yet, you are still "the entrepreneur down the street".
There is just something
catchy about someone with such unbridled enthusiasm, especially in tough
economic times. Your lender will want to capture your energy, and just may want
to keep you around.
4. Be The Realist
Recognize that some
businesses will be easier to fund than others. Repair businesses, credit
businesses, low cost businesses will all be better off than a custom tailoring
shop.
Highly capitalized
businesses like restaurants, construction and resorts have a tough time
presenting successful business plans in tough times. The tougher your business
is to fund, the more important it is to do your homework. Don't wait for your
lender to tell you to do it, or even to vaguely ask for it. March in with your
stats in your hand. It is the only way.
5. Go For It
This is the most important
step. Lots of folks are sitting in the wings, waiting for the economy to
change. Well, it is not going to change soon.
The US economy, and the
world economy, are in the wringer like they haven't been for half a century or
more. Because of that, everyone assumes there is no money to be had. Well, it
just ain't so. There is money there, but few people know where to put their
money so that it is both safe and making money. Your job is to prove that your
business is the answer.
And there IS money out
there. Lots of it. Honest. Go for it. Now.
MaryAnn Shank, the talented
and rough weathered pro at
Business Plan Master
has helped thousands of businesses navigate tough economic times. Here is
where her experience shines.
Article Source:
EzineArticles.com
<TOP>
Your business plan is a
document that includes everything that you want and hope to achieve in your
business as well as the resources that you have to make it happen. Your business
plan is your main decision making tool and should be full of all the information
which is needed to help you decide whether or not to pursue a business goal.
Your business plan is used
for a variety of reasons such as financial gain as it is down to your business
if you are granted start-up business finance. It is thought by many that this is
the only real reason for having a business plan when it is merely just one of
the reasons. Your business plan is also used to help you spot potential pitfalls
before they happen and to focus your development efforts as well as to work as a
measure of success.
It has been said that there
is no fixed content of a business plan as what you put in it depends on what is
relevant to your business; however there are certain issues that should be
placed in all business plans such as background information about your company
and all of the following:
An executive summary
Your executive summary is a
written overview of the business that you want to start. This aspect of your
business plan it a vital one. Many lenders and investors make judgments about
your business based on this section of the plan alone.
A short description of the
business opportunity
Who you are/ what you plan
to sell/offer and to who and why
Your marketing and sales
strategy
Why you think people will
buy what you want to sell and how you plan to sell to them.
Your management team and
personnel
Your credentials and the
people you plan to recruit to work with you.
Your operations
Your premises, production
facilities, your management information systems and IT.
Financial forecasts
This section translates
everything you have said in the previous sections into numbers.
It is important to note that
even the presentation of your business plan should be well thought out and.
There are many tips that should be considered when it comes to how you should
present your business plan. These tips are as follows:
• Keep your plan
as short as possible; people are more likely to read it if it is short and to
the point
• Keep
presentation professional, even if your plan is only intended for internal use
• A well presented
plan will reinforce a positive impression that you will want to create of your
business.
You should include binding
and a contents page as well as page and section numbering throughout your
business plan. You should also get at least two people to read and check your
plan.
If you are having trouble
writing your business plans there are numerous companies available who will
provide you with all of the help that you will need to write your plan. So for
more help get in touch with an advisor today.
Helen is the web master of
Angel Start-ups, specialists in all aspects of
Writing your Business Plan.
Article Source:
ArticleRich.com
<TOP>
by
henri
Many entrepreneurs are
uneasy with the looming recession as reported in the news over and over again
every day. If their goal is to instill fear in the hears of Americans, they
have succeeded. Have you seen the Consumer Confidence Index (CCI) lately? It’s
at an all time low.
Many small business owners
and CEOs are asking, “What should I do now?” Others are looking to start a
business, but are wondering if they should considering this looming recession.
The best way to enter this
period is to write a basic business plan. Not the 1,000 page kind used to get
bank financing, but a simple document that you will actually USE TO RUN YOUR
COMPANY! A good business plan is a management tool
So - do you need a business
plan? Absolutely YES if:
YOU ARE DECIDING WHETHER TO
START A BUSINESS AS THE RECESSION LOOMS
A sound plan will help you
improve your chances for success and avoid making serious mistakes. You may be
the only one who reads this plan, although you should have input from a number
of other people with business experience.
Here are the core questions
you should ask - then incorporate the answers in your business plan:
• What does it take to
succeed in this type of company?
• Do you have the skills and
background necessary?
• Can you afford to take the
risk? What effect would the business' failure have on you?
• What is the growth
potential for the business? Can it meet your financial expectations and
requirements?
• Is there a large enough
market for your products/services?
• Will you enjoy owning and
managing the business?
A business plan is an
important ingredient to the success of any start-up business. With the tough
economic times we are entering, this basic truth is even more urgent.
YOU WANT TO JUMP START YOUR
BUSINESS AND GET GOING QUICKLY BECAUSE YOU SEE A NEW OPPORTUNITY COMING WITH THE
RECESSION
Whether you’re an
entrepreneur doing business on the Internet, a stay-at-home Mom with an arts and
crafts company, or a bricks and mortar business offering products and services
to the public, a business plan acts as a guide to success. Developing your
business plan helps determine your objectives and focuses you on the strategies
and action plans necessary to accomplish those objectives.
If you're looking to boost
your business it's time to answer a few questions in your business plan:
• What are your skill levels
and talents?
• What are goals for each
month’s sales?
• What are your resources,
time available, advertising and promotional budget, website?
• Do you have the necessary
equipment? If you don’t, how will you obtain the equipment?
• What barriers do you face?
YOU WANT TO BETTER ORGANIZE
YOUR EXISTING COMPANY OR IMPROVE ITS OPERATIONS TO BULLET-PROOF YOUR BUSINESS
FOR THE TOUGH TIMES AHEAD
The focus here is an
OPERATIONS PLAN. It suggests actions that need to be taken and assigns
responsibility. Questions that need to be answered:
• How does our company
compare to leaders in its industry?
• What are our management
weaknesses? How can we make improvements?
• How can we increase sales,
serve the customer better, improve manufacturing efficiency, increase the gross
margin?
• Do we have the necessary
resources to make the above improvements? If not how will we obtain the
resources? Do we need a bank loan or line of credit?
Henri Schauffler, The CEO
Coach, has dedicated the last 20 years to helping
small businesses like yours
to Outmanage, Outhire, Outsell and Outprofit
All the Competition. For a
FREE business assessment and tune up to see
exactly how you are doing in
all Eight Essential Areas for Business Success,
go to
http://www.QuickBizQuiz.com .
Article Source:
ArticleRich.com
<TOP>
by
Eric Powers
No part of the business
plan is more important than the financial section. It is here that the plan can
fail if the needs of funders are not taken into account. The financials should
include the following key information:
Financial Summary
A simple, five year
financial summary should show the expected growth in revenues and profit over
the years, as well as expenses (yes, expenses do have to rise to allow for
increased revenues). This type of summary can go further by showing some
non-financial markers of success, such as the number of full-time employees,
number of locations, number of products sold in a year, and number of clients.
Readers will look to see that the growth described in this summary seems
attainable from the market opportunity and size given as well as the strength of
the marketing and operations plans and the management’s means to execute them.
Sources and Uses of Funds
Within the financial section
there should be details on the funding requirement for the business and who the
funders will be. If any funding is secured already, this is certainly
information to mention. However, if all funding is still uncertain, this section
should at least describe the type of funders that are being targeted. The uses
of the funds should then be detailed, showing what the pre-launch startup
expenses will be as well as the needs for additional working capital going
forward.
Pro Forma Financial
Statements
Finally, a full set of pro
forma (projected) financial statements should be included in the appendices of
the business plan. These financial statements must be completely consistent with
the financial summary and sources and uses of funds described earlier. The
statements include the income statement (sometimes called the profit and loss
statement or P & L), balance sheet, and cash flow statement. Generally, more
detail is given for the first three years by showing quarterly results.
Additional statements should then show annual results for the first five years.
The income statement shows
the revenues and expenses (grouped into appropriate categories), and the profit
or loss for each period. The balance sheet shows the breakdown of assets,
liabilities and owner’s equity in the business at given points of time. The cash
flow statement shows the cash inflows and outflows from normal operations,
investment in the business, and financing from lenders and investors. The advice
of an accountant or business plan consultant familiar with drafting these
statements is recommended to make sure that you get them right.
Eric Powers is associated
with Growthink, a business plan consulting firm. Since 1999, Growthink has
provided
business plan writing services to more than 2,000 entrepreneurs and business
owners who have raised more than $1 billion in growth capital. Call
800-506-5728 today for a
free consultation with a professional business plan writer.
Article Source:
ArticleRich.com
<TOP>
by
Barb Dearing
A business plan guide is a
great place to start when you are getting ready to write your first business
plan. Perhaps you have found a book about writing business plans, or are
following a template, but chances are, these materials will only focus on the
steps necessary to create your business plan and will fail to point out the
critical mistakes that most new business owners make. So let's ignore the
step-by-step tutorial for a moment and focus on the real world mistakes you need
to avoid.
1. Don't Put it Off. Yes,
writing a business plan can be a monumental chore. It's easy to procrastinate
while you focus on the more exciting processes of your business. Many new
business owners will wait until the day before their scheduled meeting with the
bank -- and then frantically try to write a plan overnight. You can imagine the
results. Don't wait until you have more time. There will never be more time.
You need to clear your calendar for a week and make your business plan a top
priority. Or if that isn't feasible, schedule a certain period of time each day
to work specifically on planning. No doubt you have heard the old saying: "If
you fail to plan, you are planning to fail".
2. Don't Confuse Profit With
Cash Flow. Unless you have an accounting background, you are very likely to
define the success of your business in terms of profits. A simple definition of
Profit would be Sales minus Expenses equals Profit. But in the business world,
profits do not equate to cash. Your profit formula does not take into account
the amount of cash you have tied up in production costs for products that have
not yet sold, or the customers who still owe you money for sales that have
already been made. Your business can look quite "profitable" while your bank
account is over-drawn. Make sure your business plan includes a table that
addresses cash flow. Ideally, you should detail the monthly cash flow for the
first two years of the business and annually thereafter.
3. Don't Fall in Love With
Your Idea. Too many business plans blabber on for pages about the "newness"
and "uniqueness" of the idea. But the truth is, investors want to invest in
people, not ideas. It is only the people who can execute the systems necessary
to bring the idea to life. Instead of waxing poetically about your business
idea, focus your energy, and your reader's eyes, on the ways you plan to
implement this great business idea.
4. Don't Succumb to Fear and
Dread. If you have never written a business plan, the process may loom like
Mount Everest. But, like most new challenges, writing a business plan isn't as
hard as you have imagined it to be. You aren't writing a doctoral thesis or the
next great novel. If you have invested in a business plan guide, use it. You can
easily find helpful resources such as books, software programs and templates.
Remember, you eat an elephant one bite at a time, so start chewing.
5. Don't Over Sell. Skip
the vague and meaningless business phrases such as "best ever", "highest
quality" and "unsurpassed customer service". You will lose your reader's
interest and respect if you engage in hyperbole that isn't supported by
measurable facts. Remember that the objective of a plan is its results, which
require tracking and follow up. Focus your goals on specific dates, management
responsibilities, budgets, and measurable milestones. Think fewer words and more
numbers.
6. Don't Engage in
One-Size-Fits-All Business plans can have many different purposes and they
should be written to reflect the specific purpose at hand. You may be using your
plan to start a business, or just run a business better. Your purpose may be
simply to sell an idea for a new business to one particular business partner.
Your plan may be intended to secure a small business loan, or it may be needed
to secure millions of dollars of venture capital. Each of these purposes would
require different information, presented in different ways to meet the needs of
different readers. Keep a picture of your intended reader firmly in your mind
and your business plan will stay focused as well.
7. Take Off the Rose Colored
Glasses Optimism is a wonderful resource. Without it, a business owner would
find it difficult to summon the energy necessary to launch a new venture.
However, this is not the time to engage in unbridled projections. If your
company's growth chart is based on an "industry average" of 15% annual growth,
you should certainly be prepared to prove that assumption. When in doubt, be
less optimistic.
By using a good business
plan guide , and avoiding these common mistakes, you can prepare a plan that
almost guarantees your business success. Good luck!
About the Author:
Barb Dearing is a writer
specializing in topics that relate to new business owners. She recommends a free
9-Step Business Plan Guide that can be found at:
http://www.business-plan-guide.com
Article Source:
ArticlesBase.com
<TOP>
Business planning is an
adventure?
I doubt that many people
would describe it that way.
Creating a business plan is
not a favorite for many entrepreneurs. Business plans have gotten the reputation
of being complicated, boring, and useless.
Part of the reason for this
is probably because of the requirement to have a business plan when applying for
a loan.
In that case, the plan is
written more for the lending institution than it is for the business owner.
Most likely, once the loan is approved, the business plan document is soon
forgotten.
Working on a business plan
seems to bring out procrastination and frustration. It is easy to put off a
project that seems as though it will take a big chunk of time and energy. There
may also be hesitation to get into planning due to possible differences in
opinion in your company as to what the priorities should be.
So, how can we make this
business planning into an adventure?
Who doesn’t like the idea of
planning an adventure trip?
I was thinking about the
basics of a business plan and how those basic steps apply to planning such a
journey. There really are a lot of parallels.
As I planned my solo trip to
New Zealand to go backpacking with seven women, there were a lot of challenges
for me and I felt I needed a plan.
Why create a plan?
Clarifying your thinking is the most important reason for having a plan written
down. Most everyone planning a trip talks about what they are going to do and
how they feel about it. Taking it a step farther and writing it down solidifies
it.
As I wrote down my
structured plan, I could see clearly what was to be done and felt more confident
about making the journey.
I used the five main parts
of a business plan:
1. Vision
2. Mission
3. Objectives
4. Strategies
5. Plans
TRIP TO NEW ZEALAND
My Vision: Suzanne sees
herself as a strong, independent woman traveling successfully on an
international adventure.
My Mission: Suzanne is to
go to New Zealand, connect with seven other women she has never met, hike the
Banks Peninsula Track, and get back home safely.
Objectives:
1. Arrange air and ground
travel.
2. Get prepared
physically.
3. Be well equipped for
the hike.
Strategies:
1. Find convenient and
most economical travel.
2. Concentrate on good
nutrition, exercise, and hiking with a pack.
3. Find good quality
equipment that is comfortable
Plans:
Travel Arrangements
1. Check air rates online
and with travel agent
2. Make decision and
purchase tickets
Equipment:
1. Check equipment at REI
and the outdoor store and online.
2. Make decision on price
and comfort.
Conditioning:
1. Hike around the lake in
hiking boots on flat ground with weighted backpack.
2. Hike mountain without
backpack.
3. Hike mountain with
weighted backpack.
Now, do those steps to a
business plan seem so daunting when you think of them in terms of an adventure
trip?
Most every business owner
has a plan that is shared often in conversation. You’ll hear them talk about
their vision, objective, strategies and plans.
Getting that plan down in
writing makes it easier for others to know and understand their vision and how
they plan to get there.
If you’re finding it
difficult to get your plan together, find a planning partner. Get another
business owner to commit to doing his or her plan at the same time. Call each
other to keep yourselves on track. Another source of support would be a business
coach who could strategize with you as you go through the steps of the plan.
Is business planning
starting to sound more like an adventure to you?
Jump into the plan! It’s
amazing just how satisfying it is to have a plan in place and go with it.
How about completing your
goals with energy left over?
Exuberant Productivity
Coach, Suzanne Holman, MAEd, works with female Certified Financial Planners who
are interested in making every hour of work truly productive so they have
abundant time and energy for fun and family. For a FREE Exuberance Assessment
and tips for increasing your productivity and having a more satisfying life,
visit Exuberant
Productivity.com
Article Source:
ArticleRich.com
<TOP>
If you're thinking about starting Computer Repair
Business, it's a very good idea to create a business
plan. The best reason is not what you think. I don't
know anyone who has ever stuck with his or her
original business plan. Why? Well, planning and
doing is the same as hypothetical and reality. Once
you get immersed in your business, you often have to
modify your plan to fit real world situations.
Even the best planners can't see everything that
might crop up, and being flexible is the key with
any good business plan. The best thing about doing a
business plan is that it makes you think about the
important elements of your proposed business.
Areas to research and try to layout in your business
plan would include market analysis, startup costs,
necessary skills, and initial inventory or
equipment. All of these areas are important when
planning your business. Most business plans can be
divided into common sections like these:
- Executive Summary
- Company Description
- Products and Services
- Marketing Plan
- Operational Plan
- Management and Organization
- Personal Financial Statement
- Startup Expenses and Capitalization
- Cash Flow Analysis
If financing is a part of the puzzle, even more time
should be spent on presentation and documentation.
You will be judged by the lending institution on the
quality and accuracy of your numbers of your
business plan. The two most common flaws in business
plans are under estimating costs and over estimating
revenue.
A good example in the Computer Repair Business is
for one to assume that since there are an average of
171 working hours in any given month, that you could
bill 171 hours or the total amount. Not going to
happen, there is no way to bill 100% of time. Why,
because you rarely can bill out every hour in the
day. There are necessary activities that take away
from billable hours. Now if you work 80 hours a
week, you could bill over 40, but that's not the
same thing.
And if you are a owner/operator (one man band) you
will need to do many administrative, marketing, and
record keeping tasks that all take away from
billable time. In fact, some of the most effective
owner/operators I know in the computer repair
business are ecstatic with a 70% bill ratio.
A good example of underestimating costs for the
Computer Repair business is insurance and bonding.
If you do business with larger companies, they
require both and this area is often overlooked.
Another common area that is missed is the cost of
training and technical resources like manuals and
etc. Both can get expensive and necessary if you
want to keep your skills up to date.
One of the biggest decisions in the Computer Repair
Business is whether to go retail location, or office
building, or warehouse scenario. This can be a huge
start up cost and commitment. And there are quite a
few associated costs like utilities, signage,
furniture, and equipment.
Part of the decision making process on these
different scenarios is to also consider whether you
want to offer onsite service or inside service
(where the customer brings in their equipment).
Often this is depending on the market area, target
audience, and location.
The key to making that type of decision is to figure
out if the retail location can generate enough walk
in business to compensate for the cost. The office
building or warehouse location might be necessary if
you will have multiple employees and support staff.
But both those choices are expensive both in startup
and ongoing costs.
Speaking of staff, unless you start your business
with clients, employees can be a tremendous expense
and involve more administrative time. Adding
employees right from the get go with out having some
type of clientele is risky at best. If you will
already have service contracts or written
commitments from clients, you might need employees.
A good alternative to the warehouse or office
building options is to go with an executive business
suite. These are companies that will provide very
small spaces (like 200 sq ft) and administrative
services like answering the phone, having a mailing
address, using a shared conference room for
meetings, and so forth. These are available on short
or long term and can have little startup cost.
If you plan on providing onsite service, then you
might not need anything but a mail or PO box
somewhere close to home for parts and receiving
mail. Especially if your onsite service is to
individuals or the home market rather than
commercial clients.
After determining your startup and operating costs,
the marketing aspect of your new business is most
important. Without sales (and revenue), all you have
is a hobby according to the IRS. It's important to
define your target audience and determine how you
plan on acquiring customers. These methods can
include classic marketing techniques such as handing
out business cards to advertising in your local
yellow pages.
This is where many new Computer Repair Business
owners have the most difficulties. Being a good
technician and knowledgeable repair guy is not
enough in today's competitive marketplace. You need
to sell yourself and your company. Marketing and
customer skills are paramount to finding and keeping
customers.
Although you should do your research and estimate
your costs and revenue, the planning process should
never be about having the perfect plan. I've seen
people spend months (if not years) looking for the
perfect plan and never take any action. Use due
diligence, go through all the necessary steps, but
don't get hung up in the weeds re-writing your plan
over and over.
The single most common trait among successful new
business owners is they take action. And the
Computer Repair Business can be started part time
with little risk. In fact, starting out part time
allows you to learn as you go and find out what
works and what doesn't.
Hey, this is the first day of the rest of your life.
Having a great Computer Repair Business Plan is
good, but starting your business now is what will
make you successful.
About the Author:
John Dow owns and operates a Computer Repair
Business in Houston, Texas. Find out how you can
start your Computer Business now by clicking here:
Computer Repair Business Guide
Article Source:
ArticlesBase.com
<TOP>
Business Plan Software: Do You Need It?
By
Christopher Enders
Find out what you need to know about business plan
software. Business plan software is something that
often gets overlooked and isn't considered to be a
necessity for some reason.
In my opinion, business plan software is essential,
it is not a luxury. I am a huge advocate of business
planning. When people ask me if they need a business
plan, my response is, "Absolutely!" You see,
starting a business without a business plan is akin
to starting college without a degree plan. If you
don't know where you are going, you won't know how
to get there. You will waste your time and your
money if you are not following a plan. It's really
that simple!
So, you know you need a business plan, but what
about business plan software? For business planning,
there are really three alternatives: 1) crafting
your own business plan from scratch; 2) hiring a
business plan writer or business planning
consultant; or 3) using business plan software to
write your own business plan. Each of these
alternatives has its own advantages and
disadvantages.
Writing your own business plan from scratch is
certainly a possibility. Doing so gives you the
freedom to format and arrange the plan in any way
that you see fit. On the other hand, doing financial
projections, which are necessary for the purpose of
budgeting and financial planning, can be difficult
to do without a business plan program, or at least
financial projection software or spreadsheets.
Hiring a business plan writer makes sense for some
people. A business plan writer is generally
well-versed in business planning and will have
insight that will assist you in preparing a
comprehensive business plan that takes everything
into account. The disadvantages to having your
business plan professionally written are the expense
associated with the initial plan, and the
limitations that exist in regard to changing it as
your business evolves, which is something that
business plan software empowers you to do.
Business plan software is relatively inexpensive
when compared to hiring a professional business plan
writer or consultant. However, when compared to
doing your own plan from scratch, it may seem like
an unnecessary expense. Business plan software does
have many advantages. A good business plan software
package, like Business Plan Pro by Palo Alto, has
the headings and categories for a business plan
already set up for you. It also has guidance
throughout the business planning process that
explains what to include in each part of your
business plan.
What I really love about Business Plan Pro is that
it is so easy to do financial projections using the
business plan software, whether or not you
understand accounting. The main financial sections
include a section for start-up costs, one for income
projections, one for a proforma balance sheet, and
one for a projected cash flow statement. Information
that input into one of the financial forms
automatically transfers calculations to the other
financial statement forms making the process of
projecting your financial plan a breeze.
Another huge advantage I see in regard to business
plan software is that when you use business plan
software to create your own business plan, you can
make changes to it anytime you need to. It doesn't
become a stale document that sits on the shelf and
collects dust. A business plan should be always
evolving. You should update your business plan
frequently including new goals, objectives and
milestones. You should also adjust your financial
projections regularly for the purpose of budgeting.
Business plan software makes it easy to do.
If you choose not to use business software, and to
create your own business plan from scratch, you will
need some guidance unless you are a professional
business planner yourself. The Small Business
Administration at sba.gov has some excellent
resources and guides about business planning. If you
choose to hire a professional business plan writer,
do review their qualifications and references and
make certain that you understand exactly what is
included in the business planning services they are
offering.
1Copyright Christopher Enders. Are you at the end of
your rope, fed up and confused by all the scrambled
internet marketing advice you're getting? If so, it
is time to get the tools that will put your internet
marketing venture in high-gear. To learn proven
strategies that will sky-rocket your internet
business, get the insider secrets from
http://biznesstips.com/
Article Source:
Article99.com
<TOP>
Essential Startup
Business Questions .. Failing To Plan is Planning to Fail.
by
Chuck Lunsford
Failure to answer a few critical questions may doom your
business from the start.
It is well known that approximately 97% of all startup
businesses fail within the first three years. Many of these businesses were well
intended but lacked the essentials for getting started. A number of the costly
mistakes and disastrous failures could have been avoided if the owners had taken
time to address three necessary components vital to a young businesses success –
detailed planning, common sense, and current information.
If you have made it past the dream stage it is time to plan
your action. Initially several things should be considered to establish the
direction of your business.
• When do you intend to get started?
o Remember to find a need and fill it. Before
doing so try to determine if it is a valid need. Setting up a snowmobile shop in
southwest Florida on the surface may seem novel and bold, but is it valid. You
get the point. Look at existing industries and see if there is a niche to be
filled. Once you have determined a valid need that can be fulfilled at a profit,
and you are in the best position to fill it then it is time to get started.
• Where do you intend to set up shop?
o We have all heard it said before that location,
location, location is important it is only one of three considerations when
choosing a spot to start your business. Are the demographics a good match for
your business? Is the neighborhood safe, clean, and are other businesses in the
area making it? Does the location have good access to traffic? Is there local
growth?
• What name are you going to use?
o What’s in a name? In your case it may make or
break your business. Try to come up with a name that accurately describes your
products or services. Brainstorm a few possibilities, write them down, and run
them past some friends and strangers.
• How are you planning to position it?
o Why are you unique? Create a Mission Statement
that is brief, and covers three main components – your mission, how the client
benefits, how your company benefits.
• How are you going to figure investment needs
and get them covered?
o This is one of the hardest components to
estimate. For this step consider hiring a consultant that specializes in
business startup financing. Once you have arrived at a dollar amount then double
it. Hidden costs can be the undoing of any small business.
o Where is the money to start the business going
to come from? Traditionally people have looked to venture capitalists, family,
second mortgages, and Small Business Association loans. Wherever you mange to
get financing make sure you retain ownership of your concepts.
• What kind of structure are you going to set up?
o There are four basic structures used to set up
businesses. (For the sake of simplicity and space I will not go into each type
as each state has different laws governing them). These business structures are
sole proprietorships, limited liability corporations, corporations, and S
corporations.
• How many employees are you going to need?
o This is a tough call for any business owner. Too
many employees and you have people sitting around and doing nothing. This may be
great for customer service, but tough on the overhead. Too few employees can
cause problems in meeting demands such as service, deadlines, and deliveries.
The solution may be to start with a few employees as needed and cross-train them
in other jobs.
• What company policies will be set in place?
o Create a company handbook that covers employment
practices and policies. It should cover such matters as hiring and firing,
vacation, sick pay, raises, promotions, and anything else important to the
smooth functioning of your company. Do not wait until you’ve been in business
for awhile to create the handbook either. It should be in place before you open
the doors for the first time.
These fundamental questions cannot be ignored. Take the
time to cover each detail in depth. Write down, evaluate, and discuss your plan
with someone you trust. If you have a mentor available already successful in
business, and they are willing to look over your shoulder during the critical
startup period, then you have an exponentially greater chance of succeeding.
Chuck Lunsford is the website manager of
UnitedPlastics.com.
He offers advice on how to get started in your own sign business. Visit his
website and get tips and advice on starting a small sign business opportunity
from scratch.
Article Source:
Article99.com
<TOP>
Sage Advice For Upstart Small Business Owners
By
Van Theodorou
If you just
started a small business or are thinking about it
you know that there are books and books of advice
out there. While some advice can be helpful too much
can be overwhelming and can make you turn away
completely. Still, it's always a good idea to listen
to the wisdom of those who went before and have
learned the hard way so you don't have to. Here are
the top tips for small businesses.
Use a business
plan. Start by writing a detailed business plan that
you can use throughout your startup and beyond. The
plan should include a statement of purpose or
mission statement, which can help to guide you not
only on startup but also all through the business.
The plan also needs to detail the finances of the
business.
The finances of
the business include all the expenses for the
business along with the projected sales. Overheads
such as rent, utilities and postage charges must all
be considered as well as other key budget items such
as advertising. Don't forget about one-time fees for
business startup, licenses and inspections. Another
cost for all businesses is the monthly telephone
charges.
Don't skimp on
insurance. Always get the full insurance coverage
that you can get, even if the costs are slightly
higher each month. This can help tremendously in
keeping you covered for all types of events. Many
small businesses have been wiped out entirely due to
an accident or problem that was not covered by
insurance.
Then you will need
to figure out the actual material costs for your
product or service. This should include any labor
necessary. Don't assume that your labor is free.
This is a mistake many new small business owners
make. Instead, be sure that you account for your own
salary as well as the salary of any other employees
that will be required.
Once you have the
costs figured out you can set your pricing
accordingly. Be prepared to do some market research.
Always check competitors pricing to ensure that you
are in line. You don't want to be priced too high so
that nobody will purchase your product or service.
Likewise, you can't be priced so low that you lose
money with each purchase. Instead, take all things
into consideration and price your product or service
realistically while allowing for some profit.
Try to be prudent
when it comes to the overheads for your business.
For example, telephone service is one area that you
may be able to lower the costs. There are many
wholesale long distance providers where you can
find good service with reasonable prices.
When making the
budget always allow a category for unexpected items.
These may come in the form of unexpected repairs or
charges that you did not plan on. If you didn't
budget for these types of expenses the money will
come right off the bottom line - profits. Instead,
figure these expenses into the budget. Carry them
over from month to month so that you have enough in
the fund in the case of a problem. This also allows
you some room for pricing changes in the event that
some of your raw materials or labor prices go up.
A good business
plan can get you some much-needed dollars for your
business. Investors must see a business plan before
they will invest money in your business. Yet
investors can provide the money you need to get the
business going. Banks and loan officers also must
review a business plan before granting a small
business loan.
If you are unsure
about how to write a business plan get some help. A
professional can help write a great plan for you and
may be well worth the initial expense. Look at other
business plans for similar businesses to get an idea
of what it should be like. Finally, you can tweak
the business plan as needed. Use the business plan
as a roadmap to the success of your business.
Article written by
Van Theodorou, you can receive a free analysis to
see if you qualify for his guaranteed lowest
long distance T1 rates or
business long distance service.
Article Source:
EzineArticles.com
<TOP>
Producing a Successful Business Plan To Start A New
Business
By
Terry Cartwright
Finance companies
and banks demand a written business plan before
putting up financial support to a new business. All
medium and large companies inevitably prepare a
financial budget for the coming year. That should
tell everyone that not producing a written business
plan is the first mistake everyone starting a new
business might make.
Starting a new
business without a proper business plan is akin to
taking a blind walk in the dark without no road or
map to follow. It should not come as a surprise to
learn that the majority of new start ups
consequently fail within the first two years dashing
the hopes and dreams of many budding entrepreneurs.
The benefits to an
entrepreneur in producing a detailed comprehensive
business plan when some-one is considering starting
a new business lie strongly in the thought process
that goes into producing that plan rather than the
ultimate plan itself. New start ups should regard a
business plan as a road map to get the show on the
road.
A properly thought
out and written business plan for a small business
should contain the details of how it is going to get
started. A typical plan might include a short
synopsis of the new business with sections on sales
and marketing, operations or production, purchasing,
personnel plus a financial section evaluating those
plans and putting real numbers on the written text.
The short synopsis
should briefly describe the main business and
mention each of the main ingredients contained
within the plan to attain the objectives. The rest
of the business plan should support that synopsis
and should be factual rather than a sales document.
Sales and
marketing should include an analysis of the
potential and forecast sales, competition and how
the sales will be achieved. Identify the sales
channels that will produce the sales and why they
will produce the sales. The sales section should
specifically state the volume of sales of each
product over at least the first year and the price
at which each of those products will be sold and
note the sensitivity of all items to unexpected
events.
The operations and
production section is dependent upon the type of
business and will be variable depending on whether
the new start up business was providing services,
retailing or manufacturing. The production section
is basically a detailed picture of the vehicle that
will be used to generate the products to be sold.
Purchasing would
include an analysis of how the products to be sold
would be sourced. Volumes should be stated and
sources of supply specifically identified with a
real purchase cost of all major items specified not
guessed.
Personnel would
include the names of the people involved with brief
details of their knowledge, qualifications and
previous experience. The personnel section would
also include details of people yet to be recruited
if the work to be performed is going to be critical
to the new business.
The financial
section of a business plan should contained a
forecast profit and loss account preferably each
month for the first year at least with perhaps a
summary of the second year. In addition to the
profit and loss account a cash flow statement taking
into account capital introduced and stock levels
should also be produced.
The sales and
production or purchasing numbers including volume
and prices contained within the report should be
reflected in the financial report. Each major
critical assumption within the plan should be
subjected to a financial sensitivity analysis that
takes into account all potential risks to volume and
price levels.
The process of
preparing a detailed comprehensive business plan
that has been properly researched has significant
benefits in itself. If the business has been
researched and thought through before the new
business starts there is a much higher can it will
succeed and suffer fewer negative surprises once the
real work of generating sales and profit begins.
Terry Cartwright,
CEO DIY Accounting, a qualified accountant in the
UK, designs
Accounting Software on excel spreadsheets and
Payroll Software for small to medium sized
business providing a complete accounting solution
and also supplies
Company Formation packages for new limited
liability companies
Article Source:
EzineArticles.com
<TOP>
What Really
is a Business Plan?
By
Dixita Dutt
Business plans are
basically textual descriptions of the future of a
business. It also includes how and what you plan to
do.
A few things need
to be kept in mind while writing a business plan,
these are: to be concise, compelling and complete.
For an
entrepreneur the aim of the plan is to explain
details of the company he wishes to build and the
execution plan. Be just and at the same time
forceful with your deal, the prices, time, the
product etc. Your deal should be compelling enough
to get a favorable response.
You must always
ask a third person to go through the final plan to
make sure that it has answered all possible
questions the investors may have. If a plan seems to
lack information or seems incomplete, it sends
across a negative idea about the enthusiasm of the
entrepreneur. Inclusion of all facts and figures
helps gain trust of the investors. A business plan
is important as, through it, an entrepreneur seeking
investment can convey his vision.
Traditionally, the
business plan consists of the business goals, the
steps being taken to achieve them, obstacles that
may fall on your way, how you plan to overcome these
obstacles, the money required and the organizational
structure.
The business plan
may be divided into 3 parts. The first of these
includes the concept of the business. Here you can
discuss the field or the industry, your product and
how it can be a success. The second part includes a
description of the possible customers, who they are
and why they need your product. You also include a
description of your competitors here. And the third
and the last part, includes the money, the income,
balance sheets and other finances.
You may wish to
read more at:
How to Write a Business Plan and
Writing a Business Plan
It is very
important for your business plan to have a proper
cover, a title page and section enlisting the
contents.
Generally a
business plan may be around 20-25 pages long. The
length largely depends on your concept. It may
require a little or a lot of explanation.
Accordingly the length varies.
Dixita is an
article writer for various organizations across the
globe. This is the first time I am trying out
article writing for myself. For more information
about me, do visit:
Passive Income from your Website Every Month
Article Source:
EzineArticles.com
<TOP>
by
Yuri Jagrine
Small business
planning – no excuses, you need to write it down!
Before you condemn me and say “he’s dead wrong”, let
me share what I have seen. There are two schools of
though about starting a business – one is “Jump In”
and the other is “What If”. Both sides have strong
reasons to uphold their opinions but in the end they
want the same thing - success - they just take
different paths to get there.
Two Schools of
Thought
The “Jump In”
crowd say that one of the simplest things that
prevents getting started is ‘paralysis by analysis’.
This concept is that you can dwell over your idea
and the details behind it for such a long time that
by the time you tell yourself you’re ready, you’re
actually too late because the market has changed,
and you have spent so much time and money trying to
get to that point. The idea to prevent this
paralysis is to just do it – just start the
business, start acquiring customers, start
delivering your product or service, deal with the
problems and you will learn the your business by
doing.
The entrepreneurs
whom I’ve dubbed the “What If” are the people who
understand that mistakes are costly. Some mistakes
are burdensome when you’re bootstrapping the entire
operation, others can be so detrimental to the
business that they could break it. To prevent these
errors, these people want to know what they are
getting into and they take the time to look at the
market, to look at the future customers, make sure
that the basic financial equation [ Revenue (-)
Costs = Hey, I can make money off of this(!) ] still
holds.
Why You Need One
So you have an
awesome idea, right? Great, now all you have to do
is go out and do it! Well, that’s the same thing as
being 14 and saying that you have an awesome idea to
start driving and you’re going to do it. You can get
behind the wheel of the car, you can get the engine
running, you know about the gas pedal – I mean
you’ve seen everyone else do it, so you pull out on
the street and 2 minutes later you’re looking at a
wrecked car. Sure, you’re still alive and the car
cost $10k, but don’t you think you should at least
ask about the rules of the road?
Here is why I say
you NEED a business plan. No matter how well you
think you know what you’re doing, you just haven’t
thought it all the way through. A business plan does
not have to be elaborate, does not have to be a 40
page color document, it doesn’t even have to be a
quick 10 pager, I’m saying that if you can “write”
it in your head then even that is great. A business
plan is taking the time to ask yourself the basic
questions about your new operation and coming up
with the answers. The answers make up the plan:
1.
Executive Summary – what is the nature of your
business
2.
Product/Service Description – what are you selling
3. Market
Analysis – who is buying
4.
Management Team – who is helping you
5.
Operations Strategy – how will you deliver
6.
Financial Plan and Projections – how much money can
you make
Different Types
So, why is there
so much talk about putting a business plan together
and one being better than another? Well a business
plan not only allows you to gather your thoughts
about your new business, it also serves as a resume
to partners and investors. Different levels of
investors require different levels of analysis and
insight. A financial institution such as a bank may
want to see some specifics about sound financial
operations; do you know what they want to see?
Looking at thousands of business plans is the job of
Angel Investors and Venture Capitalist and they may
want to know the precise assessment of your customer
base; do you know how to calculate it?
There are several
ways you can put a plan together and each type of
solution comes with its own price tag and those
range from free to $10,000. You can look online and
see a similar six-part summary that I wrote above
(free), you can buy software that walks you through
the different parts (about $400), or you can hire an
expert or a consultant to write the plan for you..
It costs How Much?
Here is what you
should know about the typical three types of
business plans that a business plan professional can
create charging per page or per hour. A Level 1
Business plan is about 10 pages, costs between $700
and $1,500 and is used to secure a bank loan. A
Level 2 plan is from 20 to 30 pages, costs from
$2,500 to $5,000 and is intended to capture an angel
investor for an investment of up to $1M. The third
level of business plan is intended to secure venture
capital in the multi-million dollar range and can be
from $7,000 to $10,000. If you think that $10,000 is
a lot, you’re correct, but keep in mind that some
plans have been written for up to $100,000…but they
were used to secure tens of millions of dollars.
There should be no
doubt in your head about whether you should have a
business plan – if you are staring a new business
you need one! Make the right decision of how you
will write your business plan, who will write it,
how much time and money you will spend on the
process and for what outcome you are writing it.
Here is to you
making it into the small percentage of
successful
startups!
Yuri Jagrine is a
Manager at GoBIGnetwork.com, an online community
for entrepreneurs, small business owners and
investors. He helps facilitate startups, business
owners, and small business owners obtaining small
business services. He can be reached for comment at
yjagrine [at] gobignetwork.com
Article Source:
ArticleRich.com
<TOP>
Your
business day has just begun and you quickly whip out your clearly written plans.
Pardon? Did you say you don't have a written business plan? Then join the club,
'Business Owners Without Plans'.
Your
business day has just begun and you quickly whip out your clearly written plans.
Pardon? Did you say you don't have a written business plan? Then join the club,
'Business Owners Without Plans'. The main problem this club faces is that the
majority of it members' businesses are likely to fail. Business failure rate is
high and a crucial reason for this is lack of planning.
If you
belong to this group and I did once, you're probably an entrepreneur or a
creative person. The idea of planning feels boring to you, seems unnecessary and
involves a lot of detail. And you'd rather be doing other more interesting
things. Your way of working is probably a lot more spontaneous, exciting and in
the flow so you don't want to be restricted with plans. However, without plans
you can to easily end up very unfocused, not achieving the results you desire
and ultimately face the failure of your business.
So,
what's your reason for not having business plans? Besides the usual reasons,
like not having sufficient time to plan, not knowing how to do it or where to
begin, perhaps you think that planning doesn't fit in with your entrepreneurial
and creative spirit. After all, this is who you are and you don't want to lose
this. Now fear begins to surface; fear that you many need to change personally
or fear of failure. While plans stay in your head, it's not so frightening and
real. Putting them in writing, brings them closer to fruition and although you
may say this is what you want, is it really if you're not willing to commit them
to paper. Planning your business takes it from being a hobby to a fully-fledged
business. Although a lot of people would say that they operate their business as
a business, in reality most operate them as hobbies and don’t take them
seriously. Then they wonder why they're not being very successful and getting
results.
I feel
one of the problems for creative and entrepreneurial people is that when they
consider business plans the picture that spring to mind is of hours pouring over
enormous pages of details. That's enough to turn them straight off. However, it
doesn't need to be that way. There is a way to develop plans for your business,
and to be creative and entrepreneurial at the same time. These informal business
plans are ones that you'll use yourself. If you need a business plan for
outsiders, such as your bank or investors then this approach might not be for
you. It could however be a good process to get your formal business plan
started.
Instead
of thinking that you need to commit hours to working on your business plans, I
invite you to start with just five minutes. Now, without any thought of the
appropriate way to do it, just write down the things that first come into your
head for your business. Simply capture any goals, strategies, problems, your
current situation and positioning. Writing down your plans, clarifies, organises
and prioritises them, and clears vital space in your head.
The
next step is to tap into your strengths as an entrepreneur or creative person.
You're probably fantastic at coming up with ideas and solutions, and may well be
intuitive. So, you'll tap into all of these using the power of questions. You'll
use questions to come up with answers and solutions that you'll put into your
business plan. Your business plan need only be a straightforward review of your
present situation, your strategies, resources and goals. Nothing complicated or
too detailed.
Here
are some questions to obtain you started:
What is
the current business situation?
What
goals do you have for your business?
What
problems and challenges is your business currently facing?
What
strategies are you using?
What
strategies do you need to use?
What
resources and opportunities do you have available?
Okay,
so having spent five minutes on your business plans, I now invite you to make a
commitment of five minutes each business day and continue working on your
business plans. Once you've responded to the above questions, put on your
creative and entrepreneurial hat, and come up with your own thought provoking
questions to answer. Take your creative and entrepreneurial spirit, and use this
to perfect plans for your business that keep you focused and producing the
results you want. Once you start laying down some plans for your business and
experience the benefits of doing this, you'll find it easier to continue. The
most important step is getting started.
As an
entrepreneur or creative, what will it take for you to begin putting some of
your business plans onto paper?
What
planning for your business do you currently do?
What
further planning do you need to do? ie. Sales, marketing, business development.
What
will it take to start writing down your business plans?
Wendy
works with business owners to be more effective and successful, achieving a more
profitable business in less time. Click through to her site
www.business-personal-coaching.com and read more of Wendy's articles and
about how business coaching can take your business to the next level.
Article
Source:
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