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Export market planning cards from Plan-Too. www.plan-too.com.
The first thing you do after coming up with a business idea is to create a business plan, which can be doing using business plan software, a business plan sample, a business plan template, or by purchasing a how to write a business plan book. A good business plan gives you guidance and confidence in your business and we make it easy for you to create the best business plans for your business by offering you Professional business plan template, Free business plan template, Business planning template, Professional business plan template software, Free business plan template benefits, Business planning template software at our site http://www.createmybusinessplan.com .
A sound business plan template will consist of what you want to achieve for your business, what you need to do to succeed and how far you want to go. Your business plan template contains all relevant information about your new business and financial figures should be projected so that all aspects of the business can be looked at. The business plan will serve as a reliable foundation for your business to measure success in the future. When you are creating a business plan it is important that you identify all factors that might affect of your financial projections. The resources needed to operate the business are also clearly marked out in the sample business plan. A business plan will be a guide to know if your actions were able to contribute positively to the business. Business plans also serve an important role for the investor. A proper business template will acts as marketing tool for the entrepreneur to convince the investor to invest in your idea. The business plan should bring the business plan to life for the investor.
CreateMyBusinesPlan.com is one excellent source of information to use while creating your business plan. The proprietary software walks you through every aspect of the business planning process. The benefits of having a professional business plan template are tremendous and CreateMyBusinessPlan.com was created to provide this service. The company was created in 2006 and during the past 2 years has helped write over 2,000 business plans. So if you were looking for a software that could write business plans for you or could provide you with the best possible professional business plan templates or Free business plan templates and much more, then your search for all these ends here. Log on to our site right away at http://www.createmybusinessplan.comand you will see an end to your worries regarding all your business planning needs.
SecretBillionaire.com Most businesses that fail do not have a business plan. This video carefully guides you on how to create a business plan. You will learn what mistakes to avoid, what investors want to see and why thin is in. Topics Include Writing an executive summary that sells Describing your companys background, even if you dont have one How to explain your product and services to others Performing market analysis Developing a marketing strategy Assembling and describing your management team Operation plans How to include your financial statements Describing your type of funding for your business Developing your exit strategy See the full video and 28 more at SecretBillionaire.com Video Rating: 4 / 5
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Marketing planning cards from Plan-Too. www.plan-too.com.
If you are still wondering about how to create the best business plans for your business, no matter what business you’re in, Create my business plan is one such solution to all your business plan writing needs, where you will find professionally written templates which in turn will result to be the fastest, easiest way to produce a business plan in the standardized format that serious investors expect.
Would like to know, why should you use createmybusinessplan as the business plan template company among the various choices available, then let me tell you, why createmybusinessplan is the best:
Developed By Professionals Who Know the Business
Don’t worry about leaving out an important section of your business plan. Our Business Plan Template was created by real world investment bankers with a long history of success in raising capital for early stage companies. Everything you’ll need is included in one easy download.
Write Your Winning Business Plan Quickly and Easily
Thousands of small business owners have already discovered how CreateMyBusinessPlan.com can save them time and money. Now it’s your turn! Let us lead you through every step of creating your business plan. Business Plan Success includes everything you’ll need to get started – a professional business plan templates, complete financial templates, a business plan writing software guide, and more!
A sound business plan template will consist of what you want to achieve for your business, what you need to do to succeed and how far you want to go. Your business plan template contains all relevant information about your new business and financial figures should be projected so that all aspects of the business can be looked at. The business plan will serve as a reliable foundation for your business to measure success in the future. When you are creating a business plan it is important that you identify all factors that might affect of your financial projections. Log on to http://www.createmybusinessplan.comand you will see an end to your worries regarding all your business planning needs. Use our business plan template to write your own powerful business plan today!
Communication Plan – Excel Checklist Template Image by Ivan Walsh
A Communication Plan provides a framework for increasing, enhancing and improving communications among project stakeholders. Use this template to schedule and assign responsibilities.
Specify the writers, audience, topics, delivery dates, delivery mechanism, sensitive issues, resources and expected results.
1. Enhance transparency and accountability to customers, clients and the public
2. Provide a tangible benefit to customers by providing specific direction, measurable goals and implementable processes
3. Exchange messages and information with groups identified in the Communication Strategy
4. Identify the information and publicity measures necessary to bridge communication and information gaps
5. Reflect a strategic approach to communication measures and activities
When you are involved with a business it is important that you have a clear direction and that your business has a plan of attack. The business plan is a document that will outline a number of key areas that your business will need to consider to achieve success.
The business plan will identify your businesses goals, and look at how you can successfully implement processes and procedures to obtain those goals. This will draw on a range of business areas, including accounting, HR, marketing and operations.
How you progress with your business plan can be unique as your business; however the key areas that are usually developed for a business plan are as follows.
o Your organizations background
o Management structure and plans for your business
o Organisational marketing plan
o Operations planning
o Financial planning of the business
o Goals and actions to take with the business
Once you have understood these areas are ready to move forward with your business plan then you can consider how to structure it. This is a straightforward process. For those who are great at the ideas generation, but tend to get stuck on the nitty gritty details, a business template is the perfect option for you.
A template for your business plan will outline the priority information that is required, and whilst you can pay someone to do this for you, there are a number of free templates available. Try doing a quick search of the net and plenty of options come up.
Typically your business focus will dictate the precise contents of your business plan, but getting a basic feel for what is required goes hand in hand with the production of a concise plan, tailored just for your business.
The contents page of your business plan may read something like this.
o Executive Summary
o Organisational Goals
o Management Plan
o Research and Analysis on Target Market
o Marketing Plan
o Operational Planning
o Financial Organisation
o Progress Plans
One of the key areas that you will cover in your business plan is the Executive Summary. Again this can be as individual as your business, but it will need to focus on decisions that need to be made by your organization, and sell the reasons for approval of that course of action.
The final thing that you will need to consider with your business plan is who your target audience is. If you are a large corporation with a number of external stakeholders, such as shareholders and board members, then you will need to prepare your business plan to reflect this. A business plan that targets this audience will often be detailed in its financial analysis and its progress reporting.
If you are a smaller business, or you are self employed then your business plan most likely serves a different purpose. Most likely your business plan is focused on distribution to internal stakeholders. This being the case you will want your plan to focus on goals and progress that needs to be made by the key individuals or departments in the company. An example of this is the strategic business plan, which states internal targets for the organisation, as well as giving information about how to reach the goals laid out in the strategic planning.
Whatever you organisation is involved in, a business plan is a vital document. Even in its simplest form, there is no doubt that having a set of guidelines and goals is a key to ensuring success and progression in your chosen field of business.
Many new business owners start a home business and don’t take the time to write out a business plan. By failing to write a business plan, you greatly decrease your chances of success. The following are some reasons why every business needs to put a business plan into writing.
You have probably heard the old saying, “If you fail to plan, you plan to fail.” That is very true when it comes to your business. The more planning you do in the beginning, the greater success you will see in the future.
If you decide to take your home business to the next level, a business plan can help you secure financing. A financial institution will want to see, in writing, the reasons that they should loan you money. Simply walking in and telling them why you know you’ll be a success isn’t good enough. However, if you can hand your lender a document that states your business idea, your business goals, a list of steps you plan to take in order to reach your goals, as well as your estimated earnings, you will be seen as a professional and the lender will take you more seriously.
Your business plan will also help you determine your action plan. Your action plan consists of the steps you plan on taking in order to achieve your goals. This is another task that people usually sidestep. Instead of “just kind of knowing” or “having the ideas in your head”, you should take the time to put them on paper. The reason this part of the business plan is so important is that it literally walks you from point A to point B. While your business plan, in general, serves as a map, your action plan is the “step-by-step directions.”
Having a business plan to present to your spouse can also help your spouse realize your business idea is more than just a passing amusement or hobby. This can really help you, especially if your spouse is skeptical. Your spouse can see that you are serious and will become more helpful and more encouraging. Having the support of your spouse can really motivate you and help you find success.
A business plan maps out your future. If you have decided you are ready to start a business, your first step should be to write out your plans for what you want to do with the business and where you see the business going in the future.
If you and your family were going to drive to your vacation destination, you wouldn’t just get in the car and start driving without knowing where you were going. Would you? You shouldn’t start a business without a map either. If you are planning to have a simple home business, built around the Internet, you may not think you need a business plan. You may think only high level businesses need them in order to secure corporate funding but that’s not true.
Every business needs a business plan.
When you sit down to write a business plan, you are literally mapping out the path you want to take in your business. Not only will your business plan help you define what you want to accomplish, it can help you streamline your business and create focus.
You may be under the impression that business plans are huge documents that can be difficult to write. On the contrary, you do not have to create a huge document at all. Your business plan can consist of a single page outlining your basic goals. The point is to put your thoughts and ideas down in writing.
When you take the time to think about your business, where you want your business to go, and estimate your costs as well as your profits, you are much more likely to succeed. Rather than working sporadically and blindly, you will be able to look at your business plan and know exactly what you need to be working on. This can serve as a great motivator and help you reach your business goals.
A common myth is that a business plan is rigid. That once you write it, you have to stick to it. As your business grows, you can change your business plan to suit your needs. You may find certain aspects of your business growing at a faster pace than others and decide to focus more on those areas. For instance, you may have started out in your business strictly as a custom scrapbook artist creating completed albums. However, you found yourself creating more and more themed mini albums and may decide to add that stream of income to your portfolio.
Having your business plan by your side can help you evaluate your decisions and decide what is going to add value to your business and what will take away from your business. Before you start a new project, take out your business plan and see if this new project will fit in with the plans you have already made. This can save you a lot of time, energy, and money.
You can pretty much define a business plan as a resume for your business idea in mind. Some may say it’s like your company’s calling card. When you need money to start your business, or when you need an office space, your business plan is what will do most of the talking to convince your investors / lenders or property managers to believe in your business and give you what you need.
Why is it important to have a Business Plan?
The time that you spend on writing a solid business plan will pay for itself in corporate strategic and tactical clarity as your business grows. A solid business plan: (not in particular order)
Allows you to describe your vision / concept in writing, helping your potential investors to understand and believe in you; it serves as a basis for discussion with third parties such as shareholders, agencies, banks, investors…etc. Allows you to identify the structure of your business, giving you the chance to focus on the big picture. Your business plan is the “framework” which your business must operate within. A solid business plan provides a considered and logical framework within which a business can develop and grow with business strategies in the long run (not for just short-term growth). Determines the startup and managing costs. Clearly defines your target audience and provides detailed research on your target market. Identifies potential opportunities and obstacles that the business may encounter down the road. Identifies the strengths and weaknesses of your business and your competitors.
No businesses are the same, and no business plans are the same. Your business plan is like your business blueprint; it should be unique. While it is important to be able to illustrate your business concept well enough for others to understand what you hope to be doing, the business plan is essential for your own use. It is about the process of developing the business plan; the process helps you to focus on exactly what you are trying to achieve. It will give you a lot more clear vision of the entire structure of your business as you develop your business plan through detailed research and planning.
A business plan consists of the following parts:
Executive Summary
Briefly describes the business concept Highlights the important financial points of the business such as sales, profits, cash flows, ROI Clearly states the capital needed to start the business and to expand States legal information about the business, the owners and key personnel.
Business Description
Describes the business structure on how it operates / profits Describes the nature of industry in which the business plans to operate Identifies the business’ current position and future possibilities
Market Strategies
Defines the target market Defines the strategies the business plans to use in order to tap into the target market Describes the pricing of products or services with respect to the demand of the target market
Competitive Analysis
Describes the competitors in your target market and how you plan to obtain your share of the market Analyzes your competitors in the following categories: product, distribution, pricing, promotion, and advertising.
Design and Development Plan
Describes the steps the business will take to carry out its plan with scheduling and cost analysis. Identifies the risks during the development period
Operations and Management Plan
Describes the strategies the business will implement in order to operate and grow effectively
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Capa do Business Plan do curta-metragem de ficção Fechar um Contrato com o Mar
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!
Upward Climb Image by jurvetson
One of the university teams, SmartWorks, is developing inexpensive consumer micro-robots for some of the least pleasant home cleaning tasks.
At the DFJ Venture Challenge yesterday, the 15 winners of university business plan competitions convened for a state-wide finals event. They were all fascinating and creative, yet completely different from each other.
The two winners will each receive 0K of seed financing:
• Bionic Harvest from Cal Tech: Electrical energy harvesting from the motion of the human body to recharge the batteries in implantable medical devices.
• World of Good from UC Berkeley: ethically sourced fair trade artisan gifts sold in mainstream retailers.
Congrats to these wonderful entrepreneurs!
When writing a business plan free for real estate investing it is important to conduct research and understand the fundamentals of the plan. Business plans are used for many reasons, but the primary goal is to develop strategies to expand development and increase revenue.
Many tools exist for writing a business plan free. One of the most popular and easily accessible is Microsoft Word. This user-friendly software includes preformatted templates to help users develop a roadmap for success.
The Internet offers a variety of business plan templates; many of which focus on the various aspects of real estate. These niche business planning software packages allow investors to choose from a variety of real estate opportunities. Some focus on rehabbing properties, while others help develop rental or property management businesses.
Developing a business plan grants real estate investors the ability to establish business objectives. Strategic planning lets investors determine what actions are required to achieve their investing goals. Investors uncertain of which niche to persue can utilize strategy planning software to determine which avenue is most profitable.
Most real estate business planning software includes a series of questions about various types of investment properties. Answering these questions can help investors decide if they are suited for retail or commercial ventures, or residential real estate.
Writing a business plan helps investors stay focused on the task at hand and prioritizes business requirements. Developing a plan requires time and commitment. Rome wasn’t built in a day and a solid business plan can take several weeks to complete. This is particularly true if the plan will be used to obtain startup capital or expansion financing.
Most real estate business plans consist of 20 to 30 typed pages. The report should include financial projections, pie charts and graphs. The typical business plan includes the following information:
Executive Summary: This section is an overview of all information presented in the business plan. It should be concise, while summarizing the plan. The summary is the first thing lenders, investors, and business partners will review. Include attention-grabbing information to entice readers to review the entire plan.
Mission Statement: A business mission statement explains the focus of the business, what it stands for, and what sets the business apart from other real estate investing organizations.
Products and Services: This is the area where real estate investors explain the products and services their company offers. If investors purchase foreclosure or bank owned homes, explain how this service benefits distressed homeowners and lenders, while restoring property values to the community. Explain the process of buying distressed properties and the benefits offered to tenants or home buyers.
Market Analysis – Present both present and future housing market trends and describe how the business plans to capitalize on those trends. Include graphs and charts to emphasize market analysis.
Strategy and Implementation – Explain strategies involved for purchasing homes below market value and reselling for profit. Detail how these strategies will be implemented and the projected outcome of such investments.
Management Team – Every business requires management; even if the business is established as a sole proprietor. Include a resume of each management team member. Include their qualifications, experience, and duties they will perform.
Financial Projections – Real estate is an unpredictable market and forecasting financial projections can be challenging. Use information provided throughout the business plan to project future profits. If the business plan will be used to obtain financing, include a minimum of three years’ sales projections.
Writing a business plan can be a daunting task. Experts recommend breaking tasks down and working on one section at a time. Real estate business plans should be used to provide insight for developing and expanding your business. They should be reviewed and adapted on a regular basis.
Evil Businessman Business Planning Workshop Image by groop_lab
So now that you have developed your “Life Brand” at our Life Branding Workshop (or worked on it at the Evil Businessman Seminar) it is time to start or continue building the vehicle(s) to get to your destination. One of these vehicles is having your own business. That can be a freelance practice, non-profit, product business or service business.
The Goal of the Business Planning workshop is to define your business, non-profit or freelance practice. It is designed to give you a tangible, easy to execute, visual guide to building and growing your business. You will use it to share with your business partners, staff, potential investors and others.
During this workshop we will work together in both small and large groups to define:
Why should I plan?
What will the plan do for me?
Your business mission
Your business opportunity
The size of business
Your competition
How your business makes money
How do you exit your business
How do you market your business
Your financial goals
Copyright (c) 2009 Marco Carbajo
You’ve probably heard the importance of’business plans’ but do you know the real benefits of having one?
Not every entrepreneur who starts and runs an online or offline business begins with how to write a business plan, but it definitely helps to have one. If you’re seeking funding from a venture capitalist, angel investor or other source of private capital then you will definitely need a comprehensive business plan that is well thought out and shows sound business reasoning.
However, too many entrepreneurs believe that business plans are only needed when you require business capital or financing to launch your business.
When it comes to the internet many entrepreneurs can start their business on a shoe string budget so in their minds ‘business plans’ don’t apply to them right?
WRONG!
Nothing can be further from the truth. It’s like building a home without using any plans or blueprint. Imagine making the mistake of believing that just because you have all the materials, laborers, and tools needed to build a home you figure why do we need the plans? Let’s just start building away!
A business plan is your blueprint that lays out every necessary ingredient for the success of your business. Now for internet entrepreneurs how can you expect to build your business online without a simple business plan? If you plan to build your business on the internet using internet marketing and social media you’re going to need a plan?
You’ve probably heard me say this ‘A sign of no business plan is a sign of no business’.
Still not convinced?
If you ever decide to approach a banker for a loan for your business, your loan officer will require a startup business plan. If you have an existing business and you are approaching a bank for capital to expand the business, they may not require a business plan, but it will look much more favorably on your application if you do have one.
Here are ’10 Reasons Why You Should Have a Business Plan’
Supports a loan application
To raise equity funding
Define objectives and describe programs to achieve those objectives
Compete in the marketplace (through an analysis of what your competition lacks)
Make money from the start by devising an effective marketing strategy
Provide a revenue estimate (by defining your market —who your customers will be — and the percentage of the market you can expect to reach)
Define agreements between partners
Set a value on a business for sale or legal purposes
Evaluate a new product line, promotion, or expansion
Determine whether your business has a chance of making a good profit
What’s in a business plan?
A business plan should prove that your business will generate enough money to cover your expenses, but a business plan may vary depending upon who your target audience is.
If you are writing a plan for your associates and partners, for example, to expand an existing business, then the focus of that plan may be more on the operation side than it will be on the financial side. This plan would show your partners how the expansion will mean more revenues, but they are going to want to know the nuts and bolts of how this new venture is going to be implemented.
If you are writing a business plan for a bank, your bank manager will want to see that your ideas are well thought out, but the most important aspect to him or her will be your financials. Are your projections realistic? And will the cash flow of the business be enough to ensure that you can make the monthly payments for the loan that you have requested? If your business is making ,000 a month and your payments are ,200 a month, the bank is likely to reject your application.
When considering an investment opportunity, most venture capitalists will look at the obvious trends and market niches. The most important factor in a decision to invest in a company is the quality of the people.
In real estate, the three biggest factors are “location, location and location.” The venture capital factors are “people, people and people.” VCs will ask, how experienced are the people that are going to run this business? Do they have knowledge of the industry? Have they started successful businesses in the past?
I know it’s quite a bit to digest but are you seeing all the benefits to having a business plan?
Excellent!
What makes a successful business plan?
Presents a well thought out idea
Contains clear and concise writing
Has a clear and logical structure
Illustrates management’s ability to make the business a success
Shows profitability
Lets bring it all together…
Your business plan is your business blueprint and like a calling card, it will get you in the door when you’ll have to convince investors and loan officers that you can put your plan into action. You want your calling card to look impressive, so make sure your business plan is printed out on good quality paper, you have checked the spelling and grammar and that your numbers add up. Anyone who sees errors while reading your plan will wonder whether you are going to make similar errors in running your business.
A sound business plan accomplishes two main goals:
1) It provides you a blueprint for building your business including but not limited to product development, target marketing, operations, and revenue projections
2) Show bankers, venture capitalists, and angel investors that you are worthy of financial support.
Make sure that your plan is clear, focused and realistic. Then show them that you have the tools, talent and team to make it happen.
This video, which narrated by founder and president of Palo Alto Software, Tim Berry, introduces the Business Plan Pro 11 tour series of videos and covers the Start a Plan screen and Plan Setup menu in the software.
Evil Businessman Business Planning Workshop Image by groop_lab
So now that you have developed your “Life Brand” at our Life Branding Workshop (or worked on it at the Evil Businessman Seminar) it is time to start or continue building the vehicle(s) to get to your destination. One of these vehicles is having your own business. That can be a freelance practice, non-profit, product business or service business.
The Goal of the Business Planning workshop is to define your business, non-profit or freelance practice. It is designed to give you a tangible, easy to execute, visual guide to building and growing your business. You will use it to share with your business partners, staff, potential investors and others.
During this workshop we will work together in both small and large groups to define:
Why should I plan?
What will the plan do for me?
Your business mission
Your business opportunity
The size of business
Your competition
How your business makes money
How do you exit your business
How do you market your business
Your financial goals
Article 2 – Business Planning
How to Write a Business Plan that Works!
If you are a new start up business operator then you should have already completed our Feasibility Study which you can grab by visiting our website and you have determined that your new business idea is in fact a viable business venture…Congratulations! Now we carry what you have found throughout your Feasibility Study and move that information into a plan that is going to work for you, every day in helping your drive your business forward towards a profitable success.
If you are a current business owner and you feel you may have lost your direction or you are lacking the ability to drive your business forward, then our business plan is going to change all of that and hand you back the reigns to your business! You will take this plan and implement it and immediately notice results easing the pressure on you as a manager and helping you see the light at the end of that tunnel.
So why do we do a business plan?
Usually if you require funding for your business you are going to need a business plan to prove that you are going to spend the banks money in a way that they see is planned, fair and organised. You must prove that you know where you are heading, in great detail.
However the real reason every business owner must operate with a plan is because without one you are simply treading water. I know you are groaning at me right now because you believe all of your wonderful ideas are up there somewhere in your head and you believe that you are somehow implementing those ideas into your business everyday. Chances are if you are reading this article, that you have realised that ideas in head = confused business operator who cannot grow and drive their business forward.
We do a business plan so that day in day out we have one very important thing; Clear Direction.
Clear Direction = Profitable Business.
Simple.
Let’s take a look at what your plan should include. We will then discuss how to implement it. It’s dead simple.
Step 1 – What are the Primary Objectives of Your Business
The Primary Objective Section is simply a short paragraph that outlines your overall intention for the business, or your mission statement. Do not fluff or overdo your mission statement. Keep it clear, short and concise. All you are doing here is stating exactly what it is you intend to do.
Step 2 – The Summary of Your Plan
In a nutshell, describe each section of your business so that it is clear in your mind just how this business will run.
The Concept – Where has your idea come from and what do customer need do you intend to fill by starting this business? The Product and Service – What do you intend to produce and supply and briefly how you to intend to do this? Market Research – What has your market research revealed? Is there a dire need for your product and service and how will your product or service fulfil that need? What will you do that your competitors are not? Marketing Strategy – What strategies are you going to outline in your plan that can demonstrate how you will reach your customers? Funding - What will the initial funding be and where will it come from? What other funds do you have to pay for the first year of expenses and what earnings do you expect to see within the first 12 months of operation.
Step 3 – Brief Description of Your Business
This is where you:
Describe the core activities of your business? Business name and details? The current position of the business; new or established? Where will the business be located/where is it already located? Where the business will be in 2 and 5 years? What Structure have you chosen and why?
Step 4 – SWOT Analysis
Strengths, Weaknesses, Opportunities and Threats?
This is where you outline your strengths and weaknesses as a business and opportunities and threats outside the business. Under each heading, use bullet points to outline your advantages and disadvantages and be completely honest; especially when considering your weaknesses as a business or individual and what will threaten your business. Only by being honest in these areas can you identify which areas of your management ability and the business requires the most attention.
Step 5 – Analyse Your Market
It is essential to show that there is a sound customer base for the business or that you get to know your customers better than they know themselves. Provide a description of the market in terms of the following:
• Who are the customers?
• What is their geographical location?
• How many customers are there in this location?
• What is their purchasing power?
• How are they accessed?
• What is the stability of the market and expected growth (or decline)?
• What are the seasonal trends?
• What influences the customers?
• What is the price sensitivity?
• What is the competitive edge?
How have you determined this knowledge? What proof do you have to support your research? Be thorough here and provide proof of your findings.
Step 6 – Marketing Strategies
How do you intend to market your business both offline and online?
Break your marketing strategies into the following sections and bullet point your answers:
Customer Service Promotional Literature Advertising Location Website Online Advertising Unique Selling Position/Competitive Advantage
The BusiWizard ebooks can help you master this field.
Step 7 – Sales and Production Targets/Working Capital
In a dollar value and product amount, what do you intend to sell each month/year and how are you going to fund your working capital each week/month until you are paid? You must be able to outline where your funds are coming from to fund a service (if need be) until you are paid.
Outline in words how you intend to do this by breaking down your estimated profit per month and your estimated working capital requirements. Also determine how you will pay for your operating and advertising costs until you begin to see profit.
If your business is already operating, outline how you are doing this currently.
Step 8 – Business Growth and Development
How do you intend to grow your business? How will you increase your sales, optimise the use of the business infrastructure that you have created?
How will you improve and become more efficient? What management skills do you have to be able to do this and how do you intend to do it step by step?
This is the most crucial part of your plan as this will determine whether your business grows with market trends and whether you have the ability to consistently give your customer what they want as your customer base grows and as you grow busier, prove how you are going to continue to drive your business forward whilst still running it each day?
What systems and structure will you have in place to do this?
Be very, very specific throughout this section and break it into the following areas:
Management Processes; what account and customer management processes will be in place to ensure the business runs smoothly?
Financial Position; how will you monitor your financial position? What percentage of your profits will you allow to grow the business?
Products and Services; How will you continue to monitor your products and services compared to that of your competitors?
Marketing and Advertising; What marketing and advertising will you use to ensure your business grows?
Step 9 – Production
Provide an outline of how the products and services will be produced:
• The skills, qualifications and experience of the proprietors
• The equipment required
• Sources of raw materials
• Subcontracting
• Technical requirements
• Personnel
Step 10 – Financial Requirements
It is vital to assess total funds required to set up a business and cover its operating costs until it becomes profitable. At first glance, it may appear that all that is required is stock, basic fixtures and perhaps the first month’s rent. However, there are many other costs and expenses in starting a business and you should consider every possible expense.
Above you have already outlined in words what kind of profit you intend to see, what type of funding you are going to acquire and how. Now you are simply going to pinpoint what your exact expenses will be and whether your funds will support your expenditure.
Our ‘Pull Out Business Template’ supplied with a video tutorial in our Ebooks cover this section in great detail so be sure to grab yourself the course if you require further assistance fleshing out the following areas of expense.
Pre Business Costs Initial Costs Capital Costs Possible Direct/Renovation Costs Possible Overhead Expenses for the First Year
Step 11 – Projected Profit and Loss/Cashflow
Now that you have outlined your expenses, you can project your profit for each month of the year and establish your profit or loss…
When estimating your profit, it is important to be realistic about what you are going to sell. Work on minimal figures to be safe. For example, if you are an electrician and you are starting a new business. You may estimate an average of two small jobs per week for the first 2 months and then build your job list from there. You would estimate the profit received from those jobs and this will become your profit projection for each month and for a whole year.
To calculate your projected profit and loss simply add all outgoings for the first year to establish your required capital (this will include all direct or initial set up costs). Subtract your outgoings from your incomings and there you have your estimated profit or loss. When costing your products or services be sure to include your profit in the price so that the business is sure to stay afloat. To establish what your bottom line will be, simply take out the estimated profit and there you have the bottom line financials that you must make to stay afloat.
It is possible that for the first year you will have a loss so you will need to determine how you are going to fund your business until you begin to see profit.
Factor into your monthly profit or loss statement that your business will require cash flow. Cash flow shortages can arise from customers not paying on time or from an over order of stock etc so you must understand that your projection is simply that, a projection. Allow a certain amount of profit or funds to be available for business cash flow. Talk to your accountant or book keeper to certify what kind of cash flow you will require and to double check that your estimated figures are realistic estimates.
To grab yourself a free profit and loss projection form googling Microsoft Templates and searching for a P and L Projection.
Step 12 – Personnel
The proprietors and staff are the most important resource of a small business and good arrangements between the business and its personnel is necessary to ensure the success of a business, especially in the long term. The following matters need to be considered:
• Arrangements between the proprietors?
• Involvement of family members?
• Assessment of staff and subcontractors’ performance?
• Contribution of staff to the development and implementation of business plans?
• Training programs?
Step 13 – Administration
What records do you have to keep and how are you going to keep them?
Some items to consider may be:
• Cash book
• Receipt book
• Invoices, received and sent
• Bank deposits and statements
• Petty cash expenditure
• Wage, WorkCover, superannuation, long service leave records, and employee details
• Capital assets register
• Materials purchased and allocated to each job or temporarily as floating stock
• Contact details of all enquirers, existing clients, suppliers and subcontractors
• Individual job records showing progress
• Job estimates
Provide a detailed summary as to what type of account, customer relationship management and office organisation system you intend to use.
Outline your experience in using these types of systems and if none, outline personnel who will be hired to undertake the job for you or training that you will undertake to ensure you can manage the administration side of your business.
Wow, that is your plan complete!
I know what you are thinking… You are cringing at the thought of putting a document like that together. But here’s the good news. It doesn’t have to be long and complicated, it can be 3 pages long if you stick to the important information and keep it clear and simple.
Now, how do we implement it into everyday business life?
This is the really easy part. Gab a white board and a diary and plan ahead every month including everything from your plan you decided to work on for the whole year. Yes this requires effort, but once you begin to start using your plan everyday by taking what you set out to do and sticking it right under your own nose everyday it will become like second nature and yo will start to see your processes streamlined as your business continues to grow with ease.
You have outlined in your plan your marketing principles, your projections for profit, your management and structural processes and much more. Now take that information and decide for the first 3 months what you are going to achieve. Tick it off as you go. Now for the next three months repeat the process ensuring that you are taking on more marketing and systemising your business as you go. This is how you drive yourself forward. Allow time to implement and take responsibility for your plan.
The only way to implement your plan is to do just that. Take it, read it, write it down on your weekly to do lists and actually start physically implementing it!
So off you go, right now write your plan and start implementing it immediately.
Don’t forget our comprehensive Ebooks cover everything from planning to management and marketing for small business operators just like you. A Step By Step Guide that is absolutely packed with resources, useful information, templates, tutorials and more to walk you through your daily journey as a business manager. It will save you hours of time, oodles of cash and give you the freedom you deserve to have as a business owner. Best Wishes!
Heidi Shannon
www.growthink.com | Click to gain access to Growthink’s Ultimate Marketing Plan Template. Or call 800-506-5728 for professional assistance. Video Rating: 4 / 5
Evil Businessman Business Planning Workshop Image by groop_lab
So now that you have developed your “Life Brand” at our Life Branding Workshop (or worked on it at the Evil Businessman Seminar) it is time to start or continue building the vehicle(s) to get to your destination. One of these vehicles is having your own business. That can be a freelance practice, non-profit, product business or service business.
The Goal of the Business Planning workshop is to define your business, non-profit or freelance practice. It is designed to give you a tangible, easy to execute, visual guide to building and growing your business. You will use it to share with your business partners, staff, potential investors and others.
During this workshop we will work together in both small and large groups to define:
Why should I plan?
What will the plan do for me?
Your business mission
Your business opportunity
The size of business
Your competition
How your business makes money
How do you exit your business
How do you market your business
Your financial goals
1. Why write a business plan?
You might start writing a business plan because you’ve been told that’s what you should do. Or your motivation might be to please the bank, a potential investor or someone else. All valid reasons, but none of them is the right one. The real reason for preparing a business plan is to develop a thorough and detailed knowledge of your business and all its idiosyncracies.
Writing a winning business plan is not easy, you need to be very honest and thoughtful about all aspects of your business, how it operates and your competition.
The insights you gain from this process will hold you in good stead as your business grows and matures. You will be better prepared to handle all the issues that will emerge on your journey.
2. Use different versions for specific audiences
A well thought out business plan becomes an invaluable document which can be adapted to many purposes. I suggest different versions to meet the different emphasis and information needs of different audiences:
lenders are interested in cash flow and an assurance that loans can be repaid;
investors need confidence that the business can grow significantly and they will receive a high return;
the marketing plan provides useful direction to advertising agencies, PR firms and others responsible for ensuring a consistent image; and
employees and management need to remain focused and working towards a common goal.
3. Vision & business opportunity
Just what is it you propose doing? Investors in particular need a clear statement of the business opportunity you are pursuing and why it is so exciting. Be clear about why are you doing it and what you expect to get out of it, and what others will get.
You have to be able to annunciate where you are going – it makes it a hell of a lot easier to others with you if they know where they are headed, and with everyone pulling in the same direction, you’ve got a lot more horsepower than if they are all pulling in different directions.
Don’t be afraid to think big – small ambition achieves small results! Be realistic though – if it just doesn’t make sense very few will want to join you.
4. Business personality
Every business has a personality, just as every person has one. Think about what you want your business personality to be, and how your customers, suppliers and employees think about the business.
This includes concepts such as broad market positioning and business values. Aspects of your personality should permeate throughout the plan, as this is often the unseen glue that holds everything together. Watch for any inconsistencies.
A good place to start this is to look at your own personality – have a frank discussion with people close to you about how you are seen. This may not be completely comfortable but will generate powerful insights about how best to run your business.
5. Competitive advantage & sustainability
There many aspects to this, but the fundamental element of each is “why should customers buy our product or service?”
Every business no matter how big or how small attracts customers for one reason or another – price, convenience, location, product features or benefits, personality, ego and so on. The more you understand about why it is that customers do business with you, the better able you are to entice more of them to you. It helps you promote the business, build systems and management disciplines that reinforce these reasons and build stronger loyalty.
Be brutally honest with yourself about comparing your products or services with those of your competition and about how well they fill customer’s needs.
Advantage can come from a number of different sources, amongst them being technology, the business model, a new way of doing things or size. It’s also important that you can demonstrate how you can keep this advantage and not let others over-ride it or match it.
Note that all business strategies can be classified as being one of three types – cost (pricing power, typically a result of size but can be alternate product form), differentiation (product features and benefits) or focus (appealing to a specific niche in the wider market).
Investors in particular are looking for a unique source of competitive advantage which can be leveraged up into a much larger business – this is how their investment will generate the returns they seek.
6. Research
Your plans have to be based on realty not perception. Often business owners don’t truly understand the reasoning behind customers buying their product or service. What is the basic need being met, and what other ways can this be met? For instance a bus company doesn’t only compete with other bus companies, it competes with all forms of transport from trains, planes, cars, bicycles, walking and not taking the trip at all.
You should have a solid understanding of how big the potential market is and whether it is a mature market or one with plenty of growth left. You should know what segments or niches exist, and which ones you compete in, together with what share of the market you have.
Ideally you should have detailed knowledge of all of your direct competitors and their strengths and weaknesses. The first aim of the game is to beat them, and the more you know about them, the better off you will be.
You also need to have a sound understanding of the indirect competitive forces that shape your trading environment. This includes the relative power of both buyers and suppliers in framing pricing or market activity, the potential for new entrants and the likely future impact of technology or product development to alter the way the market operates.
7. Marketing plans
Marketing covers more than just sales and advertising. You need to demonstrate how you will compete and be more successful than others.
You should provide detail on your product strategies – including things such as features and benefits, how these target selected niches, your new product development schedules and so on.
What is your pricing strategy – high end exclusive, middle of the road, value, low budget, are you full service or bare bones? How often and when will you discount, and why?
How are you going to promote the business and who to? What mix of advertising, public relations, and direct sales will you use to stimulate interest or create desire. What internet or e-business strategies will you adopt?
What sales distribution strategy are you adopting? – product licensing, franchising, distribution network, direct sales and so on.
8. Risk & contingency planning
Risk is a part of every business. Don’t ignore it or gloss over it when preparing your plan. Recognise it and address it – where possible develop strategies to adopt should certain circumstances eventuate.
Expect the unexpected. Some people say it’s not worth planning because things don’t often work out the way they’ve planned. The whole point is to be prepared, so that when things change, you are ready for it because you have the depth of knowledge to support a change in direction.
9. People
Does your team have the leadership, skills and experience required? Investors look to a proven track record of success in building a business – it’s a different set of expertise4 than managing a steady state enterprise. Investors invest in people as much if not more than they invest in product, ideas or business models.
How committed are your people and how will you keep them and reward them?
10. Financial plans
Many businesses fail because they are undercapitalized or because they are poor money managers. Note that a budget is not a plan. It is important to be realistic whilst erring on the side of conservatism.
Make sure that the numbers add up and are consistent with all aspects of the plan – they should come from the plan, not be prepared as a separate exercise.
Include a Cash Flow statement as well as Profit & Loss and Balance Sheets. Be clear about how much funding you need, when you need it and what the money will be spent on.
11. Exit
If you are looking for investors, they will want an exit point to allow them to realize the gains they make on their investment. Dividend streams are rarely sufficient enticement to investors, who want heir capital back. Be clear about the exit event – public listing or trade sale are the 2 most common, but there may be a share buy-back provision as well.
12. Attention to detail
Make the plan concise – most potential investors will read the executive summary and skim the rest. A 200 page monster simply won’t be read. You need the detail to support your statements, but this is best done at an investor presentation.
13. Review (get a 2nd or 3rd opinion)
The most experienced entrepreneur can still benefit from a different point of view. Even if you’re the only person involved in your business, find someone who can study your plan objectively and point out possible weaknesses you might have missed.
14. Implementation Plan
It is said that a poor plan executed well is superior to an excellent plan poorly executed. The key to successful planning is to think through all aspects of your business and how you will compete most effectively.
The key to real success is action – the planning process should give you the knowledge to react to changing circumstances and be more savvy than your competitors, but this knowledge is worth little if you don’t get on with it!
15. Plan Contents
Exec Summary (1 page)
Business Description or Company Overview (1-2 pages)
Products & services (1-2 pages)
Marketing & Industry Analysis (2 -3 pages)
Marketing Plan (3 – 4 pages)
Operational Plan (1-2 pages)
Management (1-2 pages)
Financial Plan (1 – 3 pages)
Capital & Cost Analysis (1 page)
Appendices (15 – 20 pages)
5 year Profit & Loss forecasts
5 year Balance Sheet forecasts
5 year Cash Flow forecasts (monthly & quarterly)
Resumes of founders & key personnel
Written by David Shelton Principal of Transition Capital.
Transition Capital assists emerging high growth businesses to raise the capital needed to fund growth. It also provides management support to develop more effective and powerful enterprises.
David can be contacted on davids@transitioncapital.com.au
www.transitioncapital.com.au
www.AttractClientsLikeCrazy.com Marketing strategies that will attract more clients to your business are pretty much universal to all businesses. The tactics will change – but the big picture components will always be the same. You must… 1) Attract Attention to your marketing message. 2) Generate Interest in your products, programs, or services. 3) Convert interest into leads, prospects, and clients… 4) Retain clients for as long as possible – making them come back to make additional purchases from you and, ideally, making larger purchases and referring new clients. This video will show you how to spot where your current marketing strategy is broken and some reasons why you aren’t getting all the clients your want. If you like these tips, you can get my entire 7-step marketing model for free at http Smiles, Adam PS If you are on social networking sites, let’s connect. facebook.com twitter.com
