Better Business Plan

October 27th, 2011 Posted at Home Based Business

awesome idea, business courses, idea, rare person, time

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When you have your own business, you don’t want to do just ok; you want to do better business. You want to be busy and successful, and you want to be around for a long time. What your business gives to you will reflect what you have put into it. Many come and go, and only the truly great business will stand the test of time. If you don’t know what you are doing, you had better partner up with someone who does. Sometimes it takes two people to make a better business that will stand the test of time.

You may have the idea, but do you have the knowledge to back it up. It is a rare person indeed that can come up with a better business plan on his or her own. Almost every successful business has come from at least two people, though there are exceptions. You really can’t expect to do it on your own because there are just so many things that you need to know. If you want to do it on your own, you may want to ensure better business sense by taking some business courses before you dive in.

Running a better business might mean knowing that you don’t know everything. Have you ever seen a store and thought it was an awesome idea, only to see that they have gone out of business less than a year later? It happens all the time, and in many cases it is a matter of someone thinking they could do it all on their own. If you can admit that you can’t handle everything, and that perhaps having help might be the best tool towards running a better business, you are already half way there.

The same can work in advance. You may have all the knowledge to run a better business, but you need that one amazing idea that no one else has had. You can do the same old tired thing, but why would you want to? To be truly successful, you want to come up with a better business than anyone else in your area. You want something they can’t get somewhere else, and you want to keep them coming back for more. There are many successful businesses that you may think of and think of only one name, but you can be sure they had a great team backing them up all the way.

Criticism Could Be Your Key to a Better Business Plan

October 27th, 2011 Posted at Strategic Planning

area, aspiring business, educational leaders, Gardening, time constraints

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I was watching a recent episode of CNBC’s “The Big Idea”. I really like the show as they always have a lot of inspirational and educational leaders from the business community. Hosted by Danny Deutsch, they do their best to provide a variety of differing personalities in regards to how you can succeed in business.

In the episode that I am referring to, they talked a lot about criticism and help from others. What they specifically were referring to is trying to get the points across that if you are an aspiring business person or entrepreneur, do not be afraid to seek help.

I have learned this in my own business. As with all businesses, I developed a business plan. I developed a model by which my company would run, how it would run, how it would profit and so on. After I finalized the plan I really wanted to know if my business plan was viable. In other words, is it realistic and are the numbers accurate or did I make a mistake with them just to appease myself with what I wanted to see.

So how did I finally realize my plan was a good one? Very simple, I obtained some help in the form of business critics. I contacted various members of S.C.O.R.E., the counselors to America’s Small business. I contacted the specific members in my area who were experts and knowledgeable about business plans. I asked them if they would review my plan to make sure I covered all of the bases, and that the numbers were somewhat realistic.

In all I contacted about 50 members, of which, about 40 of them agreed to look it over, with the other 10 not being able to, due to either time constraints or they did not have the expertise in my area of business. What came next was a flood of valuable information that helped me enhance my plan.

I received phone calls and emails from all of the counselors with such criticism (both good and bad) that it propelled me to make changes and fine tune the plan. I was told to do more research on my marketing techniques and be descriptive, up through, how I needed to outline a more decisive exit strategy.

Historically speaking, I have never been one to take such criticisms. As a former software engineer, to be told what you are doing is wrong, or won’t work, doesn’t sit well with most people who have developed software for a living. Those in the same line of work know what I mean.

What I found from all of this criticism was such a great wealth of knowledge, that it helped me fine tune the plan, make it better, and have me realize that, yes, others do know more than me and are willing to share that knowledge.

If you are an aspiring entrepreneur or are already in business, and you need to find some ways to increase sales, employee productivity or a number of other things, get the help of those in business that are currently successful. Many times a set of eyes on something that are not emotionally attached to it will give you a more clear vision of where to go. Contact S.C.O.R.E. (score.org) counselors in your area. I know it helped me, and I am sure it will help you also. Read more… »

Business Plans For Small Business – Simple Is Better

October 27th, 2011 Posted at Small Business

Busineß, indianapolis market, information, small business plan, writing a business plan

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There are some very compelling reasons for writing a business plan for small businesses. The challenge is that the misconceptions about what needs to go into a small business plan scare most owners and entrepreneurs away.

If you are like most small business owners or managers, you are incredibly busy, if not borderline overwhelmed. The idea of taking hours of valuable time to write a plan for your business may not seem worth it. But the data proves differently.

When writing a business plan for small business, focus on what really needs to be done, and what really needs to be measured. The plan does not have to be a 15 or 20 page document. In fact, it should only be one or two pages maximum. You should also have a yearly budget or financial plan as well. You really do not need to go overboard and do tons and tons of research about the market, and the opportunity, especially if you are already in business!

To write your plan, you will need a few things to get started. If you can assemble any of your sales and financial information for the past couple of years, that would be a bonus. You will need a notebook and writing instrument, possibly a laptop or a computer, and yourself. Then, basically find a quiet place to sit down for about an hour, and think about your business, and where you want it to go, and how you think you can get it there.

Let’s start with where you want your business to go. This is just a fluffy way of saying your vision for your business. Set a timeline for your vision; say 18 months or up to 5 years out. Then think about what your sales would be if everything goes as planned. What are your primary products or markets, and where will you do it.

Here’s an example: Within the next 3 years, grow MS Cut to $750,000.00 in sales providing industrial routing and cutting services to manufacturers and distributors in the Indianapolis market. Read more… »

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