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Before you start your own business one of the first things you need to do is draw up your business plan. This is your blueprint for success. Your business plan states the purpose of your business. It never ceases to amaze me that so few businesses have any type of written business plan. Because without one, you have very little, if any, chance of success. The day-to-day details and problems of running a business will often take your mind away from the prime thrust of your business. This can and should in most cases be eliminated by regularly reviewing your business plan. Here is what your business plan should include: * It should describe your business name, locaton, product or service, market, and competition. * It should state your business goals. This is where you really learn exactly why you are in business. * It should analyze the market, identify industry trends, and specifically define your target market. * It should describe your product line and compare your products and/or services with those of your competition. * It should state your marketing strategy for both creative materials and the type of media you're going to use. * It should specify your pricing policy, methods of selling, distributing, and servicing. Your business plan also deals with many financial matters, such as how much capital is required, how it will be repaid and how funds will be used. It also shows your earning projections and return to investors. Finally, it describes your management plan and includes resumes of your key personel, an operating plan, and a schedule of upcoming work for the next one to three years. Key business ratios should also be a part of your business plan. And those financial projections I mentioned above should cover five years. Your first year should be monthly and each of the remaining four years should be quarterly. This means detailing the profit and loss statements, balance sheets, cash flow charts, and capital expenditure estimates. Your business plan serves a dual purpose. It proves to lending institutions and potential investors that a loan to you would be good business. And it helps you and your management staff keep your eyes on your original target. But only if you review it periodically each year. Your business plan is a valuable part of your business. Use it to stay on track because it is your blueprint for success. All contents Copyright 2004 Joe Love and JLM & Associates, Inc. All rights reserved worldwide. Starting A Child Daycare. - Complete business package to help you easily and quickly start your own profitable home-based day care business! Robert G. Allens Challenge. - 1 New York Times Bestselling Author Needs Your Success Story. Article Index: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 |
More Articles:1. Delegate or Die! By Megan Tough You Can't Do It All - Learning To DelegateThere is not a single management skill more critical to your personal and professional success as an entrepreneur than learning to delegate. But delegating successfully is much more than simply handing out assignments. It is more an exercise in understanding and accepting our own strengths and limitations.In this fast paced world, we must choose what activities it makes sense for us to do ourselves, and what it makes sense to let go of. None of us can … Bedroom Furniture Designs 2. Hire People For What They Do Best By Jacob Madison I recently flew from Seattle to Atlanta, I realized, just as we began our taxi, that it takes hundreds of support personnel to maintain a flight. I saw the woman at the check-in desk, security, pilots, luggage handlers, flight crews, air controllers, and the various staff physically on the tarmac doing whatever people do on an airport tarmac.Just as it takes hundreds of people to make a flight a reality, it takes a small army to run a business. One thing I have learned in my short-life of busi… 3. 10 Ways To Work Through A Business Slowdown By Rachna D. Jain In running any kind of business, it's inevitable that sometimes business will slow down. This might occur due to an upcoming holiday, seasonal variations, or uncontrollable circumstances. As a small-business owner, you have a choice in terms of how you view the slowdown - it can either be a time of increased stress, frustration, worry - or you can view it as an opportunity to upgrade your business processes or improve the quality of your life.Here are ten strategies you can use to work through… 4. It’s Not All About Cheese: The Missing Component in Employee Development (Part 2) By Julio Quintana In part one of this article I told you about how perceptions are changing in the workplace. In part two, I want to tell you more about the “Merge Point Method” and how it helps you create training programs that lead to stronger collaboration between individuals and teams.The Wrong FocusIt is fascinating that the first thing we do when identifying human resources needs is list the job skills for the position (cognitive and technical). But when given the choice between two equally qualified appl… |
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