Planning Your Business
Planning Your Business
In the beginning, there is an idea. The idea is wrapped around a belief and the belief is a catalyst for taking the first step to becoming a small business owner. You weave in gall, tenacity and an unwavering commitment to taking the idea to full realization and the next thing you know, your boutique in the mall opens its doors, your specialty restaurant has its grand opening or your internet site is launched without the accompanying bells, whistles and bouncing smile faces. You’ve just became a member of a charter group of people who are primarily responsible for keeping the economy functioning.
How did this happen?
Well, if you’re like the many who endured the terrible 1 – 3 year start up scare, you made sure that there was a well-thought out, financially sustainable business plan. As much as personality, charisma and genuine likeability may get you to the table of financial investors, once you’ve gotten past the abstract conversation common to the first few minutes of a business lunch, those who like the idea will want to know how you plan to make it work.
Planning is the rational, tangible component of an untested idea. It also happens to be the one area where most enthusiastic business dreamers commit their most fatal flaw. A business plan does more than just put the idea into words, but it also provides a clear path to putting the idea into motion. As is often mentioned to me, when working at small business seminars, the planning mode is ‘Boring’ and requires the idea person to do more than just talk a good game. I suspect that the gist of the ‘Boring’ indictment has more to with the process of moving from an abstract thought process to a pragmatic one that involves numbers, steps and timetables. Despite the level of discomfort that comes with trying to put ideas into words, the proof of this crucial step can be seen from either side of the car when driving on the I-275 corridor.
Comerica Vice President Small Business North Central Dora Brown says, “Planning and preparation is essential to starting a business since the idea is to try and anticipate the unknown. The business plan lets us know how well the process has been thought out. Have they looked at the best case and worst case scenarios? How well have they researched the industry and its competition? How do you stack up against the competition? How well do you satisfy the five C’s of competition (character, capital, conditions, competition and collateral)?
Planning is a necessary part of idea realization. It is the one aspect of launching a small business that is designed to keep the owner focused and connected to the end result. During those times when the unexpected occurs, the business plan, typically, has built in contingencies for weathering the storm. There are numerous ways to approach the process without it having to feel so burdensome.
• Visit with a small business owner and ask to see their business plan. Most are more than willing to help and do not mind talking about their own ups and downs.
• There are planning templates designed to reduce the time spent in creating a framework for your idea.
• Contact the Michigan Small Business and Technology Center, 313-967-9292 and schedule an appointment. The service is free.
• Enlist the assistance of graduate students at a local business school as part of a class project.
• Work with someone who is the ‘yin’ to your ‘yang’. My business life was always made better by that person who could think in ‘details’ to my ‘painted picture’
Businesses, like plants, do not grow overnight. I recall the insights of a former neighbor who, routinely, was featured in local home and garden magazines for her prize winning colorful floral displays. She said that she always planned two years ahead of what she had currently planted. The secret is in knowing what to do today in order to be ready for tomorrow. She was always fond of saying, “I just work my plan.”
Web sites
http://www.bplans.com/
http://www.sbaonline.sba.gov/starting_business/planning/basic.html
http://www.businesstown.com/planning/creating.asp
http://www.businesstown.com/mindspring/planning/creating-developing.asp
Planning Your Business - To learn more about this author, visit Lee Meadows's Website.
Like this article? Share it with your friends
Planning Your Business
In the beginning, there is an idea. The idea is wrapped around a belief and the belief is a catalyst for taking the first step to becoming a small business owner. You weave in gall, tenacity and an unwavering commitment to taking the idea to full realization and the next thing you know, your boutique in the mall opens its doors, your specialty restaurant has its grand opening or your internet site is launched without the accompanying bells, whistles and bouncing smile faces. You’ve just became a member of a charter group of people who are primarily responsible for keeping the economy functioning.
How did this happen?
Well, if you’re like the many who endured the terrible 1 – 3 year start up scare, you made sure that there was a well-thought out, financially sustainable business plan. As much as personality, charisma and genuine likeability may get you to the table of financial investors, once you’ve gotten past the abstract conversation common to the first few minutes of a business lunch, those who like the idea will want to know how you plan to make it work.
Planning is the rational, tangible component of an untested idea. It also happens to be the one area where most enthusiastic business dreamers commit their most fatal flaw. A business plan does more than just put the idea into words, but it also provides a clear path to putting the idea into motion. As is often mentioned to me, when working at small business seminars, the planning mode is ‘Boring’ and requires the idea person to do more than just talk a good game. I suspect that the gist of the ‘Boring’ indictment has more to with the process of moving from an abstract thought process to a pragmatic one that involves numbers, steps and timetables. Despite the level of discomfort that comes with trying to put ideas into words, the proof of this crucial step can be seen from either side of the car when driving on the I-275 corridor.
Comerica Vice President Small Business North Central Dora Brown says, “Planning and preparation is essential to starting a business since the idea is to try and anticipate the unknown. The business plan lets us know how well the process has been thought out. Have they looked at the best case and worst case scenarios? How well have they researched the industry and its competition? How do you stack up against the competition? How well do you satisfy the five C’s of competition (character, capital, conditions, competition and collateral)?
Planning is a necessary part of idea realization. It is the one aspect of launching a small business that is designed to keep the owner focused and connected to the end result. During those times when the unexpected occurs, the business plan, typically, has built in contingencies for weathering the storm. There are numerous ways to approach the process without it having to feel so burdensome.
• Visit with a small business owner and ask to see their business plan. Most are more than willing to help and do not mind talking about their own ups and downs.
• There are planning templates designed to reduce the time spent in creating a framework for your idea.
• Contact the Michigan Small Business and Technology Center, 313-967-9292 and schedule an appointment. The service is free.
• Enlist the assistance of graduate students at a local business school as part of a class project.
• Work with someone who is the ‘yin’ to your ‘yang’. My business life was always made better by that person who could think in ‘details’ to my ‘painted picture’
Businesses, like plants, do not grow overnight. I recall the insights of a former neighbor who, routinely, was featured in local home and garden magazines for her prize winning colorful floral displays. She said that she always planned two years ahead of what she had currently planted. The secret is in knowing what to do today in order to be ready for tomorrow. She was always fond of saying, “I just work my plan.”
Web sites
http://www.bplans.com/
http://www.sbaonline.sba.gov/starting_business/planning/basic.html
http://www.businesstown.com/planning/creating.asp
http://www.businesstown.com/mindspring/planning/creating-developing.asp
Planning Your Business - To learn more about this author, visit Lee Meadows's Website.
Like this article? Share it with your friends
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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