The Key to a Successful Business
Where would a business be without a business plan? A business plan sets the course for the future of the business. It gives the business owner or manager a sense of direction, listing the objectives and goals of the business from the outset.
Writing a business plan requires a lot of time; a successful business plan cannot be a rush job. Once an idea for a business has been developed, researching the many facets of owning and operating a business is the next most important step. Your local county council should be able to assist you with accessing the required information of a legal nature, as should your local business enterprise center. The rest of the research will be up to you! You will need to research products for your business, at the same time as researching other enterprises that may be in direct competition to you. Furthermore, you need to research the market to determine whether there is a need for your business product or service.
With the research out of the way, sitting down to write a business plan requires focus. Your business plan will become the bible of your business for at least the next 3 to 5 years so it is important to make it clear, concise and comprehensive. Most enterprises will complete a SWOT analysis to determine their strengths, weaknesses, opportunities and threats of the business. Whilst the business is in infancy, brainstorming would be the most accurate way of performing the analysis, as the business would not yet have customers and profitability would not yet have been experienced. However, it is very important to remember that a good business plan is flexible and can be changed as your business experiences growth.
After completing a SWOT analysis, you will need to determine your business name if it has not already been decided (and register it), as well as your vision and values, your business goals and long term mission and how you will achieve all of this when the business is up and running. Writing every thought down regardless of how minute you feel it is will allow you to collate everything pertinent to your business for easy reference in the future. Who knows, the thought or idea that you have today may well turn into a million dollar idea in a years time! Maintaining good records and following a strong business plan is the key to a successful business!
Earn More Money in Your Small Business by Creating a PIG
If you really want to earn more money with your small business than you need to strongly consider adding a P.I.G. Obviously, I am not referring to the questionably adorable pot bellied pig that many fine people have adopted for a pet. The concept of adding a Passive Income Generator to your business should be a top priority if you want long term income.
Creating Lists to Learn About Yourself, Your Business and Your Customers
I love lists. I make them for everything. And I'm not just talking about groceries, things to do this week or places to see before I die; but more important lists that help me learn about myself, my business and my life.
Tips For Successful Home Show Businesses
Opportunities for home show businesses have never been more abundant. If you're thinking about joining the ranks of those in the many show businesses at home available, use these quick tips to get going.
6 Ways Small Businesses Can Survive In A Crazy Economy
Contrary to popular belief, small businesses can survive a crazy economy by taking some proactive steps.Provide spectacular customer service -- every time. Have a friend or colleague visit your business and provide feedback from a customer's perspective. This person should be unknown by your staff and willing to provide a candid assessment.Make sure your front and back office work like a well-oiled machine. Are the front line and the back office telling your customers the same thing?Manage your customer relationships -- return customers take the least amount of effort -- use that to your advantage. Keep in touch often.Review your strategic plan monthly (weekly is even better). Make sure you're doing the things that will get you where you want to go. Adjust your strategic plan as necessary. Your "smallness" makes you more flexible. Communicate, communicate, communicate -- with your employees and your customers. Nurture those relationships. Ask for feedback often.
Expand Your Professional Organizer Business
Grow your Professional Organizer business by branching out into related areas. If you have been doing the same old thing for a while, and are comfortable with it, it may be time to stretch your capabilities and offer something new.
Don?t Wait for the Perfect Plan
1. Don't Spend Too Much Time Planning
Money Series 1: Who Takes Your Money
Your business is making profits, but where is the cash? It seems that someone has taken away your money. Your bank account is still the same, and your personal wealth is still the same. There must be someone that took your money. Based on my over 18 years of professional experience and study, there are 8 persons that take away your money without your knowing...
Franchises Must Meet Legal Definition to be an Actual Franchise
All franchises must meet the legal definition of a franchise no matter what they call it before it is an actual franchise. This is the Federal Trade Commissions take on the franchise rule. It is not illegal to call a company a franchise even if it is not one and if it is not it does not have to follow the rules. In this opinion of law, I do have a quick summary of thoughts for the Federal Trade Commission Franchise Rule Making Group:
Top 7 Small Business Tax Tips
Here are seven ways for owners of small businesses to save money on their taxes.
Data Loss - Can Your Company Survive? (Most Do Not)
Data. Most people think it is a term relegated to the kingdom of geeks.
How to Manage Your Pipeline
How is your pipeline structured?
Franchisee; Vacation Managing
Do you own a franchised business? Over 400,000 franchised businesses currently operate in the United States, which is a true testament of free enterprise. There are many advantages of franchised businesses, which anyone who owns a small business has thought about. One thing they probably have not considered; whether they are franchisee or not is that in a franchise system; your local franchise runs as store exactly like yours. They are aware of every single aspect of your business. So it makes sense that if you want to go on vacation you should have the closest franchisee watch your store for you and you can return that favor for them later.
Business Pain Defined
Every company has business pain, but the pain does not necessarily mean that they have a success problem. Pain can be anything from a minor dent, as when a marketing event does not produce the anticipated results, to a major process issue, as when reporting is not accurate. As you set out to find your customer's business pain, you should remember that you are not necessarily looking for huge issues, rather you are looking for issues that hurt the profitability of the company.
Increase the Wealth in Your Community
Many of us have noticed how some nearby communities seem to be "wealthier" than other nearby communities. They seem to have more shopping markets, more restaurants, more choices; items often cost more in these communities than they do in surrounding areas, yet the affluence remains where the prices are high; people are drawn to these communities, bringing even more resources and more wealth.
How To Create A Business Note That Is More Attractive To A Note Investor
You are selling your small business (business value under $1 million for this article). You would like the buyer of your business to come in with an all-cash offer, or be able to qualify for an SBA guaranteed loan. However, in many cases the owner of the business ends up taking back the financing because the buyer is not able to make an all-cash offer or does not qualify for an SBA guaranteed loan. So you create a "business note" and you now become the "bank". At first that may seem okay, but after a couple of years of receiving payments you may decide you want to get back into business and you need the cash that is tied up in your business note on which you are receiving payments. So now you want to sell your business note to raise cash for your next business venture. What is it worth? That will depend a lot on how you structured the note.
ADH Will Make Your Life More Productive & Your Life More Profitable
What is a Virtual Assistant?
How to Integrate Yourself in Someone Elses Business
When do you need to get more involved with the day to day activities of your business partner?
Change May Be Your Ace in the Hole
Whether it has been thrust upon you by external market forces or it has simply bubbled up from the internal dynamics of your enterprise, change itself always presents opportunity for improvement. And in a knowledge based economy, change may be the only thing we can count on as small business people. So, if you want to stay ahead of the curve, you must embrace change as a necessary strategy for commercial success.
Small Business Marketing: Specialize or Generalize?
There have been many great points raised on both sides of this discussion. In order to make a final decision, we must look at how the business world is moving and at the purchasing patterns of the consumers who will be utilizing your services.
Public Relations: Antidote for Small Business Failure
When small businesses fail, the wreckage is often assigned to undercapitalization, among other mistakes. Seldom is failure attributed to a lack of effective communications that might have modified the behavior of sales prospects in a positive way, thus averting bankruptcy.
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