One of the least understood areas of any business plan format or layout is the numbers part of your business. In small business many understand the basics but few the core ingredients of smart financial management.
Although big business has the luxury of hiring experts in this field, small business owners are often left to rely on their accountants to really give sound advice on the financial aspects of their business.
Trouble is accountants often only come from a historical aspect, in other words, the past. Now sure, there is some exceptions to this and many pro-active accountants are out there - I have just not found them existing where my business clients are.
Recently I have come across a great book called, "Financing Any Business Intelligently" by Dileep Rao. This book is full of great advice for small-business owners and budding entrepreneurs.
Dileep Rao, who teaches entrepreneurship and venture financing at the University of Minnesota's Carlson School of Management, has made a practical must read book and with a very impressive background in finance, the author has succeeded in making a relatively complex subject come to life in real terms. "Finance Any Business Intelligently," a book just published in October.
Tough Times such as these, according to Rao, often are prime time for entrepreneurs, the innovative products and services they bring to the market and the jobs they create. So the current financial meltdown makes understanding how your business affects your money and how money affects your business even more relevant, he figures.
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Using a sensible financial plan as part of your business plan format, could just make the difference between quantum growth or failure
Sunday, December 14, 2008
Business Plan Format: The Need to Understanding Finance in Small Business
Tuesday, July 22, 2008
Business Plan Layout Simple 3 Minute Video
If you need a business plan format to construct your own version, this simple video is a very good under 4 minute summary.
Good introductory stuff...
Have a look yourself and see what you think....
Great Resource for your business plan layout go here....
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Watch Video Below
Saturday, July 19, 2008
Use This Simple Business Plan To Obtain Your Best Results
For all Budding Entrepreneurs - You know you must have a simple business plan to give you motivation, direction and strategy. I maintain that without a written plan there is no hope of doing your best work. Research backs up the fact that those with a current written plan are 15% more successful than those who are not.
Here is the best and most simplest business plan software available today. I use this myself.
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Simple Business Plan Basics
To Find Out More CLICK HERE
The best way to show bankers, venture capitalists, and angel
investors that you are worthy of financial support is to show
them a great business plan. 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. Your business plan is like
your calling card, it will get you in the door where you'll have
to convince investors and loan officers that you can put your
plan into action.
Once you have raised the money to start or expand your business,
your plan will serve as a road map for your business. It is not
a static document that you write once and put away. You will
reference it often, making sure you stay focused and on track,
and meet milestones. It will change and develop as your business
evolves.
Do I need a business plan? Or Should that be - How will I survive without a Simple Business Plan?
Not everyone who starts and runs a business begins with a
business plan, but it certainly helps to have one. If you are
seeking funding from a venture capitalist, you will certainly
need a comprehensive business plan that is well thought out and
contains sound business reasoning.
If you are approaching a banker for a loan for a start-up
business, your loan officer may suggest a Small Business
Administration (SBA) loan, which will require a business plan. If
you have an existing business and are approaching a bank for
capital to expand the business, they often will not require a
business plan, but they may look more favorably on your
application if you have one.
Reasons for writing a business plan include:
- Support a loan application
- Raise equity funding
- Define and fix objectives and programs to achieve those
objectives - Create regular business review and course correction
- Define a new business
- Define agreements between partners
- Set a value on a business for sale or legal purposes
- Evaluate a new product line, promotion, or expansion
A simple business plan should prove that your business will generate
enough revenue to cover your expenses and make a satisfactory
return for bankers or investors.
- Executive Summary--features the highlights of your plan and
sells your idea in two pages or less. - Company Summary--a factual description of your company,
ownership, and history. - Products (or Services or both)--describes your products
and/or services and how they stand out from competitive products
and services. - Market Analysis-provides a summary of your typical customers,
competitive landscape, market size, and expected market
growth. - Strategy and Implementation-describes how you will sell your
product, how you will put your plan into action, and establishes
milestones. - Management Summary-provides background on the management
team, their experiences, and key accomplishments. - Financial Plan-contains key financials including sales, cash
flow, and profits.
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- A well thought out idea
- Clear and concise writing
- A clear and logical structure
- Illustrates management's ability to make the business a
success - Shows profitability
Business Plan Resources Go Here
Sitting down looking at a blank computer screen as you prepare to
start your business plan can be daunting. You may want to look
at some alternatives that will make the process a bit easier.
Hire a Professional
A professional consultant will create the business plan for you,
but you still have to be prepared to think through your business
and understand the underlying concepts in your business idea.
You will have to work closely with the consultant to ensure that
he or she develops a good plan that accurately represents your
business or business idea. You can find a list of business
planning consultants at www.planconsultants.com.
Buy a Book
There are many good books on the market that will help you to
understand what needs to go into a good business plan. You can
read Timothy Berry's "Hurdle: the Book on Business Planning".
Use Business Planning Software
A good business planning software package will provide you with
an outline for a well-developed, objective-based and professional
business plan. Software packages will remove the problem of
starting from scratch by structuring your plan for you. The
software should ask you the right questions that will pull out
the most important underlying concepts within your business idea.
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Friday, July 18, 2008
Short Business Action Plans - Do They Work?
Why? Well breaking a large annual business plan format down into bite size chunks makes it much easier to implement. Team morale tends to fuse together when there is common purpose towards determined action.
I favour using this format for 90 day periods.
Short action over 90 days is much easier to implement than long annual plans.
Although mentioned in many business text books it appear around 50% of all businesses have no plan and fly along "on the seat of their pants".
I have found through experience that the result in term of profit and revenue suffer over time for those businesses without short or long term planning.
Message and their is evidence of this, a plan is better than no plan.
Even better, consider breaking long term plans down into various 90 day business action plans. If you are a larger business consider having 1 business action plan of 90 days duration for each main area. Therefore you may end up with 3 or 4 plans (dependant of how many divisions or departments).
Small teams working on smaller plans every 90 days is a recipe for business success. Consider this the next time you update your business action plans.
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Thursday, July 17, 2008
Steps to Write a Business Plan - 10 Common Mistakes
2. Making the business plan format process long, drawn out and too complicated.
Keep it Simple Simon (K.I.S.S)
3. Failure to integrate the finished plan into all levels of the organization.
4. Keeping planning separate from the management on a day-to-day basis.
5. Developing only superficial mission, value and vision statements rather than passionate, inspirational and motivating words that truly reflect the culture of the business.
6. BIG MISTAKE: Failure to implement the plan effectively. Too often, so many hours go into planning only to find it sitting in the desk drawer gathering dust.
7. Lacking a scoreboard to measure the important rather than what is easy.
8. Neglecting to focus in some way on what the competition is doing and having some market intelligence on your industry position.
9. Using confusing, complex languaging in the written plan.
10. Conducting only long range financial forecasting and neglecting the short term targets.
Thursday, July 3, 2008
Be Single Minded About Your Single Minded Proposition
In your business plan format, do you have a clear, unique point of view about your company or service? You see without this, I have found it increasingly difficult to convince others to be involved in your organization as a customer or team member.
We all love clear, specific instruction. So too it is with successful enterprises. They all seem to have a clear, uncluttered view on their own strengths and communicate this effectively in one sentence, slogan or saying. Marketing pieces (in multiple forms) can have this slogan or catch cry which in turn helps communicate the vital message.
My advice to anyone in business is to find your unique selling proposition, your major benefit, your value to the customer and once you have it - shout it from the rooftops. Shout it to the world! Get out there and do yourself a favor.
Here is an example of Minolta's unique selling proposition: MINOLTA - We Understand the Office. Printers, faxes, photocopiers! Now this has been seen on many huge billboards throughout America and elsewhere. What do you think when you see a company put specifically, clearly and without hesitation their major unique strength out to the world?
Tell you what I think. I see strength of purpose. I see professionalism. I see the courage to say it in the first place and I see increased sales the result of this simple but extremely valuable branding.
Now what could your business do to emulate this?
Once you find it include it in your company's business plan.
Tuesday, July 1, 2008
So You Have a Newly Created Business Plan Format, Now What???
You should be congratulated if you have completed a new shiny business plan format (that is finished) but now what do you do to implement it successfully into your organization?
I find most organizations big or small fall into 2 categories once a plan has been created for the year ahead.
1. We have spent so much time planning that I just need a break from it. Often management has spent months creating a fantastic plan but the important part of this is not the written plan itself but the implementation and action of "doing". Therefore sometimes plans just sit on the shelf "for a while" gathering dust.
2. A plan has been created successfully and management and key people are bursting with enthusiasm to get going with implementation.
Of course the 2nd scenario above is where we all aim to be.
To Find Out More About Business Plans CLICK HERE
Here are 3 tips on implementing your business plans:
1. Business Plan Format Tip No. 1
Print out the plan and distribute it with a covering letter to all important people in your organization. The cover letter should mention the importance of the document and seek some feedback.
2. Business Plan Format Tip No. 2
Get different sections of your business to have a meeting/s to ascertain the 3 most important first actions required to move forward with key strategies resulting from the plan.
3. Business Plan Format Tip No. 3
Give out report cards each quarter for each main section of the business in regards to how much implementation has happened and reward those who have excelled.
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Sunday, March 16, 2008
3 Keys to Writing a Strategic Business Plan That Unlocks Your True Potential
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Friday, March 7, 2008
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Monday, March 3, 2008
Try This Superior Business Plan Format For 90 Days And Watch For All Round Results
Having a business plan format that is relevant to your specific situation and simple to implement is the cornerstone to success. You see business plans are not just for starting a business or to focus on obtaining funding. These are two primary reasons for planning but there are many more reasons.
Statistics already prove to us from various studies that you are more likely to succeed if you have a business plan. Studies from all around the world highlight the fact of increased business success equals good planning. One Australian study of small business indicated that the enterprise with a strong but simple and current business plan will be 15% more likely to succeed over the long term. This was based on a sampling of over one hundred small businesses.
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The other reasons why you must have a current business plan are:
1.Focuses leaders and team members on internal operations.
2.Focuses on the objectives to be accomplished (the goals and targets) and a step by step strategy to get you there.
3.Allows a focus on all areas of the business. A business plan format covering all 10 areas of business is particularly valuable.
So as a business coach, I focus on 10 key areas of every business I work with. I have found this is a very powerful formula which I will outline below. This is relevant to every business regardless of industry.
An important point: It is fine to construct a large business plan for starting a business or to obtain funding but a more successful way to go for business growth is to complete 90 day action plans of 2-3 pages in length every 90 days.
The benefits of constructing a simple business plan format for the next 90 days are too many to mention here. But here is what you should include.
10 Key Items to Include In your 90 day business plan format.
1. Leadership: How will you lead yourself and your team? What is the big vision for 3-5 years down the track for the business? What is the vision for the next 1 year in your business?
2. Management: How will you spend your time? What strategies need to be implemented here to ensure efficiency for yourself and team? How much time will you spend working ON the marketing, sales and growth aspects of your business per week?
3. Financial Targets: Taking a 3 month view what will be your turnover or revenue per month? Your expenses forecast and most importantly, your profit targets per month?
4. Marketing strategy: What specific strategies will you target for lead generation over the next 90 days?
5. Marketing strategy for Increasing the Average Spend: Increasing the average spend should be measured. How will you increase this and what strategies will you implement over the next 90 days?
6. Marketing strategy for Repeat Customers: Exactly what strategy will you implement over the next 90 days to get more customers coming back again and again?
7. Planning: Do a 90 day plan every quarter forever and focus on it weekly or daily to plan out the next item to be implemented.
8. Systems: What internal procedures need to be written down, improved on or fine tuned?
9. Team: What training, learning and communication will you do as a team to improve the business over the next 90 days?
10. Sales: How can you improve your conversion rate from prospect to sale? Will you measure this and exactly what will you implement over the next 90 days? What are the sales targets per month? You need to include these crucial answers in your own business plan format.
Constructing a business plan format like this every 90 days means rapid focus on the key performance indicators which bring on success. Try it yourself and reap the benefits.
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Thursday, February 21, 2008
How Writing a Strategic Business Plan in 2 Hours or Less is of Immense Value for Your Small Business
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So what are the benefits of writing a strategic business plan? Well here are 5 main reasons why writing a strategic business plan equals maximum business success.
Writing a Strategic Business Plan Creates Better Management Results
Business planning has long been recognized as one of the first and critical functions of superior management. When planning is not done it is so much harder to lead effectively, to organize key staff, to know which marketing strategy to implement and to know how to grow your enterprise effectively.
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Keeps your business on track and in better control
There is a proven link between effective leadership control and planning. Why? A business moving towards a set of pre-determined goals and targets, with specific strategies, has against this, a set of measurements and tracking to control if it is effective or not. With this crucial information, a business can therefore make better decisions enabling a better chance of success.
Integrate personal and business goals effectively
By focusing on a mix of personal and business goals creates a more realistic feeling going forward. After all, business and personal are always entwined. We all want to achieve more in our work or career so that our personal live is more effective.
A great idea is to put into every plan your three top five year goals for your company. Then your top three personal goals (only if you are the leader or owner).
Then deviate to the short term. Write down your three top one year business goals and personal goals. Have the courage to do this and put it in writing. Review it weekly and look at the possibility of changing your plan every 90 days. Follow this formula for the best chance of long term success.
Writing a Strategic Business Plan Enables Focus on Goals and Directions
Goal orientated companies generally out perform those without goals. A big statement but a truism as far as I am concerned. Are your business goals written down and clear?
If not, consider a 5 year view, a 1 year view and a 90 day view of your business and personal goals that are written down and smart tested. Smart tested stands for Specific Measurable Achievable Realistic and have a Time frame.
Improve the efficiency of your systems and overall business performance
Policies and procedures are a vital part of your business improvement so writing a strategic business plan must outline what procedures you intend to improve over the next ninety days and beyond. A practical step depending on the size of your organization is to take one system or procedure every one to two weeks and write it down, look at it’s process and involve your team (if applicable) in improving it and document it further.
Imagine the difference in your business if twenty six policies and procedures were focused on and ultimately improved each year. Now that is continuous improvement at its greatest. Writing a strategic business plan with the planned procedures is an important bridge between thinking and implementation.
Writing a strategic business plan need not be a complicated, drawn out process. It can be motivating, enlightening, empowering and reflect the true feelings of leaders and others to achieve outstanding success. If you are serious about getting business success you must have a strategic business plan. Otherwise where you want your business to go and where you want it to be might not be where it finishes. Business failure and the lack of planning go hand in hand. The statistics tell us this. You need a plan to give yourself the best possible chance of outstanding success.
As a business coach, I create 90 day action plans every 90 days for all of my clients and the direct result is motivation, direction, focus and better results.
90 day plans are brilliant for small business leaders and their teams in focusing in on the key actions, strategies and tactics for the next 90 days. Best of all they are only 2-3 pages long.
But look what is included in a perfect 90 day plan.
1. Leadership - Tell me what is your big picture vision for the next 3-5 years. Write down 3 clear goals of what it will look like.
2. Planning - If your long term vision is to have a profit of $500k within 3 years. You should write 12 x 90 day plans breaking down into smaller pieces exactly how you will get there. What strategies and actions will you undertake for the next 3 months only. Then when that is finished do it all again - create a 2 page 90 day plan outlining the strategy for the next 3 months. By breaking your vision and goals from the long term down into smaller 3 months plans with no more than 12 strategies, you are on a winning management strategy.
3. Day to Day Management and Time Management.
4. Systems - policies and procedures will you update, improve on or implement.
5. Sales - what targets, what training, what sales management strategies will you include.
6. Marketing -Lead generation - what actions are required to bring in prospects.
7. Marketing - Increase the average spend of customers -How will you do this?
8. Marketing - Repeat customers - how will you continuously communicate to them?
9. Finances - What reporting will you do? Are the systems for debtors and creditors clearly established?
10. Team - Both internal and external - how will you hire, train and keep communicating effectively to them.
Writing a strategic business plan is one of the most rewarding pursuits to do and keeping it shorter, practical and concise will mean you will look at it more frequently and take action.
Sunday, February 17, 2008
Why Create a Business Plan
If you do not - take a look at this video below. Enjoy. And create a business plan immediately.
And if you need a great online resource used by thousands of companies for their business plan format you would be wise to check out this excellent resource below.
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Wednesday, February 13, 2008
Review of Business Plans For You
Monday, January 21, 2008
Targets: Part of the Business Plan Format You Must Set
Business plans are only ever valuable if their is a set of realistic targets on all main criteria of your business. A business plan format of setting targets can be different for each individual business but rest assured, if no targets exist - your chances of success wanes considerably.
Why Set Targets At All?
Targets or goals are written aspirations for your organization to breakthrough in order to reach a new standard of strategic success.
Paul Myer once said, "If you are not making the progress you would like to make and are capable of making, it is simply because your goals are not defined."
Targets are simply created by adding figures and timings to performance measures. By doing so, you have defined the quality, quantity and deadline for delivery.
By making sure your business plan format includes timely relevant targets on all critical key performance areas of your business, you give yourself the best chance of gaining superior results. After all, no one achieves great success by chance!
Having clearly defined targets can mean your organization has a relentless focus and vision and can waste the least amount of energy in moving forward to attain astounding results. Make sure your business plan format includes relevant targets and give yourself the gift of success.
I found a great resource for your business planning needs. Take a look at this great resource and see what you think. For sample business plans go here
Sunday, January 20, 2008
Business Plan Format: A Checklist to Blast Into the New Year
1. Your Vision is Clear
Can you answer this question:
What are you building your business into taking a 3 - 5 year view?
What will it look like? How many people will be working with you? How will you better serve your customers? Who are your customers? What extra products and services will you acquire? What sort of turnover and profitability will you be achieving per annum?
2. You have a Business Plan
You should now have an operational plan covering
team,
time,
money,
systems and procedures,
leadership,
day to day management,
marketing,
sales,
planning
3. You have a fully functional and accurate budget for the new year
No rocket science required here. To make better decisions around your business and to keep score as accurately as possible, it is imperative to have an updated budget.
4. Your Business Goals are clear
Do you have 5-10 written down (must be in writing) goals around what you want to be, do or have for 2008?
If not you must start now.
5. Your Personal Goals are clear
What do you want to achieve in these life categories.
Finances
Business and Career
Family and Social Relationships
Spiritual
Intellectual (What skill or knowledge you want to acquire)
Health and Vitality
Business Plan Secrets Revealed. How to sell your ideas to investors.
Write a readable plan that attracts the most investors and makes your business the most appealing choice.
