Archive for the ‘Small Business Plans’ Category
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How to Structure a Business Plan For Your Small Business
Three quarters of all small businesses fail within the first two or three years of opening.
Business owners who put together a business plan, and structure planning and strategizing as a formal function of their regular business activities, are more likely to succeed and avoid failure.
Even if they do not fail, they will make more profits than if they did not have a plan.
What makes small businesses very vulnerable is the fact they do not have the resources to take them through tough times or bad mistakes as larger companies do.
It is even more critical for a small business to understand their market and plan their limited resources accordingly to react quickly to changes, and to avoid critical business errors that could fold their company in a heart beat.
These statements alone should encourage every small business owner to learn and master the business planning process.
Business Planning is not just for borrowing money
The only time that many owners/managers produce a plan (even successful businesses) is when they go to their bank or investors to ask for money.
After the loan requirements have been satisfied, the plan usually gets filed away in a cabinet and never reviewed again until the next time they need to go for a loan.
Producing a business plan is not a one time event that is performed to satisfy a third party requirement. It is a function that needs to be designed into the regular activities of running your business to make it more successful.
Business planning is a function that helps struggling businesses to survive and good businesses to become even better.
Business Planning Elements
A formal business plan has several common elements regardless of the nature of your business.
The faster you learn and master these elements, the faster you will gain control of your business and direct it towards higher profitability.
I have included a brief outline of the necessary elements you need to include in your plan if it is to be reviewed by a third party lender or investor.
However, you should construct your plan in a manner that not only cover the detail for potential investors, but more importantly it needs to be constructed in a manner that it becomes a critical tool that provides practical guidance for your company.
1. Executive Summary
Your executive summary touches briefly on every element of your business plan. It is more than just an introduction, it is a shorter version of your entire plan.
If you are presenting your plan to a third party, the people reading your summary should be able to understand your business and your plan without reading any further.
2. Company Overview
This element describes your business.
Here you outline:
-The nature of your business -The key factors of your industry -Your customers -The product and service value streams you wish to develop
As you construct this element you also need to state:
-A Value Statement. Which defines your set of beliefs and principles that guide the activities of your business -Vision Statement. Which defines what you want your company to become -Mission Statement. Which defines your company’s purpose, what it is and what does -Goals and Objectives. List your goals for the period and the objectives that you have set to achieve these goals
3. Business Environment
Here you want to describe the nature of the business climate in which you operate. You should outline:
-The direction in which your market is moving -What your customers are looking for -The business conditions that are out of your control -The nature of your competition -The opportunities you see -The threats you see to your business -A description of how you plan to be successful
4. Company Description
In this section you want to cover what your company has to offer to the market place.
Describe the strengths of your company and how these strengths give your company an edge over your competitors examining the following areas:
-Management and organization structure -Product and service value streams -New technologies adopted by your business -Operations capabilities -Marketing capabilities -Financial and personnel resources
5. Company Strategy
This element describes the strategies your company plans to adopt for major parts of your business that will include:
-Marketing strategy to promote and expand you business -New product and service development strategy -Operations strategy for improved speed, quality and cost reduction -Employee development strategy to meet new business needs -Financial strategies to prepare your business for new opportunities
You should describe how your business strategies will impact the future outcome of your business and you should also present alternative courses of action should the business climate change.
6. Financial Overview
The company financial review consists of both financial statements describing the “current state” and your “future state” financial predictions that are backed by the previous strategies and assumptions that you made in your plan.
The basic financial statements for the “current state” and “future state” are the same which include:
-Income Statements -Balance Sheets -Cash-flow Statements
The income statements should break down the financial numbers associated with each product or service value stream to make it clear where the income is generated and how it is being spent across your product and service lines.
The numbers for the future state are predictions that are based on what may happen. So, ensure that you link those predictions to your assumptions.
7. Tactical Plan
The tactical plan lays out how you intend to execute your business plan.
It should identify:
-Major activity steps -Who is responsible for which 1ff8 activities -The planned completion time frames to complete the plan -The resources you need
It should also identify how resources such as equipment, facilities, personnel and training are to be acquired if the current state does not satisfy the future state requirements.
You should include with your tactical plan:
-A brief description of the planning organizational structure -The frequency for reviewing -The execution process for addressing the activities of the plan -The measures necessary to ensure adequate feedback is available to monitor progress against planned goals and objectives.
How long should your plan be?
No more that 20 pages written in specific, but brief language.
Just Do It
Do not wait until the bank or some investor asks you to generate a business plan. Do it now with whatever data and information you have. It is easy to get bogged down in the details of constructing a business plan. Yes, your predictions and assumptions need to be accurate, but not to the extent that you are overwhelmed with “analysis paralysis” that prevents you from taking the actions necessary to get moving.
The accuracy of your business plan does not need to be absolutely perfect if you establish regular reviews of your plan against the current business environment. The more frequent those reviews the greater the accuracy of your plan will become with time as you make constant adjustments where they are necessary.
In order for your business plan to be successful, it should be a “living, dynamic” document that forms the direction for every activity performed by the employees within your organization. Organizations that go through an annual planning process, but then discard their plans in some cabinet until the following year are no better off than if they ran their business by “shoot from the hip” reactionary strategies. Your business plan will become more sophisticated, more accurate and generate improved results the more frequently you go through the planning process.
The very motions of performing the process will force you to ask yourself the important questions that govern your market and business.
New ideas will spring from these discussions and over time the process will become second nature and part of the “culture” of running your business.
Author: Les W Ross
Newsletter registration: http://www.highlanderllcconsulting.com/Newsletter.htm
Follow Les on Twitter: http://twitter.com/BusinesMechanic
Article Source: http://EzineArticles.com/?expert=Les_W_Ross
Ultimate Guide To Postcard Marketing
If your photography business is well established already then it may hurt you more than help you to make a complete overhaul of your brand with a custom brand identity. In this case it is better to make small incremental changes over time so your customer base isn’t confused. … If you can say with complete confidence that your business plan is established because of your past experience then you may be ready now for a large investment in a custom brand identity.
Choosing a Mobile Phone Plan for Your Business
Staying in touch with your business is very important in our modern world. Therefore, a good mobile phone plan is absolutely critical. With the multitude of varying mobile phones and plans available to you and your company.
Right now turn your attention to the sales plan when you have one. The saying is success breeds success,and that is never truer than in a small business turnaround. Choosing the Type of Company bankruptcy.
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Tags: business plan, how to start a company, own your own business, start a business
Small Business Marketing Plans
Every major market can be described as segmented into a number of parts. They can be based on the various characteristics of the customers, such as age, sex and education. They can also be based on the geographical and other characteristics of the markets. The common methods of market segmentation are geographic segmentation, demographic segmentation, psychographic segmentation, buyer behavior segmentation, and volume segmentation.
Segmentation based on region, continent, country and climate of the area comes under geographic segmentation. Segmentation based on age of the customer group, sex, family size, language, income level comes under demographic segmentation. Variables such as personality types, lifestyles and value systems form the basis of psychographic segmentation. Buyer behavior segmentation is similar to but slightly different from psychographic segmentation. The primary idea in buyer behavior segmentation is that different customer groups expect different benefits from the same product and as such their motivations in owning it and their behavior in buying it will be different. In volume segmentation, the quantity of purchase or the potential quantity of purchase is the base for segmentation. There may be bulk buyers and small-scale buyers, regular buyers and one-time buyers. They have to be treated differently.
Whatever be the parameters/ bases of segmentation, the segmentation task is an exacting one. Mere identification of a difference between one customer group and another does not complete market segmentation. In fact, the identification of differences is just the starting point of the whole process. Many other steps have to be carried out for completing the exercise.
It involves assessing the difference between one customer group and the other in terms of their needs and their likely responses to the product and other marketing inputs of the firm. Find out by what descriptive characteristics can consumers of a particular disposition is tagged on to a specified segment. Analyze and establish whether it is desirable and possible to formulate separate marketing programs and marketing mixes for the different segments.
Author: Max Bellamy
Small Business Internet Marketing
Local or regional specifics also have to be taken into consideration for the design of the marketing plan to target new business customers.
Tags: business plan financial, business plan financials, financial business plans, sample business plan financials
Small Business Marketing
If you are an owner of a small business and do not have a marketing plan, you are destined to fail. And I’m not necessarily talking about a business plan with all the financials and stuff. Those are important too, but if you choose not to have a concrete plan for your marketing, all you’re going to accomplish is to become one of the 90% of small business failure stories.
Planning is integral. You won’t even go to the supermarket without some sort of plan. How do you expect to run a successful business without one? As you read through every one of these tips you’ll realize that your small business marketing success depends on having a great marketing plan. 5 crucial elements of a small business marketing plan are as follows:
1) Vision -It’s important that you create a vision statement for your small business. Something that can always be there to let you know what it is your business is all about and where you want to go. Here’s an example from Microsoft: “a personal computer in every home running Microsoft software.”
2) Your Clients – Your small business marketing plan should also include who your ideal clients are. Those people you want to open their wallets and give you their money. If you can determine the age, gender, income, habits, likes and dislikes of your ideal client you’ll be far ahead of the game when it comes time to strategize.
3) Competition – Just as it’s important to figure out who you’re selling to, it’s also important to figure out who is already selling to them. Once you narrow down who your competition is, you can determine what they do that works and what they do that doesn’t and craft your own campaigns accordingly.
4) Goals – Just like you’ve gotta have vision, you also gotta have goals. Set a reachable one year goal and this will help you in deciding which actions to take along the way. Your goal can be financial, or in terms of customers or market share, or all of the above. Just be sure to make it lofty enough for a challenge, but realistic enough to stay focused.
5) The Strategy – Once you’ve figured out all of the above elements, it’s time for the strategies themselves. What marketing actions are you going to take over the coming year that will enable you to reach your goals? Will you be doing radio spots? Print ads? Web marketing? A combination of the three? There are countless tactics you can use. If you can’t decide which way to go you can always hire an agency to help you out. They aren’t always as expensive as you think.
If you can follow these 5 crucial elements of a small business marketing plan you’ll be well on your way to small business success.
Author: Cara McCarron
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Tags: Business Marketing, Business Marketing Plan, Small Business Marketing
Small Business Marketing
Small Business Marketing Strategy for Brand Promotion
Brand as the base of the marketing triangle. Brand is much more than a logo or a sign.
Successful small business marketing can best be viewed as a triangle containing three essential elements: Brand, Package, and People.
Brand forms the base of this marketing triangle. Brand is the foundation your business is built upon in the mind of your customer. When you rest a heavy load on a weak foundation, a crooked and cracked house is the inevitable outcome. It’s no different when building your business. A strong brand is critical to your small company’s long-term business health and profits.
Brand is really your company’s identity. Brand is the essence of your company–the who of your company in the mind of your customers. Think your customers pick up your company’s identity by osmosis? By that latest brilliant advertising slogan? Sometimes, but for most small businesses, new customers learn of you–and your brand– from another customer or from one of your employees.
Yes, employees–definitely the most under-utilized marketing referral source in small business today.
So, weaving a Brand Banner that customers and employees can carry around for you and then wave at the right time–for you, unsolicited–is an ultra-effective way for your small business to advertise. This Brand Banner must be easy to repeat and memorable. Your advocates will bear your Brand Banner because of the natural human inclination to share helpful information with other people.
Just remember, if you let that Brand Banner get soiled, ripped or grimy, then that’s the flag that’ll be out there flying for your business. Not the impression you want to make. This is yet another reason customer service is so vitally important.
Brand isn’t your company logo, latest advertising slogan or catchy jingle any more than your best suit is you. The suit can improve your image, but even casual acquaintances will still recognize the essential you underneath.
Brand is similar to integrity–if you’ve earned it, your small business can make errors along the way and still become very successful. Customers don’t expect perfection, but they do expect attention. If they trust you to do the right thing by them, even when you mess up, you’ll boost your small business integrity and your brand. But without integrity, you can pour out thousands of advertising dollars to look great and sound slick, but still fail in the end because you are essentially anchored to nothing more solid than shifting sand.
So, if Brand is Identity, and your small business marketing is built on referrals from customers and employees, then a critical next step is for you to understand just how it is that customer’s perceive you. Like beauty, Brand is in the eye of the beholder.
Remember: People (customers and employees) + Package (your Face to the Customer) + Brand (who you are) = Marketing Success.
2006 Marketing Hawks
Marketing Hawks Blog
Craig Lutz-Priefert’s marketing blog
By Craig Lutz-Priefert
Published: 10/1/2006
Small Business Viral Internet Marketing Experts
As viral marketing is an efficient and cost-effective promotion strategy, more and more small business enterprises are depending on internet marketing experts providing viral marketing on the internet.
Small Business Marketing Strategies
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Tags: Business Marketing, Small Business, Small Business Marketing, Small Business Marketing Strategy
Small Business Marketing
This article can help any small business owner develop a strategic marketing plan to draw customers.
Marketing is a crucial part of small business success. In order for any business to survive, other people need to know that the company exists and what they can do for them. It is even more important for small business owners to make a name for themselves. Developing a good small business marketing strategy is what you need to rise above competitors. Careful research, proper introduction and good follow up are crucial to building a strong customer base.
Research Your Market
Do you have a target market in mind? Get to know the customers you want. Find out what groups your products or services will attract the most. For a small business in the community, you can visit local events to network and let people know you are there. Bring business cards or something small to hand out to people that you meet.
Find companies and agencies that need your products or services in the area. Really research your target market for an accurate assessment of the things you may be able to offer. You can send out a short poll (no longer than 10 questions). It is a quick and easy way to find out what they need.
Examining the competition closely will help to find areas of neglect your company can fill in. For example, if you own a restaurant, what special dish can you make that the competition doesn’t offer? Figure out what special niche your company fills that others do not. Studies show that specialty companies do better than those who try to do it all.
Once you have this information, you can put it to good use.
Introduce Your Business
Start out with a simple brochure or flyer. Any piece of marketing should include these basic elements:
-who you are
-what you offer
-where you are located
-how to contact you
Appeal to prospects by emphasizing those unique specialties that only your business offers. Target their specific needs in your advertising. This is where all the research comes in handy. The thing to focus on is one or two particular needs they have that you can take care of for them.
You can send a uniform flyer or brochure, or you can customize each one to maximize the appeal to each business you send the information to. As long as you have the important key elements, the rest is flexible.
Make the most of the experience you have. Don’t make anything up, but if you have a track record, people will be more likely to pay for your products and services. (ex. Serving for 25 years and counting!) Let them know of similar clients that you have had and similar work that you have done. A long time in the business is something you should take confidence in.
Other things you might include in an advertisement are:
-grand opening/reopening date
-special sales
-top selling products
-number of clients to date
-company slogan
Follow Up
One of the most neglected aspects of marketing is follow up. It is always good to have new customers, but to truly be successful, you need at least some of those people to come again. There are some very simple things that you can do to inspire repeat business.
If you get phone calls or emails, respond to them. Give a call back or a reply message to thank them again for inquiring. This is especially important if the client has purchased your product or service. Reminding them that you are still in business and appreciate them as customers will encourage loyalty. Offering coupons, discounts or a free item (ex. pen with company logo) is also a way to thank clients and encourage them to come again.
If you follow these steps to an effective marketing plan, you will see your business take off. Once you find out what works for you, do it again and again.
By Chesley Maldonado
Published: 3/7/2007
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Tags: Business Marketing Plan, Developing a Strategy, Small Business Marketing, Small Business Marketing Developing a Strategy, Small Business Marketing Plan
Small Business Grants
You want to start your own business and want to be boss rather than an employee! What about Small Business Grants? Answer is here…
Thousands of opportunities are available across the globe for starting small business. When you are able to identify the right business opportunity for yourself then you can become a successful entrepreneur. As an entrepreneur you need hard work, patience, knowledge and perseverance. But all these qualities are not enough to start a business. You need a tangible entity that is money.
Starting a small business requires a considerably high capital to be invested. You cannot do a business if you don’t have money to invest. Obtaining small business grants from the government is a secure way of funding your business. If you are in need of financial assistance for running your small business you can definitely approach the government for providing grants.
Small business grants offered by the government will really boost your business as an entrepreneur. If you are sure of what you are doing you can definitely succeed with your business using the grants provided by the government.
The US government is encouraging the entrepreneurs to start their own business by funding them with the sum of money they require. However not all people are granted funds for their business. A large amount of paper work is to be filled out to get the funds for your business. If you follow the bureaucratic procedures correctly then you can easily get the grants.
Winning the small business grants depends on your ability to find out the best grant for your business. Many online grants website provide small business grants information and you have to choose the one that is best suitable for your business. Look at the resource box and find out if the grant is applicable for your business. Catalog of federal domestic assistance provides a list of grants from various government agencies and you can search through their database for free. This is the best place to start your search for grants.
The initial step is to prepare a report about your small business. You have to provide the tax information, financial reports and your business numbers. It is better to hire an accountant to prepare your financial report. The accountant must have good experience in your industry and in your business field. He can help you to specify meaningful business numbers in your small business grants application.
Your application must specify the nature of your business, the efforts you have taken so far for your business. The goals of the business must be specified clearly and you have to justify your reason for getting the grants. The information you specify in your small business grants application is the key to your success.
The application must be clear and to the point. Check for mistakes and rectify them. When your application is flawless and meaningful you will have high chances of getting the grants for your business. Next you can approach any attorney to verify your application to avoid common mistakes and he can guide you to the next resource.
Various private organizations are also providing grants for your business. The great aspect is that you don’t need to repay the grants. The counter fact is that you need to do a lot of paper work to get these grants. As the money is free, you will have a lot of competition for getting the small business grants. Getting the grants solely depend on your business plan. If you are US citizen tax payee, then you are eligible to apply for the small business grants. If you approach the agency in the correct way with valid business plan you can surely get the grants to gear your small business.
By Jayashree Pakhare
Published: 3/24/2008
State Sources for Small Business Grants
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Tags: New York city Small Business Grants, Small Business Grants
7 Steps to Creating a Successful Small Business Marketing Plan
Small business marketing is the key to increased profits and growth for small businesses.
Small business marketing is all about determining the needs of your target market and then providing solutions to meet those needs.
These 7 steps are aimed at entrepreneurs starting a small business and those who want to create a successful small business marketing plan for an existing business.
Most small business promotions focus on how great their products and services are. Instead, you should educate your target market consistently and start building a relationship that will establish your credibility and trust. It is important to develop a marketing mindset. “Think Marketing” your products and services all of the time. It is very important to consistently market your products and services. Don’t fall into the trap of stop and go marketing. Some small business owners only market when sales are down.
You can’t have a successful small business without having a successful small business marketing plan. Effective small business marketing is the way to growth and profits.
If you’re a small business owner or you want to know how to start a small business in the future, this simple 7-step plan will help you understand your business and your target market.
How to Start a Small Business Marketing Plan: 7 Steps
Begin the process by answering these questions:
1) Who — Who specifically is your target market? Who is your ideal client? What research can you do to find out more about your target market?
2) What — What products and services do your ideal clients want and need? What does your product and service do for your ideal client? What problems does your product solve for your customer? What are the solutions that your ideal client is looking for? What is your area of specialty that will differentiate you in the marketplace? What are the industry trends? What type of message will your ideal client likely respond to? What are you ultimately selling? For example: Are you selling eye glasses or are you selling vision? What is your unique mix of products and services? What is your pricing strategy?
3) Where — Where is your ideal client? Where is your customer located geographically? Where will you position yourself so they can easily find you? Where are the best places to get your marketing message to them? Will you speak to groups, hold seminars, or write a blog, newsletters or articles?
4) When — How frequently does your target market need to hear your marketing message? When are they most likely to buy your products and services?
5) Why — Why are you in business? Why do customers or clients buy from you? Why should they choose your product or service over your competition?
6) How — How does your customer buy your product or service? How are you going to reach potential buyers for your services and products? How will you communicate your marketing message? How will you provide customers or clients with the information they need to make their buying decision?
7) Marketing Mindset – Practice mastering a Marketing Mindset and you will be on the path to a profitable small business.
With these 7 steps, you can take action towards starting a small business marketing plan that targets new customers. “Marketing is about testing and evaluating your return on investment. But it’s primarily about helping people get what they want.” Master these small business marketing steps and you will be on the path to more profit and success as a business owner.
Robert Moment is a small business coach and the author of “It Only Takes a Moment to Score” and the soon to be published “Invisible Profits: The Power of Exceptional Customer Service”. Robert specializes in teaching entrepreneurs how to start a small business that profits and grows. Visit http://www.howtostartyoursmallbusiness.com and sign-up for your FREE Small Business Coaching 7 day e-course titled, “Turn Passion into Profit: Small Business Startup.”
By Robert Moment
7 STEPS TO CREATING A SUCCESSFUL SMALL BUSINESS MARKETING PLAN
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Tags: Business Marketing Plan, Marketing Plan, Small Business Marketing Plan
