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| Strategic Planning Information |
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Strategic Planning InformationVision Getting Dim?A recent conversation started with a typical question, ?How?s business?? The reply was equally typical and prefaced by a sigh, ?You know (another sigh), same old / same old.? The Importance of Value Mix( * - the word ?product? can be substituted to mean ?service? too; and vice versa ) Under Construction During the Storm ? A Hurricane Guide for Businesses that are Under ConstructionAs a business owner, you?ve likely created a hurricane plan for your business and your family, but did you overlook your construction project? Don?t worry, you?re not alone. Most people don?t even think about preparing their construction site because it?s not written into their "construction timeline." But when a hurricane threatens, general contractors usually get panicked phone calls asking about potential damage, delays and cost. Advice To Manufacturers Creating A Business PlanIf you are a manufacturer wanting to use your business plan to attract investors, then your plan must do two things. It must: Connecting Your Offline Business to Your Online BusinessThese may sound like no brainers, but you'd be surprised. No matter how high-tech your business has become, there is no doubt you still have some non-electronic aspects of your company. These are things like your business cards, stickers, and work shirts, to name a few. Is Plan B Ready?Business owners and entrepreneurs are, by nature, risk takers and adventurers. If we didn't have that ?optimism gene? floating around, not much of any progress would ever get done. But every so often the adventurous get in trouble. Business Plan 101 How to Write a Table of ContentsNo matter what business you plan to start in your next entrepreneurial endeavor you need to be thinking about writing a business plan. Even if you are not seeking funding for your new business or already have secured funds from family members, angel investor types, personal savings or partners. A business plan helps you start out on the right foot and makes you think about your future strategies. One important thing you need in a business plan is a table of contents that you can use as a guide, as you go thru the hectic and tedious steps to start your new business. There are a myriad of rules, regulations and inane paper work and you must stay focused at all times. How to Write a Business Plan Market AnalysisWriting a business plan is an essential part of the initial strategic planning of any company. One thing, which seems to hang up most entrepreneurs, is figuring out what kind of data and information goes into the Market Analysis section. So often entrepreneurs will attempt to bluff or BS their way thru it. Often you find those with MBA write meticulous Market Analysis sections and although they may have little if any true entrepreneurial skills going into a new business, their business plans are sure to impress. But you need not be an MBA to write a proper Market Analysis section in your business plan for your next business. Legal Strategies in Business PlansWriting a Business Plan these days is tough, venture capitalists are busy and there are so many ideas to choose from. Bankers want a tight, sweet and to the point business plan. Family Members who may lend you money are generally worrisome due to lawsuits and liability. This is why you need to pay particular attention to the Legal Section of your Business Plan. Business Plan Long Term GoalsWriting a business plan is not an easy endeavor, nor is predicting the future. You will need to spent adequate time in preparing your long-term goals and objectives. This will help you understand what you are doing and where you wish to be. Martin Luther King in is most famous speech said; ?I have a dream? which is noble indeed, but had he had a ?Strategic Plan? with quarterly objectives he may have seen that dream come true in his lifetime. Sales Planning and Business PlansWriting a business plan can be tricky when all the books on the subject fail to keep updating their editions. One significant factor is the sales planning in business plans, yet few books show examples of how to explain online sales which will contribute to your over all stores sales in your retail outlet. Additionally many service companies take orders online and dispatch their units from there. Even Dominoes Pizza often takes credit cards over the phone, many companies now allow online ordering. Business Plan Descriptions of Computer SystemEntrepreneurs often give little if any consideration to their computer system needs in their original business plans. It is a necessity to have mention of your computer system as bankers and/or investors will want to know how you will keep track of your future endeavor. You need to carefully spell out your needs and their costs to insure you are asking for the right amount of money for your new project and to insure that you know what you need in advance. All too often entrepreneurs are not completely sure of what is needed and then when they see what is available they want it, this adds costs. Then comes the customization and feature creep as high paid programmers design the modifications. Business Plan: Planning the OperationsWriting a business plan is no easy task, sure you can whip something together in a day or so, but without proper planning you are setting yourself up to fail. Many first time entrepreneurs have a bit of trouble writing a business plan, which will be acceptable to bankers and investors. One easy place to fall down on is the understanding of the daily operations of your chosen business model. Executive Summary for Business Plans of FranchiseesWriting a business plan for a franchised outlet of a larger company to get funding or find investors is difficult because the franchisor already has a plan which is working, but until you are privy to it upon purchase you actually know relatively few details. The franchisor must keep this information proprietary to insure competitors do not steal the information, but the franchise buyer needs the information to prepare a business plan to get a loan from a bank. Thus a catch 22 exists and is further exacerbated by the fact there are laws against some types of disclosures, which many franchisors due to the litigious nature of franchising do not wish to disclose based on advice from their attorneys. So what do you do? Well, you do the best you can using the UFOC, uniform franchise offering circular or ask the franchisor to send in a business plan directly to your banker who, signs a waiver of non-disclosure and you cannot see it until purchase. Mining Market DataWith a heightened awareness of opportunity, ideas can often be generated by market research. The National Women?s Business Center (NWBC) defines market research as ?a systematic, objective collection and analysis of data about your target market, competition, and/or environment with the goal being increased understanding. Through the market research process, you can take data?a variety of related or non-related facts?and create useful information to guide your business decisions.
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