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Business Plan For Action

When it comes to buying a business, a good business plan is crucial. It’s an invaluable guide to listing your objectives and aims in detail. It’s a good source for information and analysis of your aims, targets, customers and prospects. All in all, it’s a great resource to refer back to time and time again. By setting up the business plan, you will have a better chance of success because you have listed everything down in your head on paper.

The vendor of the available business will need to see this in order to ascertain whether you are right to buy. It will demonstrate whether you have the correct business acumen required and whether you are serious about the business. It will also be useful when it comes to the financial side of things, but more on this in a minute.

By making a business plan, you can pick out any potential flaws that might hinder you. It’s a good chance to find any problems or issues that may arise, and then deal with them accordingly before you get caught up in the business. Also, outside parties can cast a fresh eye over the plan, and may pick out something that you may not have spotted.

It’s also important to show the business plan to the vendor or bank manager. If your business needs financing at the beginning, then you need to turn to one of these sources for financial assistance. With that in mind, you need to produce a detailed business plan that shows that your business is credible and also has potential for making money. Not only does the plan prove that you are serious about the business, it also shows that you have a sound business mind and a good grasp of what needs to be done in order to achieve good profits.

So what should you include in your business plan? Well, at the start, it should list the concept of the business. What is the business all about? What are its aims? What sort of returns do you aim to get?

With regard to the aims, you should set these out in bullet point form and alongside these, list sound, realistic ways of achieving them. It’s also worth noting any potential problems that may come your way, and producing effective solutions to combat these. Not only will you be prepared for these problems, the vendor or bank manager will see that you can deal with any pitfalls.

On the subject of finance, you need to produce realistic financial details. How much money will the business require? What are the expenses required? How much tax will you need to pay? What are the profit margins? Do you stand a good chance of achieving these sums, and how? Finance plans should include income statements, cash-flow statements, balance sheets and profit analysis. This should form a big part of your business plan, in order to convince the vendor or bank manager of your credibility.

You should also be aware of what NOT to put in your business plan. The issue of future forecasts is a contentious one. While it’s all very well attempting to make future forecasts, it’s difficult to predict too far ahead. What you need is to look to the short-term future and then produce your plan accordingly. As the business plan then continues, you can modify the content as and when it’s necessary. Long-term planning, however, will only prove to be a pointless exercise.

Another point of contention is how optimistic you should make your business plan. The problem with making over-optimistic predictions and plans is that these plans could well go wrong. Unforeseen circumstances can always put a spanner in the works. Therefore, it’s wise to err on the side of caution when it comes to devising your business plan. Indeed, it’s wise to predict conservatively and prudently when it comes to assessing the possibilities of future targets, sales and profits. A worst-case scenario will always prove to be less of a shock than one that raises expectations too high.

Another point to bear in mind is that you need to keep the business plan relatively simple. Don’t use fancy business jargon or clich├ęs, since this will only cloud the important issues. In particular, if you are presenting the plan to a vendor or bank manager, you will need to keep the plan on point and free of over-fussy language and business speak. Present the facts in a concise, straightforward manner, and this will result in a plan that’s both accessible and plausible.

On average, a good business plan will be about 15 to 20 pages. Keep it concise but detailed. A good business plan will pay dividends both in the short and long terms. An investor and/or bank manager will see this and if the plan holds up well, then this will bring you the business that you seek. And from a personal point of view, a great business plan is something that you can return to time and again as a good reference point – something that you can draw upon in the future.

Business Directories – Problems With Free Business Directories

Businesses are constantly looking for a way to increase their exposure across the country. Listing a business in either an online or print media directory is a great way to increase exposure, as well as revenue and reputation for businesses. Many online business directories have surfaced over the past few years that allow business to list their information for free. While this has become quite popular among many small businesses it also creates a number of problems for consumers and potential clients.

Quality – Traditional directories that require a listing fee help weed out low quality businesses. Quality businesses are willing to spend money on a quality business listing.. The use of a free directory does not allow consumers to have a reliable look at a business they may associate with.

Reviews – Paid directories allow clients to rate, review and recommend businesses they have used. This creates a system that allows people to know who they are going into business with before they actually do. Most free business directories do not have this asset. It is also not fair to quality businesses with satisfied customers to be placed behind businesses with poor reviews, which can easily happen with free business directories.

Exposure – Businesses can submit a free listing and see just as much exposure as some of the top businesses in the industry. Mixing quality businesses with those that are sub par is a major problem for consumers looking for the best services to use.

It’s clear that free directories not only create problems for consumers and customers, but also create an unfair playing field for quality businesses with quality records. It is up to consumers and businesses to use business directories that offer a review system where customers can rate their experience with particular businesses.

New community business directories are based solely on customer’s reviews. They are also “invite only” where businesses can only be listed through the referral of a satisfied customer. These new business directories are becoming very popular and create a great opportunity for consumers to find quality businesses without having to sort through the junk found in free directories.

How to Start a Small Business Successfully?

Are you planning to start set up a small business that will surely meet your long-term goals and would give you an everlasting success? Are you a perfectionist in all of your plans and in making your dreams come true?

Your business, whether it is on a brick and mortar set up or on a website processing orders for your customers, should be made legal and official at all costs. If you have started from brick and mortar and you eventually decided to expand online, meeting legal requirements and business regulations is not a problem here since every brick and mortar set up is governed by certain business laws and policies that are almost the same as the online business set up. However, as your business grows more mature and successful, you will soon realize that you will then need both the brick and mortar advantage coupled with your website’s powerful edge to serve your business’ ever-growing demands for more successful results.

Here are the top 15 valuable steps that every business-minded person should start with in building a strong business that will satisfy long-term goals and deliver products and services to customers with lasting impact.

1. Research well. Conduct your business feasibility study. Evaluate on such important business factors as customer types, your competitors, suppliers, products or service rates and charges and marketing strategies. A careful analysis will give you an edge in the business world.

2. Plan everything, write your plans out. Information is vital in all your business endeavors and the best to handle this step is to create your business plan in full detail. All information gathered from your feasibility study must be included here. Other things that you should never forget in your business plan are the company description, visions, missions, goals, target market, competitors, financial data and the manner of meeting all these business goals.

3. Know how you will finance your business in a solid way. Bank loans, personal credit cards or your own savings are your legal options here.

4. Decide on the business structure you need to establish. Will you go for partnership, sole proprietorship or incorporation? Be sure to know really well all of the advantages or disadvantages of each before you made up your mind for the final structure.

5. Choose accompany name. Create a name that is highly unique but effective to your business standing.

6. Register for federal or provincial zones. You can get registration forms from your local government office or even download or complete them online along with its corresponding fees.

7. Contact your national revenue bureau to register for corporate income tax, payroll, GST/HST or import/export process. You can also obtain your business number here.

8. Submit documents pertaining to “Registration as a Vendor” if you wish to collect PST.

9. Check with your local municipality if there are still special permits and licenses you might have missed to register.

10. Work on developing your marketing tools to enhance the credibility and integrity of your business plan. These tools must be composed of a profound website, press hit and your company identity package.

11. Set up a reliable system for keeping your records and establish your business bank account.

12. Purchase insurance for the security of your business.

13. Contact potential suppliers to discuss about credit terms.

14. Get a physical location for your business.

15. Purchase all the necessary equipments and office supplies to run your office and business pursuits systematically.