Here's some tips on how to develop the marketing section of the business plan for your small business .......
I suggest that you evolve demographics for your anticipated customer base that allow you to develop a marketing plan from the customers you wish to reach with your product information. Demographics are generally available at web sites such as the US Census Bureau and other links below.
Seek information about individuals who are likely to buy your product, such as age, location, lifestyle, and similar information that would allow you to gear a marketing plan toward a population of buyers you wish to impress.
When researching on web sites I recommend that you change your search key words. Here is a list of preface words that you should consider followed by words identifying your product when searching on Google or like sites: Financial Forecast **Anticipated Revenue ** Future Market **Sales and Revenue **Market Coverage **Industry Forecast **Market Trends **Market Data **Forecast Data **Outlook **Others you may think of implying data and information in the past, present or future.
Sometimes the information doesn't jump right out of the page at you. You have to give some thought to how you are going to use the data and be willing to look at it at face value and think about potential underlying support it may be providing to your premises. You may have to change your focus from a technical one to a business one and elevate your view of information, then interpolate downward.
Give the best you can to preparation of all the other elements of the plan except the financial section and then use them as a springboard to complete your expense and revenue forecasts in the finance area to complete your business plan.
Online resources ....
* Entrepreneur Resource Center
* Ecom
* Fact Finder
* SEC EDGAR
Showing posts with label Business Plan. Show all posts
Showing posts with label Business Plan. Show all posts
Monday, August 29, 2011
Thursday, May 26, 2011
Business Plan Template .... Resources For Writing Your Own
Many small business owners needing to prepare a business plan for the first time feel overwhelmed .... a template may be just the thing to get started.
Here's a few resources to look over and see if any are a fit for what you need:
* Score Template Gallery
* To do it on your own you can also go to the Small Business Administration website (www.sba.gov) and enter business plans. They have myriad tools for folks. You can follow the step-by-step instructions to prepare your plan.
It can easily take 100 - 200 hours but you'll find it very worthwhile, short and long term.
* Business Plan Pro by Palo Alto Software. It comes with hundreds of sample plans.
* I would recommend Teach Yourself Business Plans by Alpha
* Free-Plan, which includes section-by section guidance in accompanying help and manual. It is free!!!
* Finally, if you've never done a business plan before ... you NEED to read Guy Kawasaki's "The Art of the Start."
That ought to be enough options to get you started.
Here's a few resources to look over and see if any are a fit for what you need:
* Score Template Gallery
* To do it on your own you can also go to the Small Business Administration website (www.sba.gov) and enter business plans. They have myriad tools for folks. You can follow the step-by-step instructions to prepare your plan.
It can easily take 100 - 200 hours but you'll find it very worthwhile, short and long term.
* Business Plan Pro by Palo Alto Software. It comes with hundreds of sample plans.
* I would recommend Teach Yourself Business Plans by Alpha
* Free-Plan, which includes section-by section guidance in accompanying help and manual. It is free!!!
* Finally, if you've never done a business plan before ... you NEED to read Guy Kawasaki's "The Art of the Start."
That ought to be enough options to get you started.
Monday, December 20, 2010
Tips For Creating A Professional Business Plan For A Small Business
A business plan can be several thousand dollars and up while taking months to complete. The time factor however, is really a reflective measure of how fast you can prepare and supply the continual data that is required throughout the process.
Here's a few reasons why companies want to create a business plan .....
1. Because that is what they’ve been taught or learned and it just seems like the right thing to do. These people are few and far between and really are not creating for the purpose of achieving goals as much as just completing the task.
2. Create for the purpose of obtaining money/working capital . . . and that’s what the bank/SBA says must be done. Again, while true that it takes a plan to obtain a business loan, the plan itself has very little shelf life as it’s not being created to drive the business, only the loan application.
3. To impress a new incoming partner. In this case a plan should be created jointly with the new partner.
4. The best reason .... To expand your business and make more money, etc. This is the best because you are creating it for yourself. You’re the one getting up early in the morning – this tells you why. You’re working hard – this tells you where. You’re selling products all day – this tells you to whom. You’re wanting more customers – this tells you how many.
The cost is a function of the time of the personnel involved. I do not advise hiring someone else to do it for you. That has not worked in my experience.
A business plan is the vehicle by which you conduct the research for your market, decide which individuals to involve in the sales of your product and validate your revenue and expense financial forecasts. It is the means by which you will convince first yourself and then others who can help you that your company has a road map to success.
New entrepreneurs should go to the SBA web site at SBA that guides them through the business planning process. They should follow the site presentation and note the factors to consider in starting a business.
For examples of business plans go to Sample Business Plans
Entrepreneurs can also choose a counselor at Score who is experienced in their industry and that they feel can help them. They should their plan out on the counselor. The counselor will put on a banker's or investor's hat and give them a reaction, then make suggestions to improve the plan and how to communicate it to a financial institution.
I suggesst you examine the guidance here and layout your own proejct plan, pricing the resources required based on what you see and your estimate to complete it once you have it scoped.
Above all - PLAN --- to Succeed!
Here's a few reasons why companies want to create a business plan .....
1. Because that is what they’ve been taught or learned and it just seems like the right thing to do. These people are few and far between and really are not creating for the purpose of achieving goals as much as just completing the task.
2. Create for the purpose of obtaining money/working capital . . . and that’s what the bank/SBA says must be done. Again, while true that it takes a plan to obtain a business loan, the plan itself has very little shelf life as it’s not being created to drive the business, only the loan application.
3. To impress a new incoming partner. In this case a plan should be created jointly with the new partner.
4. The best reason .... To expand your business and make more money, etc. This is the best because you are creating it for yourself. You’re the one getting up early in the morning – this tells you why. You’re working hard – this tells you where. You’re selling products all day – this tells you to whom. You’re wanting more customers – this tells you how many.
The cost is a function of the time of the personnel involved. I do not advise hiring someone else to do it for you. That has not worked in my experience.
A business plan is the vehicle by which you conduct the research for your market, decide which individuals to involve in the sales of your product and validate your revenue and expense financial forecasts. It is the means by which you will convince first yourself and then others who can help you that your company has a road map to success.
New entrepreneurs should go to the SBA web site at SBA that guides them through the business planning process. They should follow the site presentation and note the factors to consider in starting a business.
For examples of business plans go to Sample Business Plans
Entrepreneurs can also choose a counselor at Score who is experienced in their industry and that they feel can help them. They should their plan out on the counselor. The counselor will put on a banker's or investor's hat and give them a reaction, then make suggestions to improve the plan and how to communicate it to a financial institution.
I suggesst you examine the guidance here and layout your own proejct plan, pricing the resources required based on what you see and your estimate to complete it once you have it scoped.
Above all - PLAN --- to Succeed!
Thursday, November 25, 2010
Advice For The Start-Up Entrepreneur
Advice For The Start-Up Entrepreneur
Successful start ups do not not just happen. They are planned and the plan is executed for success.
CHALLENGE 1 ....
The organizational culture springs from a simple, yet precise mission statement for the enterprise.
CHALLENGE 2 .....
From the mission statement objectives are derived for the culture. An objective is an interim step or milestone by which one measures progress toward the goal. There are usually many objectives in a business plan, hopefully measurable ones, quantitatively and in time. The goal (mission statement) and objectives are specified in the first two sections of the business plan.
CHALLENGE 3 .....
The remainder of the plan contains the details for achieving the objectives in route to the goal, thus achieving the enterprise mission.
**Keys to Success
**Company Summary
**Products and Services
**Market Analysis Summary
**Strategy and Implementation Summary
**Management Summary
**Financial Plan
For guidance through SCORE on how to meet each of the above challenges please see the first two links below. You may also wish to download the Biz Info Library Article, "Are You Prepared to Succeed in Business" from the second vertical Box Net Reference cube in the left margin of the third link below. It is an excellent discussion of strategic vision and planning.
* Write A Business Plan
* Sample Business Plans
* Small To Feds
Successful start ups do not not just happen. They are planned and the plan is executed for success.
CHALLENGE 1 ....
The organizational culture springs from a simple, yet precise mission statement for the enterprise.
CHALLENGE 2 .....
From the mission statement objectives are derived for the culture. An objective is an interim step or milestone by which one measures progress toward the goal. There are usually many objectives in a business plan, hopefully measurable ones, quantitatively and in time. The goal (mission statement) and objectives are specified in the first two sections of the business plan.
CHALLENGE 3 .....
The remainder of the plan contains the details for achieving the objectives in route to the goal, thus achieving the enterprise mission.
**Keys to Success
**Company Summary
**Products and Services
**Market Analysis Summary
**Strategy and Implementation Summary
**Management Summary
**Financial Plan
For guidance through SCORE on how to meet each of the above challenges please see the first two links below. You may also wish to download the Biz Info Library Article, "Are You Prepared to Succeed in Business" from the second vertical Box Net Reference cube in the left margin of the third link below. It is an excellent discussion of strategic vision and planning.
* Write A Business Plan
* Sample Business Plans
* Small To Feds
Sunday, November 21, 2010
Planning for Success
I am changing the name of business planning to planning for success. When I start to talk about business planning, people begin to get anxious or they glaze over. Very few get that sparkly interested look in their eye and really engage. I’ve discovered that there is a fear of business planning, mostly because business planning is foreign and unfamiliar territory. I’ll bet that when I start talking to people about planning for success, they will respond in a more open fashion, be curious and want to engage.
No matter what industry you’re part of, I’m sure that you have encountered ideas and concepts that are misunderstood. Business planning….ummmm…..planning for success is like that too. Many people say that their plan is in their head. And what there is of it may well be, but there are usually many missing elements. Just by articulating it and getting it onto paper, you provide yourself with the opportunity to read it back to yourself and see if it makes sense to you. This gives you the chance to improve on it, before mistakes are made and bad decisions have cost you a ton of money and time. No one wakes up and says. “Today I am going to make bad business decisions.” Yet, if you don’t actively engage in business planning…..ummm….planning for success….in a committed fashion, you have elected to make ill-informed decisions that may be devastating to your business.
Another misconception is that a business plan becomes a doorstop when it’s completed, or that it gets put onto the back of a deep dark shelf somewhere never to see the light of day again. Still others think that once the plan is completed that they must follow it exactly. Neither of these is correct. A businesss plan….ummmm….plan for success…..is a living document, just as your business is a living entity of its own. Going through the process of developing a plan gives you a process to follow again in the future as you consider new products, services and markets. Reviewing your plan quarterly allows you to spot variations in your projections. This gives you the time to evaluate whether your initial assumptions were off base, and if so what else is affected as you move forward. If your initial assumptions were correct, you can determine what is needed to get back on track. And as time moves forward the environment may change in ways that couldn’t have been predicted (September 11, for example). This is a good time to redirect your plan accordingly.
After you’ve been through the business planning….ummmm…planning for success process once, you’ll appreciate the new contacts and resources that have become acquainted with. You’ll also know what steps to take when you are considering complicated business decisions in the future. With a step-by-step process, you can build a solid foundation for your business and take the first steps towards success.
No matter what industry you’re part of, I’m sure that you have encountered ideas and concepts that are misunderstood. Business planning….ummmm…..planning for success is like that too. Many people say that their plan is in their head. And what there is of it may well be, but there are usually many missing elements. Just by articulating it and getting it onto paper, you provide yourself with the opportunity to read it back to yourself and see if it makes sense to you. This gives you the chance to improve on it, before mistakes are made and bad decisions have cost you a ton of money and time. No one wakes up and says. “Today I am going to make bad business decisions.” Yet, if you don’t actively engage in business planning…..ummm….planning for success….in a committed fashion, you have elected to make ill-informed decisions that may be devastating to your business.
Another misconception is that a business plan becomes a doorstop when it’s completed, or that it gets put onto the back of a deep dark shelf somewhere never to see the light of day again. Still others think that once the plan is completed that they must follow it exactly. Neither of these is correct. A businesss plan….ummmm….plan for success…..is a living document, just as your business is a living entity of its own. Going through the process of developing a plan gives you a process to follow again in the future as you consider new products, services and markets. Reviewing your plan quarterly allows you to spot variations in your projections. This gives you the time to evaluate whether your initial assumptions were off base, and if so what else is affected as you move forward. If your initial assumptions were correct, you can determine what is needed to get back on track. And as time moves forward the environment may change in ways that couldn’t have been predicted (September 11, for example). This is a good time to redirect your plan accordingly.
After you’ve been through the business planning….ummmm…planning for success process once, you’ll appreciate the new contacts and resources that have become acquainted with. You’ll also know what steps to take when you are considering complicated business decisions in the future. With a step-by-step process, you can build a solid foundation for your business and take the first steps towards success.
Sunday, October 17, 2010
Use Your Business Plan as a Tool for Change
I know, I know. Business planning doesn't seem to be most people's favorite topic. Usually people's eyes glaze over - let's face it, business planning isn't the sexiest part of running your own business! But I've got to say that it's such a valuable tool that I always enjoy digging into writing one with a client, or looking at one that was previously written to diagnose new directions.
To keep things simple, business planning can be broken into four key parts: 1) Concept; 2) Customer; 3) Cash; and 4) Controls.
1) Concept - This part of your plan lays out all the elements of what your business "dream" is and why you'll succeed. It also covers nuts and bolts of business model implementation. Vision, mission statement, business history, legal structure, organization structure and management, key competition and an overview of your offerings all fall under this section.
2) Customer - This section describes who will buy into your dream and how they will find out about you. You identify your target market/s, customer demographics, distribution channels, and the 4 P's of the marketing mix (product, place, price, promotion).
3) Cash - Sharpen your pencils for this section. This covers start-up resources required, projected cash flow (projected and actual if you've been in business awhile), projected income statement, balance sheet, break-even calculations, sensitivity analysis and ratio analysis if comparative data is available.
4) Controls - This covers how you plan to monitor your business for performance and for any legal and regulatory adherance. Finding an attorney and accountant early on can save you much aggravation down the road. Bankers will tell you that it's best to go for a loan when you don't really need one in order to build a relationship that shows your capability to repay. Having a good lawyer and accountant in place before a crisis occurs is the same sort of strategy. You'll also want to have good record keeping practices set up and a means of evaluating your marketing.
When you recognize that it's time for a new direction in your business, these four key elements come in handy. Take a look at your concept as originally drafted. How have thing changed since then? Do you need to be thinking about a new business model if you aren't realizing the income you had hoped for? Have you drifted from your vision and mission? How has the competitive landscape changed?
Reconsider your customer. Have you effectively reached your target market? Have you identified new target markets? Do you need to rethink distribution channels? Does your marketing message need a remake? Do you need to develop new offerings to meet your customers current needs?
Take a good hard look at the cash section. How have your financial requirements changed? Have your operating expenses gone up without an increase in your pricing? What trends can you identify in your financial statements? What line items can you effect to help your business be more efficient?
As far as controls go, have you been utilizing them? Are there new controls that should be put in place?
Change is a constant in small business management. Business planning can help you strategize about it ahead of time and give you a place to re-evaluate when the time arrives.
To keep things simple, business planning can be broken into four key parts: 1) Concept; 2) Customer; 3) Cash; and 4) Controls.
1) Concept - This part of your plan lays out all the elements of what your business "dream" is and why you'll succeed. It also covers nuts and bolts of business model implementation. Vision, mission statement, business history, legal structure, organization structure and management, key competition and an overview of your offerings all fall under this section.
2) Customer - This section describes who will buy into your dream and how they will find out about you. You identify your target market/s, customer demographics, distribution channels, and the 4 P's of the marketing mix (product, place, price, promotion).
3) Cash - Sharpen your pencils for this section. This covers start-up resources required, projected cash flow (projected and actual if you've been in business awhile), projected income statement, balance sheet, break-even calculations, sensitivity analysis and ratio analysis if comparative data is available.
4) Controls - This covers how you plan to monitor your business for performance and for any legal and regulatory adherance. Finding an attorney and accountant early on can save you much aggravation down the road. Bankers will tell you that it's best to go for a loan when you don't really need one in order to build a relationship that shows your capability to repay. Having a good lawyer and accountant in place before a crisis occurs is the same sort of strategy. You'll also want to have good record keeping practices set up and a means of evaluating your marketing.
When you recognize that it's time for a new direction in your business, these four key elements come in handy. Take a look at your concept as originally drafted. How have thing changed since then? Do you need to be thinking about a new business model if you aren't realizing the income you had hoped for? Have you drifted from your vision and mission? How has the competitive landscape changed?
Reconsider your customer. Have you effectively reached your target market? Have you identified new target markets? Do you need to rethink distribution channels? Does your marketing message need a remake? Do you need to develop new offerings to meet your customers current needs?
Take a good hard look at the cash section. How have your financial requirements changed? Have your operating expenses gone up without an increase in your pricing? What trends can you identify in your financial statements? What line items can you effect to help your business be more efficient?
As far as controls go, have you been utilizing them? Are there new controls that should be put in place?
Change is a constant in small business management. Business planning can help you strategize about it ahead of time and give you a place to re-evaluate when the time arrives.
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