7 Business Planning Fundamentals

Time flies. Thirteen months ago I posted Economic Dark Clouds here in September of 2007. Back then I said “the economic news is clustering now,” but my point was essentially sticking to the fundamentals …

With some notable exceptions, your business moves up and down far more because of very-micro specifics of what you and your team and your customers do. Your specific marketing programs, your new product release, your email campaign, your pay-per-click keyword decisions, your product development, your word of mouth … it’s what you do with your business that moves it up and down, not what happens in the headlines.

… but at that point I really had no idea how bad this whole thing was going to get. And that’s with apologies to Anita’s post on small business optimism yesterday.

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Dollars and Scents, Part II

Louis Hotchkiss is one of the best salesmen I have ever met. His description of his products and process is an art. He doesn’t just describe the physical properties of things - rather, he delves deep, giving you a sense of why it came to being, its raison d’être. All this is done with an almost imperceptible theatrical flourish, subtle enough to draw you in but not overpower you with gimmickry or drama.

When he describes his candles, it’s not just a description of the combination of soy wax, scent and a wick in a glass tumbler-like vessel. Nor is it just a detailed account of the packaging, which in itself is the pinnacle of the balance between elegant form and function. As hard as it is to describe, I think he does it by showcasing the harmony between intent and outcome. This is the vision they had for the product and this tangible object in your hand is a realization of it. And that’s magic, magic that connects you not only to the product on an emotional level, but also to the aspirations of the creator.

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Does Your Business Have a Crisis Management Plan?

We all need to think about having a crisis management plan for our businesses. Tragedy and crisis can come in many forms to a small business. It might not be as dramatic as losing 700 of 1000 employees like Cantor Fitzgerald, a financial services firm located on the 101-105th floor of the World Trade Center. But their plight illustrates that you never know what tomorrow will bring, so you better be read for the unexpected crisis.

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How to Start Your Own Business after Getting the Pink Slip

In these tough, competitive times, many companies have started handing out pink slips in a bid to control expenses. There may come a time when you might find yourself at the receiving end.

If this has happened to you, you could think about starting your own small business instead of just looking for another job.

Do Not Panic: Once you are handed that dreaded pink slip, don’t panic!

Take a little time off to calmly think about the options that you have. Let go of all negative feelings before thinking about the future.

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How to Ensure That Your Small Business Is Adequately Insured

You might have endured great pains to take your small business to greater heights - but if you do not have adequate insurance protection, then you could lose everything in one fell swoop.

Here are some tips to ensure that you have the right insurance for your small business.

Insure Your Inventory

You should have adequate insurance for your inventory so that in case of any theft or damage to your inventory, you can recover your investment without suffering a loss.

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Managing market changes - the cup of coffee.

When people are cutting back they are looking at value for the dollar. If coffee is for you, like it is for me, a necessity of life, you want to make sure you plan for it. A few weeks ago I mentioned one of Starbucks new strategies of a "value menu" of combinations of coffee and a breakfast something, and emphasizing the amounts that they have that are not the $4 latte.

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How to Identify the Ideal Business Partner

If you are unable (or unwilling) to run your small business alone, you need to scout around for a partner. However, you should pay heed to the following tips before you team up with anyone.

Make Sure They Share the Same Vision

Your partner should have the same goals and should be motivated enough to achieve them.

He or she should be in harmony with you, and should have the ability to quickly settle into their role to effectively contribute to the business.

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Sole Proprietorship vs. LLC

One important decision that you will have to make regarding your business is whether to function as a sole proprietorship or as a limited liability corporation (LLC).

While there is some cost involved in setting up an LLC, doing so removes personal financial risk should any type of legal action be brought against your small business.

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3 Good Reasons You Should Hire an Accountant

Many small business owners keep their own accounting books. Some are meticulous and well-suited to the task.

Others shove receipts in the drawer and scribble notes on scraps of paper about where the money is going. That can make things pretty tricky come tax time.

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Need to Promote Your Business? Write an Article!

Whether your business is online, offline or both, you can promote it effectively – and inexpensively – by writing articles.

Small business owners, customers and webmasters alike are always in need of new, interesting material.

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How To Write Effective Sales Copy

In today’s challenging economic environment, writing good, effective sales copy is more important than ever.

Never done that before? Here’s a simple formula that will help you write copy that converts into sales.

Develop a Good Headline

If you want your prospects and customers to read your ad, you need to understand the importance of developing a good headline.

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Ten Questions to Ask When Writing a Business Plan Competitive Analysis

The competitive analysis of a business plan should include carefully researched data on your competitors. It is not enough to simply list your competition. You need to show how they operate their businesses and identify their strengths and weaknesses. You need to explain your strategy to gain the competitive edge from this information. As you write your competitive analysis, ask yourself the following questions:

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Ten Things to Consider When Reviewing Your Business Plan

Once you have completed your business plan, it's time to review your work. Remember, writing your business plan is a significant step in making your small business concept a reality. Therefore, you should review your plan carefully and ask others who you feel can provide sound advice to also critique your document.

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How to Do What You Love

One of the goals we have with these blogs is to help entrepreneurs succeed in their endeavours. We also want to make sure that we supply as many tools as possible to help you make your venture a success.

We are going to take a realistic look at a trend that swept the United States during the boom years of the New Millennium, which may or may not have been powered by relentless optimism.

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Define a Target Market in Your Business Plan

To define a target market for your business plan, you should research the potential buying audience for your product. This could range from millions of people if you are starting an online business, to a few thousand individuals if you are opening a retail store in a small town.

If you are catering to the consumer market, narrow your potential customer base to a defined demographic group. By doing so, your business will not only be more attractive to investors, but you will have a much easier time compiling a sales and marketing plan. Study your product or service and determine the most likely consumer.

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Tips on Formatting Your Business Plan

A business plan is much more than just words; it is your business. How you present that business to others has significant impact on its ultimate success.

Perhaps in your research you came across one or more business plans to use as guides. These can also be potential templates for formatting your business plan. Keep in mind that there is not a single correct way to present your business idea.

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Irrevocable Letters of Credit

The advent of the Internet Age has not only meant that people have the chance to open their own business, it has opened markets for that business all over the world.

Just think; halfway across the world, there are two countries that contain a third of the human population of the Earth.

We’re talking India and China, and the fact that most people in those countries can now connect to the Internet means big business potential for any company.

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Where to Find Economic Resources in a Recession

Education is another big upside to a recession; as the picture darkens, people begin to wonder why this is happening.

The spike in interest means more markets for those who can explain recessions, and the result is a whole new wealth of material that can benefit anyone with a vested interest in the economy.

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Working collectively to keep the wheels of business turning - a success story

“I love it when a plan comes together”

Those words are by the late, great George Peppard -AKA “Hannibal” Smith of the A-Team. Now, if your sensibilities are offended by the combination of A-Team and cycling metaphors, please go no further than this line. But if you’re curious about how the business-support community works in a collaborative fashion to make things happen, step this way, please!

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The Numbers in Your Business Plan

I was a wordsmith first--before I went to business school and discovered that some things can't be explained with words alone. Even with all the great thought you'll put into the text portions of your business plan, a good business plan depends on numbers to make it all real. Without the numbers, it's only a rough draft at best.

An effective business plan has to include at least three important "pro forma" statements (pro forma in this context means projected). They're based on the three main accounting statements:

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