How To Develop a Business Plan

     

 

Writing a business plan can be a daunting task. Just like anything else in life, a plan is an essential tool for success. We have all witnessed an under capitalized business shutter up soon after opening. A business plan should tell a compelling story about what you do and why consumers would want to buy your service or product. A good plan is a living document that shows viability and growth and should be updated on regular basis. There are multiple websites and templates on the internet that help organize the process. In addition, the Small Business Association (SBA) offers some good resources to guide you through your journey.


There are various types of  business plans used for different stages of growth. Stages include; start-ups, post launch, line of credit needs and expansion & growth. Determine what stage of your business lifecycle you are facing and tailor your plan accordingly. Consider the audience, are you looking for investors, partners, stakeholders or a line of credit?  Regardless of your lifecycle, a business plan sets you up for success.  


Business Plans should answer a litany of what, who, why and how questions:

  • What is the problem that your business is solving?
  • Why do consumers want your product or service?  
  • What are your key features?
  • How much capital is required?
  • What challenges could impede growth?
  • What is your Unique Selling Proposition (USP)?

 These questions should be answered in sections and clearly articulated for the reader to understand and process. Whether looking for capital or seed money,  defining business objectives and goals in a logical and disciplined way will make the difference between success and failure.  There are several standard sections that must be included, the outline provided illustrates a framework to get started. 


The business plan framework is very simple, and outline in this graphic:

The Final Steps:

8. Funding

Why should a bank or investor help you? How much do you need? When will you be able to pay it back? What is the investor going to get out of the deal?

Key Inclusions & FAQ’s

  • How long will the cash or requested funding you receive last? What will it cover in terms  of growth. What type of funding are you requesting? Debt, Equity, Angel?

9. Appendix

This is an as needed section but you should have it organized in case a lender asks.  

Key Inclusions & FAQ’s

  • Include legal paperwork, letters of reference, customer testimonials, permits, contracts, leases, attorneys, accountants and your business manager.

Now that the framework is in place, start writing and don’t stop until the plan is done. When presenting to investors tell a story that sells your business idea simply and succinctly.  Describe how you make money and what the best thing about your product or service is. The foundation you establish today will be rewarded tomorrow.

Sources: Sba.gov


When Did Ethics Become Subjective?

When Did Ethics Become Subjective?

By: Jodi Cross

You may have heard the old saying…It’s not what you do when someone is looking, it’s what you do when no one is looking that defines your moral character.  


How did the ethical balance in our society get so out of control? Do ethics still matter; are they relevant or subjective? Ethics are a standard of moral behaviors that are accepted by society as right versus wrong. They guide us, define our character and help us make the right choices. Then why the Ponzi schemes, corporate CEO resignations and  Martha Stewart going to jail for insider trading? All of this can’t be a good thing! Has greed commandeered our ethics? It seems like this generation doesn’t see any real moral absolutes and they tend to make decisions based on their situation. Which is to say, if it fits their lifestyle then why not do it?


Situational ethics has created a moral decay that is pervasive in our society today. People can be caught doing something and still lie about it, all while justify and blaming it on someone or something else. In theory, people agree about what is right and wrong, things like honesty, courage, respect for life are clearly right and cheating, lying, and stealing are wrong. So how did we get where we are today? 


Ethics is more than dealing with the legal consequences of your actions it is about how you feel about yourself when you do something that is ethically questionable. Better yet, ask yourself, would you want someone to do the same thing to you? People may be above the law and not get caught but we should never abandon ethics.


Ethics is something that should be ingrained in us. It is about how we treat one another. My parents modeled it every day by providing guiding values, and making us accountable for our choices.   Our forefathers decreed ethics as a self-evident truth, Moses brought down the commandments, not the suggestions. It is time we get a grip and stop sliding down the slippery ethical slope laced with justifications and excuses. Choosing the ethical solution isn’t always easy, that’s why it’s called an moral dilemma.  I believe if we all tap into our guiding compass we will pick the right path and one we can be proud of. Perhaps that will start a chain of events that will bring us back on course.  


Jodi Cross is a marketing consultant, speaker and freelance writer and may be reached at jcross@crossnm.com or www.www.crossnm.com




Widen Your Network The Old Fashioned Way

Widen Your Network The Old Fashioned Way

By: Jodi Cross

 

Recently, I was introduced to a woman whom I would call a networking dynamo. Over the course of one lunch and the two weeks  following our meeting, she introduced me to a cadre of contacts, job opportunities and prospective customers. When we met, she jotted down some notes then followed up with personal introductions via email. Networking doesn’t come naturally for some, those who do it well are extraordinary and make it look simple.  People who are strong net-workers are passionate about life. They are interested in others, they identify common ground and genuinely make others feel important.  


Here are some key’s to developing your network:

Focus on the other person-engage in a meaningful conversation, ask interesting questions, listen actively, put your devices away. Make notes about your conversation. People want to associate with people who are genuine and authentic. Think about how you can make the person in front of you feel important.

Ask for what you want-when introduced to a new contact ask for what you want and who you want to meet and don’t be afraid to ask.  Don’t be shy, sell yourself.

Find common ground-in the case of my meeting, we realized we were both from upstate New York. You can always find something in common, you just have to be open to having a meaningful conversation. When you strike on a mutual interest, people remember you.  

Engage-be committed and enthusiastic about your life and your business Build rapport, engage with others around you. Know your “sweet spot” so you can confidently describe what you do best and the type of businesses you are seeking. Ask them what they do best and start to consider how you might help one another.

Manners Matter-when someone sends you a lead or a referral, send them a personal note thanking them. In our fast -paced world, somehow we have lost our head when it comes to manners. Be on time, make eye contact and hand out compliments freely. Most importantly, following up and keeping your word are the keys to being a great net worker. If you do all of the above, you are well on your way to building a strong network.  


Where it all falls apartis in the follow-up! The one common denominator I noticed more than anything else during my tenure working with a women’s networking group, was the lack of follow-up. I have witnessed 30 women in a room actively networking, even writing things down on the back of business cards. The next day, it’s back to business as usual. I have personally called,  referenced the conservation, asked for the introduction to a vendor they mentioned and sent an email all to no avail.


Keeping your word and doing what you said you would do, making a connection,  are networking 101!  I don’t know if it is insecurity, lack of confidence in the referral or what but you will  have no credibility if you don’t follow-up. Conversely,you will never get the business you so desperately want in return. Here’s to expanding your network!