Nov 10 2014

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

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Jul 17 2013

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!

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