Nov 24 2014

Plan For Success And Success Will Follow, Hope For Success And You Will Wallow!


Hoping and wishing for success will not make a plan on it’s on. True success in life comes from making and carrying out a plan. Outline some small action steps in a written format, set milestones, attach measurable outcomes and be flexible to change. Using a formatted process allows for transformation be realized.    


The difference between success and failure can be as simple as one step forward. Taking action, no matter how small, can increase your chances of success exponentially. Here are some tips that can help you make change that will last:


  • When making a plan, don’t over complicate it. People have a tendency not to do anything because they are overwhelmed by the prospect of writing a plan down on paper. Start small,  it can be as simple as finding a mentor, signing up for a class or organizing your tax receipts for two hours each day. If you have positive expectations you will accomplish what you set your mind to.
  • Rid yourself of pessimism and at the same time set up milestones that reaffirm your progress. For example, by March 1, I will lose five pounds. Then visualize yourself five pound lighter. Along the way, acknowledge your small successes and reward yourself. By seeing and imagining can create the outcome you desire.          
  • If your plan is not working, be flexible and change direction. Don’t keep repeating the same action steps and hoping for a different outcome. Change your course and continue to focus your efforts on what is working. When you see results they will motivate you to continue. Adopt the mindset; failure is not an option. A sports team doesn’t take the field anticipating failure, they play to win. If you don’t see failure as an option you will win too. If you plan properly, take action, and visualize success you will achieve your goals in 2012!

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

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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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