10 Tips For Business Planning

By Richard Lindfield

By Microsoft Images

Obviously there are many more than 10 tips on how to write a business plan and I have included links to some of them. If you are an entrepreneur getting ready to write your first business plan, these first few tips will give you something to consider.

1. Why am I doing this? Understand why you are writing a business plan in the first place. A good business plan is a blue print for how your business should be run. If (God forbid) something happens to you that keeps you out of commission for 6 months or more, you should be able to hand over your business plan to someone who can temporarily run your business for you using the Business Plan as a guide. You might be writing it as a start up looking for funding, or an established business looking to expand. In each case you will write it slightly differently so decide up front why you are doing this. A decent Business Plan takes 100 hours or more to produce, so it is not a task to be taken on lightly.

2. Start small. Here is a fun exercise that I have posted about in numerous LinkedIn Groups and I find it very interesting to read the responses. Before you sit down to start writing your Business Plan sit down and describe your business in 10 words or less! Think in terms of what your business will do to improve the lives of your potential clients. What’s the benefit to them? Don’t even try to list any features of your products or services. Try it now, tell us what you do by leaving your 10 words in the comments below!

3. Stay small. Before you write a full business plan write a one page business plan to use as an outline for the full sized one. You already have your one sentence description of your business. Now be succinct in your description of the company, your products and services, marketing strategies, operational information, financial information, any funding requirements, and an appendix showing sources. Use one paragraph of 3 sentences or less for each topic and keep the entire document to 500 words or less.

4. Research, research, research. Now that you have a vague idea of what your business will look like, go and do a feasibility study that will confirm (or not) your assumptions. Do both primary and secondary research on the market and your niche in it. Research your competition. Research EVERYTHING! Use the internet, do surveys, talk to suppliers, identify your distribution methods, get quotes on capital acquisitions and create cash flow projections.

5. Identify your core values. We all have personal values that are important to us. It is crucial that the values of the company be consistent with your personal values or you will not be satisfied with the results you obtain. Incorporate your top 3 or 4 personal values into your company’s mission and vision statements. I use the Values Preference Indicator from Consulting Resource Group International to determine the values of the clients I work with who are developing their business plans.

6. Set goals. Set SMART Goals (Specific, Measureable, Attainable, Realistic, and Time sensitive) for 6 months out, 1 year out, 2 years out and 5 years out. If you don’t know where you are going you might wind up somewhere else. It is a good idea to brainstorm your goals with your advisory board. If you don’t have an advisory board, go recruit one. Try to include an industry mentor, your banker, key staff and trusted family members on your advisory board.

7. SWOT everything. SWOT stands for identifying the Strengths, Weaknesses, Opportunities, and Threats. SWOT your business idea. SWOT yourself as an industry expert and as a Manager and Owner. SWOT any business partners you might have. SWOT EVERY competitor. SWOT your suppliers. SWOT the business model you have decided to implement. This research will help avoid getting bitten on the butt by something at a future date.

8. Create a critical path for your business. When will you do what and at what cost for the next 12 months. Not all steps in your critical path will have a cost associated but will still be sign posts of the progress of your business towards the ultimate goal.

9. Don’t reinvent the wheel. Go online and search for free downloadable Business Plan Templates. A good place to start would be the financial institution you normally do business with. If they have a template on their web site, chances are that is the way they want to view information when they evaluate your business for a loan. DO NOT buy Business Planning Software. You are going to spend over 100 hours writing it so why would you want to add a software learning curve into the mix?

10. Do it last! Even though your Executive Summary is the first section of your business plan is the executive summary you should write it last. Why? It is written last because you don’t really know what to put into it until you have done all of the other sections so you can summarize them. You could start with the One Page Business Plan you learned about in tip # 3 and compare it to the reality of your fully researched plan and revise and expand it accordingly and use that as your executive summary.

Richard Lindfield is Director of Training for The Fraser Valley Training Group. Services include Business Plan Writing. You can connect with Richard on LinkedIn at http://ca.linkedin.com/pub/richard-lindfield/1a/757/38a.

10 Keys To Accelerating Success In Any Business

Photo by office.microsoft.com

1.  Think like a millionaire. Brian Tracy, author of Million Dollar Habits, coaches entrepreneurs to think BIG! He says, “We become what we think about most of the time.” If you want financial independence, it must be top of mind. Set goals and make sacrifices. Develop a mindset of saving, investing, and growing your money.

2.  Be frugal. Stop spending! Never pay full price, negotiate everything (e.g., lower price, lower rates, better terms, deferred payments). Save something from every cheque. For lasting results, “Get rich slowly.”

3.  Do the work you love. Use your natural talents and abilities and arrange your day to spend more time on the things you do best. Find the “thing” that is easy to learn AND easy to do for optimal alignment. Still searching? How long will you stay in a situation when you know it is not right for you?

4.  Be a top performer. Stand out and get noticed (take on more responsibility, act fast, be thorough, be the go-to person, take initiative, be action/results-oriented). Work the whole time you work. Don’t “major in minors”; instead, work on high priority tasks that contribute to your earning potential.

5.  Learn what you need to learn to earn what you need to earn. You are the “architect of your own future.” What you do today will determine the quality of your tomorrows. Benchmark your skills, learn, and realize that you get hired for what you know. As a knowledge worker, value is determined by the results you get.

6.  Be a visionary and provide leadership. Create Vision, Mission, Goals, & Values Statements for yourself and your business. Involve others and share your passion. Remember the Biblical adage, “Where there is no vision, the people perish.” The best leadership is when the people say, “We have done it ourselves” (Tzu).

7.  Act like an entrepreneur. Make money work for you. Act fast on opportunities and problems. Delegate, don’t abdicate. Join or create a “mastermind group” and recruit the best when you need a team. Remain open to feedback and new ideas and never consider the possibility of failure. Navigate setbacks.

8.  Be customer-oriented. Businesses succeed and fail because of customers. According to Brian Tracy, customers buy only one thing – improvement. Do everything you can to understand your customer’s wants/needs and focus on ways to satisfy those needs. Cultivate customer relationships and accept that you must sow before you can reap. Go the extra mile as this brings better opportunities in the future.

9.  Market like a pro and focus on sales. You must, without any doubt, know what you are selling (Specialization), how you are better than your competition (Differentiation), and who buys from you (Segmentation), and then maintain focus as you generate sales. Apply Tracy’s 7 key habits to sales success and the 7 P’s of marketing to grow your business.

10.  Choose to be a person of good character. You have two paths laid out before you. You will choose to be a person of character or not. You will do the right thing in every situation or not. You will leave a legacy or not. You will live with courage or with fear. If you act as if success is completely possible, it will be.

This tip sheet was adapted by Jayne Barron, CHRP, CCDP,  from Brian Tracy’s (2004) "Million Dollar Habits".  Jayne Barron is a Career Management Consultant & HR Professional.  To learn more about Jayne visit her LinkedIn profile: ca.linkedin.com/in/jaynebarron. This tip sheet is also available in pdf format http://lifestrategies.ca/docs/10-Keys-to-Accelerating-Success-in-Any-Business.pdf.

10 Tips For A Great Website

1.  Provide good navigation. Clear headings that get readers to the information they’re looking for quickly and easily are imperative. Search bars are great, but even something as simple as a site map listing all links in one place can help. For more tips on good navigation, click here.

2.  Use a clear, consistent, and clutter-free layout. Headers, sidebars, navigation, and footers should be clear and concise, remaining in the same place on every page. Consistency is key to making a professional-looking website. De-clutter your pages using a simple layout to relieve visual stress.

3.  Pay attention to fonts. Keep with the same font for all paragraphs with a separate one for headings to provide emphasis. Classic fonts, such as Times and Cambria, are always in style. Feel free to get creative but avoid over-used and difficult to read fonts such as Papyrus or Comic Sans.

4.  Plan out your colour scheme carefully. Think of the emotions and symbolism behind your colours and make sure they reflect what your company or service is offering. Stick to two or three complementary bold colours. Use subtle tones in the same colour families for backgrounds and sidebars.

5.  Keep it short, but not too short. On the Internet, patience is not easily found. If it takes too long to read, people won’t read it. Use subheadings, indentations, and bullet points. Alternatively, try linking to a new page that reinforces your ideas.

6.  Ensure browser compatibility. Making sure your website looks great on other browsers is a must. There are five main browsers competing for users: Internet Explorer, Mozilla Firefox, Google Chrome, Safari, and Opera. While it may be difficult to work with all of them, making a webpage with at least three in mind should please readers.

7.  Keep links current. Nothing is more frustrating than clicking on a dead link. Be sure to check your website at least once a year to update links and resources. Adding new links regularly keeps content fresh and demonstrates that the company takes time to research their resources.

8.  Integrate with social media. Take advantage of the huge communities behind networking sites, where media can go viral overnight. Facebook fan pages are one way to attract new customers, but other great social media can also show off your company’s best qualities; Twitter, Google+, YouTube and LinkedIn are just a few.

9.  Add a comments section. Allowing readers to instantly respond to what they’ve read not only increases the connection between your company and your client, but shows you what works and what doesn’t.

10. Remember speed is key. Not everyone has access to a fast Internet connection, so keep flash files, video clips, and intensive graphics to a minimum. The decision to exit out of a page is a quick click away if visitors get frustrated waiting for your page to load.

This post was written by Life Strategies and is available in a pdf tips sheet: http://lifestrategies.ca/docs/10-Tips-for-A-Great-Website.pdf.

10 Tips For Writing An Executive Summary

By Richard Lindfield

1.  Write it LAST! Although the Executive Summary (ES) comes at the front of a Business Plan, it must be written after all other sections of the plan have been completed. It is an introduction to your business, so craft it accordingly. Your ES will include summaries of each of the sections within the plan, including a few of the sub sections.

2.  Keep it BRIEF! It is a summary; don’t clutter it up with details. The appropriate section of the business plan will provide all the details required. If you put too much information into the ES readers might not bother to read the rest of it! Also, you don’t want to waste the reader’s time including details that will be covered again later.

3.  Be POSITIVE! Don’t speak in maybes full of wishing and hoping. Never say you may do something. Always say you will do something. Be emphatic and positive about everything you write.

4.  Add some PUNCH! Since the ES is the first thing that readers see, you want it to stand out and make them want to read more. If you fail to capture their attention during the ES then they are less likely to read the rest of the Business Plan.

5.  Be ORIGINAL! Don’t cut and paste sentences from other sections. It is better to select the most important sentences and then paraphrase them instead. This keeps the readers from encountering a feeling of déjà vu when they are reading the actual section later on.

6.  Get their ATTENTION! Start with a well crafted opening paragraph that says who you are, what you do, and why they should care about your business. Start with a general truth (e.g., “For many years there has been a need for X in industry Y”), follow it with a bridge to your business (e.g., “That’s why insert name here introduced insert product or service here to alleviate that need”), then tell readers why it matters. After you write the bridge, read it aloud and then ask yourself “So What?” and write the answer into your plan.

7.  Lose the CLUTTER! Just state the facts; keep it concise and “earn the right” to take up more of the readers’ time. Keep your ES to one or two pages (under 1000 words). Don’t try to jam too much information in by writing long convoluted run on sentences. Brevity, clarity, and enthusiasm should be the order of the day.

8.  Be ACCURATE! Spelling and grammar are important. Use software to check for errors, and if possible hire a professional to edit it for you. Don’t make any extravagant claims that you cannot back up with solid proof somewhere in your Business Plan.

9.  Get some FEEDBACK! It isn’t done when you are done. Set it aside for an hour, then come back and read it out loud to yourself. If it sounds awkward when you read it, refine the wording until it sounds smooth. Once you are comfortable with the way it reads and sounds read it to someone else and elicit feedback from them.

10.  Finish STRONG! Write a closing sentence summarizing the essence of why your business will be successful. Essentially it is a closing “So What?” statement. (e.g., “In short, ABC Company’s unparalleled customer support coupled with our innovative products ensures that…”).

Richard Lindfield is the Director of Training at Fraser Valley Training Group.  He's also a social media strategist, LinkedIn trainer, and business coach.  You can get in touch with Richard through Linkedin at  http://ca.linkedin.com/pub/richard-lindfield/1a/757/38a.

5 Reasons To Learn More About Self-Employment

Most Career Development Practitioners (CDPs) know that the percentage of both the unemployed and self-employed rises during a recession. It seems that when people are unable to find work, self-employment is viewed as a viable alternative. Consequently, it would make sense that CDPs supporting unemployed Canadians would also consider self-employment as a viable alternative for their clients. This, however, doesn’t appear to be the case.

As part of the research conducted to support the Look Before You Leap project, the Life Strategies team discovered that CDPs are less likely to discuss self-employment with clients if they themselves don’t feel knowledgeable enough about self-employment to have those conversations. This is perplexing: CDPs can’t possibly be knowledgeable about every career, yet most feel confident supporting clients considering a wide range of options.

Why is self-employment treated differently? Is a separate level of expertise required to support clients exploring self-employment?

Here are five reasons why CDPs may want to learn more about self-employment... Read More

10 Tips for Creating a Strategic Online Presence

Your online presence could be the difference between a booming business and declaring bankruptcy.  Find out how to build your online presence strategically with the tips below.  Access this Tip Sheet  in pdf format on our website.

1. Know why it’s important. Your online presence (i.e., the combined existence of information about you on the internet – your “brand”) is influenced by what people are saying online. Whether your online presence is big or small, correct or incorrect, negative or positive, you can either choose to influence what is being said about you or not. Google yourself to find out where you stand.

2. Have a strategic plan. Begin with the end in mind by knowing what you hope to accomplish. Use a SMART goal framework to help guide your actions to achieve results. Carefully consider what platforms will get you there – you’ll need to select the right tools to get the job done.

3. Evaluate ethical considerations. Know what relevant ethical codes and standards of practice guides have to say about social media and online interaction. Pay close attention to confidentiality, handling emergencies, netiquette, and spamming legislation.

4. Brand yourself, consistently. Take time to put together an effective profile including a professional headshot, short bio, job title, branding statement or tag line, and unique username. A consistent profile across all platforms is important; these profiles are an extension of your brand.

5. Be selective. Choose platforms (e.g., Facebook, Twitter, YouTube, LinkedIn, Google+) to meet your needs/goals. Create a home base where all other platforms lead back to (e.g., your website, LinkedIn, blog). Learn which platforms your clients, colleagues, and competition are using and make these your priority. Consider creating profiles on sites you don’t plan on using simply to secure your username.

6. Integrate platforms. Use virtual dashboard tools (e.g., Hootsuite) that will allow you to manage all your social media platforms from one interface. You’ll be able to schedule updates, delegate tasks to team members, and evaluate analytics.

7. Engage often. Make a strategic plan to engage on your top platforms regularly. Although daily is recommended, this may not be feasible for everyone, especially if you’re new to social media. Nevertheless, ensure you’re consistent.

8. Delegate. Remember, you don’t have to do it all. Delegate non-personal tasks (e.g., making website updates, posting status updates you’ve written), but keep those personal interactions (e.g., Facebook conversations) on your list.

9. Ask an expert. When in doubt, ask a social media consultant to help out. He or she can educate you on best practices and engagement strategies, as well as assist with initial profile set-up, profile management, and analytics reviews.

10. Evaluate impact. You won’t know if online engagement is working, if you don’t measure it somehow (e.g., page views, number of followers, referral sources). Eliminate what isn’t working and try something new. Keep an eye out for what’s worked for others and put your unique twist on it.

Written by Miranda Vande Kuyt and Cassie Saunders.

Send Self-Doubt Packing

I’m willing to bet when you experience periods of self-doubt it interferes with your ability to operate your business. You’re not alone. In fact, I think every business owner, entrepreneur, or self-employed person experiences self-doubt at some point or another. It becomes a serious problem when it continually affects your productivity and even worse it can force you to abandon your dreams, goals, and potentially even your business.

Occasionally, self-doubt can begin to grow inside you regarding the success of your business as the result of unfavorable customer feedback and ratings, or publicized trend reports that predict the need for what you have to offer is declining. The key is that this type of self-doubt is sparked by valid warning signs.

The type of self-doubt that concerns me and should concern you is the self-doubt that is unsubstantiated and originates due to your fear of failure, an unsupportive environment around you or a lack of personal self-confidence and self-esteem. In his book, The Ultimate Book of Mind Maps, Tony Buzan talks about the power of repetition as a catalyst for learning. It works the other way too. If you keep telling yourself you can’t succeed at something, it doesn’t go in one ear and out the other. Instead, it builds up until it becomes a part of your everyday thinking. It’s a perfect example of the “law of attraction” and becoming what you think you are but from a negative perspective.

So the question remains; what can you do to manage these moments of self-doubt and send them packing? I have been self-employed in whole or in part over the last 20 years and have coached both athletes and people who were starting their own businesses. I decided to ask some of them what they do to overcome self-doubt and combined their suggestions with my own tactics. Below are 5 suggestions I’d like to share with you practical and easy strategies for conquering self-doubt. I don’t guarantee that your self-doubt will vanish for good, but with persistent application I’m certain you can keep self-doubt at a comfortable and manageable distance.

1. Identify what is the source of your self-doubt. Is it your inner critic voicing its concerns? If so, what are these concerns based on? Sometimes self-doubt is triggered by a completely different event that has no real bearing on your immediate concern. In other words, try not to shift blame.

2. Instead of focusing on all the things you can’t do, shift your focus to all that you can and have done. Regularly remind yourself of your accomplishments through visualization. Go a step further by maintaining a visual representation of them. Positive customer feedback, testimonials, favorable press coverage, photographs, awards, framed certificates, and mementos that remind you of previous success can serve as great reminders and encourage positive thinking.

"Follow your bliss and the
universe will open doors
where there were only walls"
~ Joseph Campbell

3. Create a personal motto for yourself or find one that inspires you and post it somewhere where you can see it on a regular basis. Read it whenever you pass by and think deeply about its meaning.

4. Regularly set SMART (Specific, Measureable, Accountable, Realistic-Relevant, and Timely) goals for yourself. This keeps you action focused on working towards something that has meaning to you. I break my SMART goals down into smaller objectives and the objectives into tasks. By regularly setting 1 to 3 daily tasks for myself, I’m able to remain focused on achieving and don’t allow time for self-doubt to stick around for a conversation.

5. Give yourself a break. Realize you’re not perfect and never will be, and neither will your business. Allow yourself the opportunity to make mistakes and to learn from them.

“Reward worthy failure – Experimentation.” ~ Bill Gates 

I’m sure you have your own strategies for managing self-doubt. What are they? I hope you will share them with the rest of us in the true entrepreneurial sense and help us all send self-doubt packing on a one-way, no-return trip.

Cliff Thorbes has been self-employed for the better part of the last 20 years. He creates and markets his unique and functional mosaic art work in addition to providing career and business coaching services. To learn more about him, his perspective on life and to view his art, please check out www.piecebypiece.ca.