Archive for the ‘Business Plan’ Category

Business Plan: Its Importance and Its Components

January 22nd, 2012 admin

Are you planning to open a new business venture? Are you confused on how to do it right? Are you having trouble formulating your business plan? If so, you are one of those neophyte entrepreneurs who experienced difficulties in formulating the said document.

Opening a new company is not that easy because it entails lots of processes and hard work. Aside from sourcing out the needed funds to finance your operation and hire credible employees to help you manage your company, you also need to formulate your own business strategies.

Business Plan

It is important to companies because it serves as a compass that helps executives and stakeholders in whatever actions and decisions they pursue. It serves as a benchmark that guides shareholders, executives and workers.

Some businessmen and entrepreneurs fail to discern the significance of the document. To know more about importance, read this article.

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Jewelry Business Plans

January 20th, 2012 admin

A good jewelry business plan is essential to the success of anyone think about setting up a jewelry booth, jewelry shop or just selling via the internet. Decent jewelry business software should not be overlooked either.

I am an enthusiastic jewelry maker but marketing and business practices are not my forte. I love the design and artistic side of creating quality jewelry and love to chat with friends and associates about various methods and techniques. That’s what I personally enjoy, but I realized that it wasn’t enough if I actually wanted to sell my products and turn a profit.

Business Plan

That’s where my sister-in-law came in. She showed me how to evaluate jewelry business plans and software. As a fellow jewelry business friend, I was interested in what she had to say. Her business was turning over four times what mine was doing. We’d both started at around the same time, give or take a month or two, our jewelry was fairly similar and I had no less enthusiasm than she did. She showed me the jewelry business plan she was working from, but also demonstrated to me key points to look out for if I wanted to purchase a plan.

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Developing a Real Estate Investing Business Plan

January 16th, 2012 admin

If you are considering starting a real estate investment company then you need to put together a business plan for real estate investors. This business plan will be your blueprint for success. It will not only help you to identify the pros and cons of different real estate investments, but it will also help you to identify financing options, successful investment strategies and real estate investment resources. Your real estate investment plan should also be used to focus your investment activities and goals.

Now that you know what a business plan for real estate investors is you should next learn what it is used for. A real estate investment business plan can be used for several things. First it can be used to help you focus on one or two specific real estate investment activities. Secondly it can be used to help you repeat investment successes. Finally it can be used to navigate your investments around sink holes and problems.

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What Is a Business Plan?

January 12th, 2012 admin

A Business Plan is a detailed depiction of a business idea that includes several sections outlining current or projected performance measures for a particular company/start-up. There are two primary purposes for a Business plan: To provide a visual means of presentation to present when trying to acquire funding and to make available a set of guidelines a company can follow in its quest for success. The most important components of a Business Plan include the sections supporting Management, Financial, Industry Analysis, and Marketing concerns. Both current and start-up companies can benefit from the development of a well conceived plan. The main difference is that a plan created for a start-up is based solely upon projection measures whereas established businesses have prior performance history and experience as a framework for future goals.

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What is the Purpose of a Business Plan?

January 6th, 2012 admin

A business plan for a startup venture is most successful if it serves three purposes: attracting outside funding, helping the managers think through strategy, and providing a road map for future action and evaluation. Many business plans end up serving only one or two of these purposes, leading to problems for the business and contributing to the high rate of new business failure.

Attracting Outside Funding

Business Plan

Most startups cannot launch without funding from investors and lenders beyond the founders of the company. For most funders, reading a business plan is an important preliminary (but not the only) step to choose who to fund. The business plan must attempt to convince funders to move on to direct talks with the founders, to go through their own process of due diligence, and to move on to negotiations over the financing deal. The business plan cannot convince funders to give money on its own, but it can easily kill the company’s chances of getting outside funding it finds to be lacking.

Thinking Through Strategy

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Creating A Business Plan

January 2nd, 2012 admin

Creating a business plan is much like drawing a blueprint for the success of your business. It is an exercise that helps the entrepreneur get all of his thoughts in the proper place, and determine what you need to do for success and how to get there, much the way a road map takes you from one town to another.

Parts of the plan usually include:

Business Plan

an introduction – defining the purpose of the plan;
overview of company – defining what the company is and will be;
product description – describing the product the company will sell;
marketing and sales-outlining the venues which will be used to selling product such as TV advertising, personal selling, public relations, newspaper advertising, etc;
market comparison-describing the current market for the product;
stage of development-showing exactly where the company and products fit in the big picture;
market trends–how the market is changing, for instance in the world of fast food the trend today is towards multi-concepts at one location;
competition–showing who the company is competing against, their strengths and weaknesses, the way a general views his opponent during wartime;
management–bios or resumes of managers and key personnel, showing their qualifications and how they can symbiotically interact with each other for the good of the company; and financial information, especially current financial statements and
sales forecasting–predictions of future sales.

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Strategic Business Plans For Existing Vs New Businesses

December 28th, 2011 admin

Articles about creating business plans tend to focus on plans for new businesses. However, while most new businesses require business plans, existing companies may require them as well. Sometimes this is to seek additional funding for an expansion of the business or to take advantage of an opportunity. Sometimes these are internal business plans used to focus the management and staff of the company on the same goal and to better inform everyone not only about what the company is, but about what it wants to be.

Similarities Between Business Plans For New and Existing Businesses

Business Plan

Both types of business plans should cover the customers the company will target and the competitors it faces. Both should detail the marketing and operations plans for the business. Both should delve into the financial targets for the business, on both the revenue and cost sides. This information presents either funders or employees with a clear idea of what the business intends to do.

Differences Between Plans For Existing and New Businesses

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Every Business Needs a Business Plan

December 13th, 2011 admin

Most business owners think that a business plan is needed only if they are going to apply for a loan or will be seeking money from investors. But that is a mistake. A business plan is a living document that should be used by all business owners, not only to position the business in case they need financing, but also to stay the course and/or grow the business the right way.

The main use of a business plan is to help the owner(s) with the three important points below, of which at least one is bound to happen during the life of the business, unless it fails.

Business Plan

1. Staying The Course and Keeping The Business Stable

A business plan is a valuable document that business owners and managers should use to ensure that the business stays competitive and continues to advance forward. Remember that in business, if you are not moving forward, you are most likely moving backward, even if you can’t tell yet. Large companies do that kind of planning daily (they have to, otherwise they loose control of so many moving parts), and small businesses should do it too.

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3 Reasons You Need a Business Plan

December 2nd, 2011 admin

If you are starting a business of your own, one of the most important things that you can do is to develop a business plan for your new business. Having a business plan is actually like having a compass to guide and direct your business in the way that you want to go. If you take the time to develop a great plan, you will be able to see progress and achievement that will ultimately lead to the success of your business.

For those who still have questions as to why a business plan is so important, the following are three great reasons why you need to have a business plan.

Business Plan

Reason #1 – Attention to Detail – One of the most important reasons for you to develop a business plan is so you can have something that will help you consider present and future details for your company. More than likely there are many different aspects of your business that you have failed to consider, and developing a business plan can help you find them so you can plan for them ahead of time. When you develop a plan, it gives you the options to be able to deal with any problems long before they occur since you are planning out the details now.

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Business Plans – A Tool For Better Management

November 29th, 2011 admin

Things are going pretty well, you say? Sales are up. The employees are happy. There is even a little cash left over for that special project you are anxious to start. Why start messing with a good thing? “If it ain’t broke, don’t fix it.” Right? Wrong! Many managers believe that business plans are used for only one purpose: To raise capital. While it is true that business plans are written more for this purpose than any other, it is by no means the only purpose. An often overlooked and significant benefit of a business plan is not necessarily the Plan documentation, but rather, the process itself and its impact on the management team. A business plan requires the managers to take an objective, critical look at their business. The process can change how a business is perceived, open eyes to new opportunities or focus attention on those operations that are not

The planning process involves setting organizational goals that are then translated into departmental goals that are then translated into goals for the smallest logical part of the business, (e.g. each individual sales representative in the case of a sales department). The textbook definition of the smallest logical part of a business is a “Strategic Business Unit.” If you’re not concerned about impressing people, call it a Profit Center.

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