While it may not be visible itself, a positive plan for the future of the business is key to actually moving toward a positive future. Business owners should be prepared to spend what it takes to generate new business, and they should take time to explore new possibilities for long-range success.
If the company currently has no mission statement or business plan, creating one will be evidence of the owner's enthusiasm for the future and for the ongoing success of the operation. If the company has a mission statement or business plan that no longer fits current conditions and needs, it may be time to revisit and revise the statement or plan.
To write / rewrite your mission statement, here is a great article from Entrepreneur.com... "How to write your mission statement"
Watch our blogs for the next several weeks, as we will be covering several issues to consider in the everyday running of your business. Issues that will prepare you for an eventual sale, or at the least a more profitable well organized and forward thinking business.
Showing posts with label business plans. Show all posts
Showing posts with label business plans. Show all posts
Monday, March 14, 2011
Wednesday, March 24, 2010
Life Plan Before Business Plan
This blog post kicks off a three part series on Start-up Success for Small Business Trends. Great advice for anyone looking for success in their entrepreneurial path.
By Melinda Emerson, Smallbiztrends.com
Many people dream about owning a small business. You may be one of those people who have had a “notion” for years that someday you would be president of a company, successful beyond your wildest dreams. Turning that dream into reality is an evolutionary process. It involves not only having a solid business idea but also knowing the “business of running a business.” You will need to get your arms around stuff like accounting, marketing, and operations, but before you dive into crunching numbers for your business plan, consider this:
It is my strong belief that would-be entrepreneurs need to develop a life plan before they ever write a business plan. Why, you ask?
Because entrepreneurs who don’t get clear about what they want from life run the risk of starting a business that might not be a good business for them.
To read the full article... click here.
By Melinda Emerson, Smallbiztrends.com
Many people dream about owning a small business. You may be one of those people who have had a “notion” for years that someday you would be president of a company, successful beyond your wildest dreams. Turning that dream into reality is an evolutionary process. It involves not only having a solid business idea but also knowing the “business of running a business.” You will need to get your arms around stuff like accounting, marketing, and operations, but before you dive into crunching numbers for your business plan, consider this:
It is my strong belief that would-be entrepreneurs need to develop a life plan before they ever write a business plan. Why, you ask?
Because entrepreneurs who don’t get clear about what they want from life run the risk of starting a business that might not be a good business for them.
To read the full article... click here.
Monday, August 17, 2009
Learn to Impress Lenders
Learn to Impress Lenders
Proper preparation is key when you're angling for money to fund your business.
By JOSEPH BENOIT, ENTREPRENEUR.COM
Posted: 2009-08-11 13:21:31
Filed Under: Small Business, Small Business Funding
While obtaining a loan may be challenging amid the current economic climate, you can increase your viability as a loan candidate by taking steps to prepare for that initial meeting with a lender.
First, be thorough when preparing documents a lender may request. These include: past financial statements and tax returns, a copy of your current note and payment schedule (if your business is already established), and a detailed business plan.
Your business plan should include:
* Executive summary: A critical introductory statement encapsulating the main points of the plan; a window into every facet of your business.
* Market analysis: A thorough overview of your industry, target market and competitors.
* Company profile: A summary of your company's industry and a description of the elements that will make your business stand out.
* Organization description: A description of your management and organizational structure, the marketing and sales strategy; a description of services or products and financial information, including the requested loan amount, your company's current and forecasted income statements, balance sheets and cash-flow statements.
In addition to preparing a comprehensive business plan, consider these strategies prior to seeking a small-business loan:
* Contact a financial advisor early. Consider cultivating a relationship with your financial advisor before you need a loan. By establishing a relationship early on, you can build a foundation the advisor can draw on later to make a determination about a loan.
* Research loan options. Find out which loan options will best suit your needs and be prepared to discuss these options when meeting with a lender. Will you seek a secured (collateral-backed) or unsecured loan, and what type of payment terms would best meet the needs of your business?
* Plan ahead. Anticipate the questions a lender may pose and have honest, well-researched answers ready. Decisions to lend are fact-based; don't be idealistic when answering questions and providing projections. Lenders will appreciate your practical perspective. It may also be wise to organize all of your documents prior to the meeting for easy access to specific items when requested and to highlight your meticulous attention to details.
* Lend to your venture. Amid the tightened credit market, managing risk is increasingly important for lenders. With this in mind, consider providing ample collateral or money toward your venture if possible. Your willingness to invest in your success may reflect added confidence in your plan.
* Preparation before meeting with your lender is key. The time and commitment you dedicate in advance may help increase your appeal as a solid loan candidate in this competitive market.
Joseph Benoit is the small business banking executive for Union Bank, N.A. Visit www.unionbank.com for more information.
Proper preparation is key when you're angling for money to fund your business.
By JOSEPH BENOIT, ENTREPRENEUR.COM
Posted: 2009-08-11 13:21:31
Filed Under: Small Business, Small Business Funding
While obtaining a loan may be challenging amid the current economic climate, you can increase your viability as a loan candidate by taking steps to prepare for that initial meeting with a lender.
First, be thorough when preparing documents a lender may request. These include: past financial statements and tax returns, a copy of your current note and payment schedule (if your business is already established), and a detailed business plan.
Your business plan should include:
* Executive summary: A critical introductory statement encapsulating the main points of the plan; a window into every facet of your business.
* Market analysis: A thorough overview of your industry, target market and competitors.
* Company profile: A summary of your company's industry and a description of the elements that will make your business stand out.
* Organization description: A description of your management and organizational structure, the marketing and sales strategy; a description of services or products and financial information, including the requested loan amount, your company's current and forecasted income statements, balance sheets and cash-flow statements.
In addition to preparing a comprehensive business plan, consider these strategies prior to seeking a small-business loan:
* Contact a financial advisor early. Consider cultivating a relationship with your financial advisor before you need a loan. By establishing a relationship early on, you can build a foundation the advisor can draw on later to make a determination about a loan.
* Research loan options. Find out which loan options will best suit your needs and be prepared to discuss these options when meeting with a lender. Will you seek a secured (collateral-backed) or unsecured loan, and what type of payment terms would best meet the needs of your business?
* Plan ahead. Anticipate the questions a lender may pose and have honest, well-researched answers ready. Decisions to lend are fact-based; don't be idealistic when answering questions and providing projections. Lenders will appreciate your practical perspective. It may also be wise to organize all of your documents prior to the meeting for easy access to specific items when requested and to highlight your meticulous attention to details.
* Lend to your venture. Amid the tightened credit market, managing risk is increasingly important for lenders. With this in mind, consider providing ample collateral or money toward your venture if possible. Your willingness to invest in your success may reflect added confidence in your plan.
* Preparation before meeting with your lender is key. The time and commitment you dedicate in advance may help increase your appeal as a solid loan candidate in this competitive market.
Joseph Benoit is the small business banking executive for Union Bank, N.A. Visit www.unionbank.com for more information.
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