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Have you struggled with mapping out your business's plan? Is it an item on your To Do List that you keep ignoring? Have you even considered writing one? Have you struggled with mapping out your business's plan? Is it an item on your To Do List that you keep ignoring? Have you even considered writing one? Tim Berry, one of The Industry Word authors, has contributed a video series in his area of expertise, Business Planning. If you have any questions for Tim Berry, please post them here. Tim will be replying as often...
by Tim Berry, Guest Blogger on Friday, February 12, 2010 - 01:21
Message Edited by AriM on 08-28-2009 11:39 AM Message Edited by AriM on 08-28-2009 11:52 AM
by Tim Berry, Guest Blogger on Friday, February 12, 2010 - 01:21
Think of your business plan as a matter of blocks, like interrelated pieces. You don’t have to have the whole block structure done before you take any next steps. Start your blocks where you like. Some common blocks are the mantra, the sales forecast, the mission statement , the keys to success, maybe a break-even analysis, or a SWOT, or how about the heart of your plan, as in the whole discussion of who needs your product or service and why and what it is? A sales forecast is a block, and so is an employee or personnel plan, as in...
by Tim Berry, Guest Blogger on Friday, February 12, 2010 - 01:21
Your plan-as-you-go business plan is no more than what you need to run your business. In the beginning, it might be as simple as an elevator speech, as explained in the Dressing and Growing section. Be able to talk through those key points: the customer story, what makes you unique, how you’re focusing and on what you’re focusing, and, if it comes to that, your close — what you want from whoever is listening. Or it might be a simple sales forecast, and perhaps, a burn rate in the very beginning because you know what...
by Tim Berry, Guest Blogger on Friday, February 12, 2010 - 01:21
Planning should become management and better business, long-term progress towards goals, prioritizing, and focus; but you have to do it. It’s up to you to make your planning work. It’s not really about the plan, per se; it’s about the discipline to use the plan to run the business. A good business planning process grows organically; it evolves as your business evolves. With monthly review schedules and performance tracking, your planning, unlike the classic plan document, stays alive and present – on top of your...
by Tim Berry, Guest Blogger on Friday, February 12, 2010 - 01:21
I often suggest building a plan like an artichoke, with its heart in the center and the rest of the plan wrapping up and around it. I also suggests starting anywhere you like, which is a bit of a contradiction, or perhaps just another paradox. You can start anywhere you like, but build your plan around the heart, which implies that the heart comes first. And usually it does. The heart of the plan, which is also the heart of the business, is made up of a group of three core concepts that can’t be separated: market, identity, and...
by Tim Berry, Guest Blogger on Friday, February 12, 2010 - 01:21
I like to think of defining flesh and bones as setting the steps. You have a strategy, you’ve got the heart of your business settled, but you want to set it down into concrete steps you can follow and track. To follow up on a plan and turn it into effective management, you have to have specifics that you can track and manage. This turns a plan into a planning process, and it makes for management. This section deals with the specific steps you can take to make things happen. Remember: Good business planning is nine parts implementation...
by Tim Berry, Guest Blogger on Friday, February 12, 2010 - 01:21
Your sales forecast is the backbone of your business plan. People measure a business and its growth by sales, and your sales forecast sets the standard for expenses, profits and growth. The sales forecast is almost always going to be the first set of numbers you’ll track for plan vs. actual use. This is what you’ll do even if you do no other numbers. When it comes to forecasting sales, don’t fall for the trap that says forecasting takes training, mathematics or advanced degrees. Forecasting is mainly educated guessing...
by Tim Berry, Guest Blogger on Friday, February 12, 2010 - 01:21
As your company grows, your planning grows. As you grow, if you add people to your team, then you want to bring them into the process, and make sure you’re on the same page. You bring in skills. The business gets more complex as it grows. Cash flow gets more sophisticated. You start to manage the money and administration differently. Or you have a business plan event. You want or need to present a complete formal business plan, or the elevator speech, or the pitch presentation, or summary memo. That’s what this section is...
by Tim Berry, Guest Blogger on Friday, February 12, 2010 - 01:21
I hope at this point I’ve made it clear that you don’t necessarily need to have a standard, traditional, formal business plan. Until you really need to show a plan to some outsider who needs, wants, or expects the full formal plan, you can just use your plan-as-you-go plan to reap the benefits and avoid the hassle of the document. However, there are business reasons that force you to produce the traditional plan document. We call these business plan events. The more common business plan events are related to seeking loans or...
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