Small Business Planning – And Going To The Dentist
Small Business Planning
Are you a fan of going to the dentist? He looks quite scary doesn’t he?
I’m not sure I’d visit him!
So, I guess this all depends on the state of your teeth and whether or not you have a phobia to it or not. Agreed?
I don’t actually mind going to the dentist, as my dentist is a great bloke and he is gentle with me, and it just so happens that my teeth are not too bad now, but they could have been better.
Every time I go to the Dentist he asks me if I have been flossing enough. To be honest, I do forget a lot, and there are always consequences to this because, if I was to look after my teeth a bit more I may have never had some of the risks that are occurring now.
Then there’s my girlfriend who has just found out that she has a crack in one of her back teeth. Bless her!
She could lose the tooth truth be told, but there is hope that our wonderful dentist can glue the crack together. So there are a few options.
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But what does this have to do with business?
A great deal actually, because when you think about starting a small business there’s the excitement and passion which I LOVE, but also there are various serious factors to think about. This is where a decent plan comes in, and this is because without one we are pretty aimless. But, in having one we have something to gauge our progress against and this means we start off with less risk.
We may alter the plan as it moves along of course, so it may change somewhat, but as long as there is something to keep your actions accountable and as long as you have something to present to an investor then you are in better shape.
This is the point, when running your own small business or even before when looking for small business ideas you really have to start right, and this is the reason why so many people fail. Exactly for this reason, so a plan will help you steer your business in the right direction as you start and grow.
Think of a good business plan as a compass to start your business in the right direction. A good plan will support you and help to guide you through each stage of starting and managing your operation; so, it’s a way to think through and detail all of the key elements of how your business will run effectively.
If you are starting a small business today, you will know that there is a great deal of advice and information out there.
But how much of it have you implemented?
You should take certain steps of course, apart from first registering your Small business CLICK HERE TO SEE HOW TO REGISTER YOUR BUSINESS, name, set up Tax, decide on a business structure and also apply for the right permits and licenses. And whilst these are all very important steps to take, a good business plan will be central to how you start, grow and develop your business. So, we all need to look after ourselves in order to function properly of course, and so we shouldn’t negate the importance of starting a business right.
Small Business Planning
Here are 7 reasons why you need a business plan:
1. It will help you focus your mind on your vision from the beginning and through growth.
A solid business plan will be your road map or guide which will take you through each stage of starting and managing your Small business in the right way. You will use your business plan to structure, run, and grow your new Small business and so it’s a way of ensuring you have all of the key elements of how your Small business will operate.
2. It may seem tough but is isn’t that daunting.
The plan is written as a tool about your Small business, and this will include a projection for 3-5 years ahead and it will outline the direction your business will take to achieve consistent growth. This is a tool which moves along with your business, so it is not just a beginning document. As you will see when working through with a plan, you will be organizing it into small-plans such as 1)sales and marketing, 2) pricing, 3) operations, and so on. CLICK HERE TO SEE WHAT YOUR PLAN WILL INVOLVE COURTESY OF INVESTOPEDIA
3. Your plan will help you to reach Small business milestones.
A well-thought-out business plan helps you to step back and think objectively about the key elements of your business and informs your decision making processes as you move forward. It is essential to define this whether or not you need to secure a business loan. So bear in mind that you need one, but it doesn’t have to be like a bible, and it does not have to have all the answers. It is a starting point.
4. A solid plan can help you to get funding.
Business plans can help you to get funding or even to bring on new business partners. Having a plan in place will help investors feel confident that they will see a return on their investment as your business plan is the tool you will use to share with others who may be working with you (or investing in your business). So it can literally pay you.
5. It will ensure you write a business plan suited to business type.
There is no wrong way to write your business plan and you can pick a plan format that works best for you. What’s important is that your business plan essentially meets your needs, so the key is to ensure that you define the type and model of your business. Is it a more traditional business model or a startup? So you will want to ensure that the plan is suited to your model – and this is certainly most common with a traditional business.
6. A plan will help you ensure you go into detail and will support you in getting help.
A traditional business plan is very common, and this uses a fairly standard structure, but it helps you to go into detail in each section of the plan fully and with help if needed. Traditional plans tend to require more work upfront and this is why a partner or professional of some kind may be the best option. If you are starting a startup, then these tend to be less common, but they will still use a standard structure. The key is in summarizing the most important points and key elements of your plan. But this doesn’t have to take a long time when working with a professional it can be a lean plan. In fact, I have helped to write hundreds and there are some which have have taken as little as one hour and were just a single page.
7. A solid plan lowers risk. Knowing where to start can be challenging, but there is plenty of help out there to help make writing a business plan less intimidating and time consuming. The company growthink.com has a way of helping with this. They offer a Business plan tool that helps simplify the process in just one day. This tool consists of a very simplified easy-to-follow step by step process s you can create a well-built plan without getting over stressed with it all. In doing this ‘properly’ you greatly lower your risk of failure. You will be able to use your plan as a framework and strategic objective for making a risk assessment against every business goal. And this also ensures the owner thinks about their defined aims, the competition they will face, their financial needs and their likely growth and margins. A Business plan also helps to reduce risk and reassure stakeholders , such as banks.
Those who have no plan often fail because they believe that an idea alone is enough. It generally isn't.
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Strategic planning
This is when an organization has a process of defining it’s strategy, direction, and decisions on allocating its resources to pursue this strategy. This is where your priorities are set. This may also be extended out to the control mechanisms needed for guiding the implementation of the strategy. Strategic planning is a management activity which is used to focus energy and resources, strengthen operations, ensure employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s direction in response to an ever changing environment.
So this is a disciplined effort which is required, in order to create the fundamental decisions and actions which will shape and guide the organization’s future focus and who it serves, what it does, and why it does it. With an effective strategic plan, this will articulate where an organization is going and the actions needed to make progress, but it will also help to define ‘how’ it will know if it is successful or not.
Small Business Planning
My teeth
Had I looked after my teeth a little more over the years, I may have had less issues NOW!
Had I put in place a simple plan for looking after my teeth, such as twice a day brushing, flossing, and using a decent electric tooth brush and had I drank less fizzy drinks (such as Prosecco!), then I may have suffered less with pain and with lengthy work. So, my dentist has been tidying up my mess when I could have quite simply prevented it. Luckily I pay monthly on a plan so it didn’t cost me thousands of pounds, as it really would have.
So, my dentist is simply fixing problems that could have been avoided.
Sure, problems arise, and solutions are required and this is a part of most processes generally, but the point is – doing your business work at the beginning gives you a stronger foundation for growth.
So, my suggestion is:
As you start getting ideas down for starting a new Small business, and you are getting super excited about your small business ideas that come up (which is cool), then have fun with this as it is important, but never negate the fact that ‘the stronger you start’ the more likely you are to finish strong.
One day you may wish to exit from your vision, so make sure you have something worthy to exit from.
We must take action every day and have that solid specific focus and drive so that we are motivated enough to see things through. So, it’s not just the initial passion which moves you and creates motivation, it’s the plan also.
When working with clients all over the world to start new small businesses I have calculated that on average 90% of them needed a plan OR THEY WOULD HAVE NEVER SUCCEEDED, based on their business type. So, you know yourself best, and you can decide upon which areas you need most help with. There is simply way less risk when the beginning is managed correctly.
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Here’s a few small business pointers:
1) Start with the plan and get help with it. Download a few business plan templates and get started once you have ideas from passions and interests
2) Get outside and talk to other business owners to find out what they are doing and to help you with your strategy
3) Get the help if required from a business expert, consultant or accountant
3) Prepare to be flexible and move with changes as you move forward as this is natural
4) Start with a firey passion and solid planning but also have a back up plan in case all goes wrong
5) Prepare for being a modern leader. This means communicating effectively, listening actively to others ideas etc, and staying focused in your role
6) Manage risk from the start with your team or partner and ensure that it is someone’s role to do so
7) Study the markets you are entering into and ask why you will be right in this area and even why you will be better than others and be unique
8) Don’t assume that a good idea means a great market need. Research all areas and understand WHY this will work and know your customer
9) Ensure that the timing is right for your idea and define all the tools and resources needed to support this such as branding, marketing, systems, structure, sales processes, PR and so on
If you start there with your Small Business Ideas – and do this the right way you will have a much greater opportunity in growing a healthy business
This is just the beginning by the way:
Get excited, passionate and create a lot of fun – but also remember that this is a business. If I could go back and look after my teeth more from the beginning instead of risking them all falling out I would have done so, so take some of the risk out by preparing your Small Business properly at the start.
This is about life habits as much as anything else. If we have great self care we perform better, and this may also be applied to our businesses. Get into good habits from the very start.
If you have any questions for me then add them below.
If you need help with your Small Business Planning and Business development consider a free 45 minute planning session to help cultivate your small business idea from the beginning the right way @ http://www.GregDeTisi.com
As always I wish you the very best
Greg
CLICK HERE TO START WITH YOUR IDEA AND FORM A PLAN
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Small Business Planning
Small Business Planning
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