The Simple Effective Small Business Success Plan
The Simple Effective Small Business Success Plan
Writing a robust business plan can be very time consuming, quite complicated and even a little intimidating for those who have never attempted such things. So I thought I would create a simple post to show you that you can create one yourself, and it doesn't need to be that complicated in reality. I have also been supporting small Business owners since 2006 to write and create solid and robust plans to help give them a better chance at succeeding in their model, and to secure funding where required. it is my passion to do so, as I love to see the growth of passionate business owners.
The point of this post is to share with you that in having a decent plan it will give you a better chance at succeeding ‘no matter what business you decide to start’ and what this means is that a great plan will help you lower risk, increase growth sustainably, and also help you have that focus and roadmap you can turn to and your team can refer to moving forward.
It has many benefits which can hopefully increase your chances at growing a successful small business model.
Why? Because you are more likely to succeed when you know your goals, and also you may secure funding (if you require it), from an experienced and relevant lender. But this will also act as a vision for you and something which you can edit as you move forward, because things change. So, it is a foundation with which ‘you and your team’ can work from – and it will support you and your team on your journey ahead.
Nothing is ever guaranteed in business ‘or’ in life in reality, as you may already know, so we can only do our best in any given situation, and in business we want to minimize the risk as much as possible, and also have a clear focus on our strategy for growth, and this is so we know exactly where we are headed, every month, quarter and year and beyond.
So, as plans will often change, because of demands, trends and so on, we can be better prepared to stay ahead of the curve, and this may mean we need to shift our attention sometimes into other areas, and into new markets, or to bring in new product lines or services.
Do you have that amazing idea or passion now for something? Well, it might sound like a great one, and you may be raring to go, but it might not be decent. Sorry! However, it could be amazing, so you may wish to create a business model around it. Cool! As I am sure you don’t want to waste time or energy, this post will support you in those early stages of at least starting right, (if it is in fact worth your time and effort), so you can focus on growing your business and beating competition.
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However, there are a few things to be mindful of, as business growth is a great deal different to having a simple idea!
I am going to help and support you here to hopefully increase your probability of success through an easy guide.
You will need to be able to shift from being an employed person with an employed mentality to becoming a self managing self responsible leader and if possible dynamic character that can empower a team and think quick to make strategic decisions where possible. Is that you?
Maybe you don’t feel that’s you, and maybe you don’t wish to be that person, and as there are literally hundreds of ways to run and operate businesses these days, you may prefer to be a lone ranger on the plains of business landscape doing your thing your way. I admire that, but you still need to know a few things in order to wear your cowboy hat with confidence and capability.
The Simple Effective Small Business Success Plan
So, the first thing to really honestly think is; ‘do you honestly really think you are the type of person who can run and operate a business?’
And – if so, do you think that you have what it takes to share amazing products or services with eager and excited customers/clients?
Because, running a business is hard, often frustrating, stressful, challenging, risky and all the other lovely words that go along with the unknown. But at least with a plan of sorts you are placing yourself in the realms of raising your chances, and let’s face it – we all need as much help as we can get!
So a decent enough business plan with undoubtedly support you in your goal.
Remember what I said at the start of this post; ANYONE CAN HAVE AN IDEA!
And we all get them. Some might change the world, and others may be better off at the bottom of a well. So, this plan will require you to think carefully about each and every part of your business idea in order to get that plan in place so it works for you and becomes your roadmap along the journey.
You will be referring to your plan and adjusting what is necessary, and you will need to be sharing this plan with your team to ensure that they also get it, otherwise, they won’t get the vision, mission, your passion and not feel the same way as you do about it.
You are going to need to understand how your operation will work every day and also plan for the next few months and years ahead.
This is important to action and it could take a few weeks to get right and complete. But – it doesn’t need to be a perfectly polished thing, as long as you have something, then this will be enough to begin with as you can refine it as you move forward.
With that said; you will want to try to put in your best work to complete it to the best of your ability, and whilst some parts will be a breeze, other parts are going to be more tricky and perhaps a little intense.
But the key is to KEEP MOVING ON IT! Just like any other worthy goal. Because, if you don’t then you will of course significantly reduce your chances, and you may not get that vital funding which you may need. There are various reasons why a plan is very useful and it’s not just about being professional, it’s about becoming the best you can be to dominate your market and beat others.
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Did you know?
The greatest plans aren’t always super complicated, no! A great plan has to really just explain THE most important stuff! What information will matter most to your plan? Well, you need to highlight what it is that you wish to conquer, and what goals you have.
What do you wish to really see, what is your vision and what can you achieve?
Also, how do you plan on getting there?
What resources and tools will you need and who might you get help with or from?
Just like with any large goals, they need to be broken down into smaller manageable parts. So, you can work through this post with a partner, accountant or business advisor, depending on your confidence and competence to move closer to completing your plan.
As your plan doesn’t need to be overcomplicated, you can work through it in the sections I share, and I will shortly show you the most basic elements required to ensure you do it right.
As you will soon see, it doesn’t need to feel as intimidating as you may have first thought.
I have been fortunate enough to support local independent small business owners in my community and those around the globe, and in my experience no matter what type of business you choose to start, run or operate the principles of planning are similar.
So let’s assume now that you are ready and keen to start something, so you have that enthusiasm and energy to make it work, and you are prepared for self-employment; however – we must also ensure that your small business idea is worth exploring further.
If you need to check your idea and if you feel you are the right type of person for this then I recommend that you conduct some deep research firstly A) into the type of person you are by taking personality tests and digging deep into your past experience, skills, talents, abilities, sense of purpose and what others say you are a natural at, so you can determine if you are on the right path and B) why this idea will work based on current demand and markets and what is already out there.
Why is this important though? Because the amount of people I have met ‘that are not fit for business’ YET went ahead anyway and really struggled is countless. They were blinded by the excitement of starting something new and ditching the job, but not exploring whether or not they were the right type that can lead themselves, stay accountable, manage others and manage a business day to day.
So commonly many quickly see that they are in fact not fit for business, and may be way deeper than they can manage. So, be sure about this before you put ALL YOU HAVE into this.
IMPORTANT: I also advise that you keep your business finances separate from your personal life where money is concerned, because if it crashes and burns you will lose what you have invested, but you won’t then lose your home. So, be sure to be careful about the financial side, and this includes borrowing money. I never advise that you borrow money from a friend, as friends can fall out over such subjects, because they may trust you to get their money back and you may lose it. So just pay attention to where you borrow.
The Simple Effective Small Business Success Plan
This post will help you to see if your idea can actually work or not, if you have decided that you are capable of fulfilling the role.
If you go through this and discover that you may need some help with putting together your plan then I can support you depending upon if we are a good fit or not. Also, if you require funding I can also help you ensure you approach the right types. Because, borrowing money from the wrong source can be a disaster. No matter what your goals are, this will help to guide you through the entire process and give you a great education.
And through this post/training no matter what happens it will give you more experience, better business awareness and a process to use even though I can never guarantee your business becomes a success.
If you are ready to take that leap, and you enjoy a meaty challenge then let’s go further now and explore your business idea.
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Ready to take some notes?
Starting Out:
WHO IS THIS PLAN FOR? = Who is the owner?
YOUR NAME:
YOUR BUSINESS NAME:
YOUR BUSINESS ADDRESS:
HOME ADDRESS IF DIFFERENT TO BUSINESS ADDRESS:
TELEPHONE AND EMAIL FOR BUSINESS:
TELEPHONE AND EMAIL FOR HOME:
EXECUTIVE SUMMARY = A short document/section of a document produced for business purposes. This summarizes a longer report or proposal or a group of related reports in a way in which readers can quickly become familiar with a larger body of material without the need to read it all.
Business Summary:
Business Aims:
Financial Summary:
ELEVATOR PITCH = An elevator speech or elevator statement is a short description of an idea, product, service or company that explains your concept in a way where anyone can understand it in a short period of time.
YOUR BUSINESS NAME:
BUSINESS STRAPLINE:
THE ELEVATOR PITCH:
OWNERS BACKGROUND = This is to show that the business owner is credible. This creates a visibility into the owners relationships with current or past interests to help understand the risk factors associated with the owner or with any past critical information that may be associated with risk. The goal is to provide a solid and comprehensive evaluation of all risk associated with a business owner or principal. And gain insights to help manage risk.
WHY DO YOU WANT TO RUN YOUR OWN BUSINESS:
WHAT IS YOUR PREVIOUS WORK EXPERIENCE:
WHAT ARE YOUR QUALIFICATIONS AND EDUCATION:
WHAT PAST TRAINING CAN YOU SHARE:
WHAT FUTURE TRAINING MAY YOU WISH TO UNDERTAKE:
WHAT ARE YOUR HOBBIES AND INTERESTS:
IS THERE ANY ADDITIONAL INFORMATION WHICH MAY BE USEFUL:
PRODUCTS AND SERVICES = What are the specific products and services going to be that you will sell and promote and this will need to be of high standard and quality otherwise you sadly won’t be in business for long.
WHAT ARE YOU GOING TO PROMOTE/SELL:
IS THIS A PRODUCT A SERVICE OR BOTH:
DESCRIBE THIS PRODUCT AND/OR SERVICE YOU WILL BE SELLING:
IF THERE ARE A VARIETY OF PRODUCTS AND SERVICES YOU SELL WHAT WILL THEY BE:
IF YOU ARE NOT GOING TO SELL ALL OF YOUR PRODUCTS/SERVICES RIGHT FROM THE START PLEASE EXPLAIN WHY NOT AND ALSO WHEN YOU WILL START TO SELL THEM:
ANY ADDITIONAL INFORMATION THAT MAY BE USEFUL TO ADD HERE:
THE MARKET = Who are your customers what specific market are you entering into and are they individuals or businesses or are they both and why will they buy from you anyway. You need to get to know customers and learn why you can become the ultimate offer for them
WHO IS YOUR TYPICAL CUSTOMER DESCRIBE THEM:
WHERE ARE THESE CUSTOMERS BASED:
WHAT WILL PROMPT YOUR CUSTOMERS TO BUY PRODUCTS/SERVICES FROM YOU:
WHAT ARE THE KEY FACTORS THAT ENABLE YOUR CUSTOMERS TO CHOOSE WHO TO BUY FROM:
WHAT PRODUCTS/SERVICES HAVE YOU PREVIOUSLY SOLD TO CUSTOMERS IF ANY AND WHAT WERE THEY:
DO YOU HAVE CUSTOMERS READY TO BUY YOUR NEW PRODUCTS/SERVICES NOW AND IF SO WHO ARE THEY:
IS THERE ANY SPECIFIC ADDITIONAL INFORMATION MIGHT YOU ALSO ADD HERE:
YOUR MARKET RESEARCH = A market analysis is the process of gathering information about a market within an industry. Your analysis studies the dynamics of a market and what makes potential customers tick and whilst this may seem complicated, it’s absolutely vital if you want to win customers and beat competition this is to learn 1) Who you’re potential customers are 2) What you’re customers/clients buying habits are 3) What size you’re target market is 4) What you’re potential customers are going to pay for products/services 5) Who you’re competition is 6) What you’re closest competitors strengths and weaknesses are. This is to reduce risk and increase your chances as you are able to better understand your customers behaviors and the market conditions. And you will also see from this research what makes you stand out from others and how this separates you from others.
WHAT ARE MY KEY FINDINGS FROM MY PRIMARY AND FIELD RESEARCH (The most common primary market research methods are interviews, surveys, focus groups and observations. Field research, field studies, or fieldwork is the collection of raw data outside a laboratory, library, or workplace setting. The approaches and methods used in field research vary across disciplines.):
WHAT ARE MY KEY FINDINGS FROM MY DESK RESEARCH (Sometimes known as secondary research. Generally speaking, there are two types of research activity: primary and field research where you go out and discover; and secondary or desk research where you review what other people have done. Desk research is not about collecting data.):
WHAT ADDITIONAL INFORMATION MIGHT I INCLUDE HERE RELATING TO MY RESEARCH:
YOUR MARKETING STRATEGY: A Small business’s overall plan for reaching prospective consumers and turning them into loyal customers of their products/services. A solid marketing strategy contains the company’s value proposition (UVP), key brand messaging (may include strapline), data on target customer demographics (who are these people exactly), and other high-level elements.
Great marketing strategy: https://blog.hubspot.com/marketing/marketing-strategy
WHAT MARKETING METHOD/S WILL I UNDERTAKE SPECIFICALLY:
WHY WILL I USE THIS/THESE TYPES OF MARKETING:
WHAT WILL BE THE COST AND TIME SPENT ON EACH METHOD:
WHAT IS MY TOTAL MARKETING COST:
COMPETITOR ANAYLSIS: Is an assessment of the strengths and weaknesses of current and potential competitors. This analysis will provide both an offensive and defensive strategic context to identify opportunities and threats.
TABLE OF COMPETITORS WHICH INCLUDES:
NAME OF BUSINESS:
BUSINESS SIZE AND LOCATION:
PRODUCT/SERVICE:
PRICE:
STRENGTHS:
WEAKNESSES:
SWOT ANALYSIS: A strategic planning and strategic management technique to help a individual/organization identify strengths, weaknesses, opportunities, and threats related to their business competition and or project planning. It can be called situational assessment or situational analysis.
STRENGTHS:
WEAKNESSES:
OPPORTUNITIES:
THREATS:
UNIQUE SELLING POINT (USP):
OPERATIONS AND LOGISTICS: Refers to the processes of moving finished goods, including from the manufacturer to a distribution center, and then to the end user. The entire process consists of managing the inventory, fulfilling the orders, and shipping the packages.
PRODUCTION:
DELIVERY:
PAYMENT OPTIONS AND METHODS:
PAYMENT TERMS:
SUPPLIERS NAME AND LOCATION:
ITEMS REQUIRED AND PRICE PER ITEM:
PAYMENT SET UP AND ARRANGEMENTS:
REASON FOR CHOOSING SUPPLIER:
PREMISES:
EQUIPMENT REQUIREMENT LIST: Has to be Suitable for intended use, safe for use, always maintained and in safe condition, inspected to ensure correctly set up and installed, and does not subsequently deteriorate. Used only by people who have received adequate information, instruction and training accompanied by suitable health and safety measures, such as protective devices, systems and controls.
Some work equipment is subject to other health and safety legislation
ITEM/S REQUIRED:
ITEM/S ALREADY OWNED:
ITEM/S BEING BOUGHT FROM:
ITEM/S NEW OR USED:
ITEM/S PURCHAED FROM:
PRICE OF ITEM/S:
TRANSPORT REQUIRED:
LEGAL REQUIREMENTS AND INSURANCE:
MANAGEMENT AND STAFF: The management section describes your team, staff, resources, and how your business ownership is structured. This section should not only describe who’s on your management team but how each person’s skill set will contribute to your bottom line.
WHAT WILL BE OUR HIRING PROCESS:
NUMBER OF STAFF REQUIRED:
ROLE TYPES REQUIRED FOR TEAM:
ANY ADDITIONAL INFORMATION:
COSTS AND PRICING STRATEGY: Cost is the value that is put to a product or service and is the result of a complex set of calculations, the research, understanding and the risk taking ability. A pricing strategy is a model or method used to establish the best price for a product or service. It takes into account 1) segments, 2) ability to pay, 3) market conditions, 4) competitor actions, 5) trade margins and 6) input costs, amongst others. This strategy helps you decide upon prices to maximize profits & shareholder value while also considering consumer and market demand. As you can see – a great deal should go into this process.
PRODUCT/SERVICE NAME:
NUMBER OF UNITS:
PRODUCT/SERVICE COMPONENTS:
TOTAL PRODUCT/SERVICE COST:
COST PER UNIT:
PRICE PER UNIT:
PROFIT MARGIN ($)(£):
PROFIT MARGIN %:
MARK UP %:
FINANCIAL FORECASTS: An estimate of future financial outcomes for an individual, company or project, usually applied in budgeting, capital budgeting and/or valuation; Financial modeling & Accounting. Depending on context the term may also refer to listed company earnings guidance.
SALES AND COSTS
MONTH:
MONTH NAME:
SALES FORECAST:
PRODUCT/SERVICE 1:
PRODUCT/SERVICE 2:
COSTS FORECAST:
PRODUCT/SERVICE:
ASSUMPTIONS/TRENDS:
PERSONAL SURVIVAL BUDGET: This will show you ‘the minimum amount’ you need to take out of the business as drawings. This is based on how much you need, not how much you would like to draw from the business each month. Remember that your drawings will be in anticipation of the profits the business will make.
YOUR COSTS/ESTIMATED COSTS LIST:
MORTAGE/RENT COSTS:
COUNCIL TAX COSTS:
ENERGY BILLS (electric/water etc.):
ALL PERSONAL / PROFESSIONAL INSURANCES:
NATIONAL INSURANCE:
MONTHLY SUBSCRIPTONS (Netflix, Business events, magazines etc.):
FOOD BILL AND OTHER SHOPPING (includes clothing):
ENTERTAINMENT COSTS (eating out, clubbing etc.):
PHONE AND OTHER TECH COSTS:
CAR AND MAINTENANCE COSTS:
LOANS CREDIT CARDS AND BORROWED MONEY:
CHILDREN COSTS AND PET COSTS:
ADDITIONAL COSTS NOT LISTED:
TOTAL COSTS FROM LIST ($£)
ESTIMATED INCOME: Relating to any Payment Period, the companies agreed estimate of what the actual income will be for such period. This may be adjusted by the company or Parties in order to reflect any significant changes in compensation during any such Payment Period. You will estimate a quantity or value, and you make an approximate judgment or calculation of it.
INCOME FROM PARTNER/FAMILY HOME:
CURRENT PART TIME/FULL TIME JOB/ROLE:
ANY BENEFITS OR HEALTH RELATED INCOME:
ADDITIONAL INCOME NOT LISTED:
TOTAL CURRENT INCOME:
TOTAL INCOME REQUIRED:
CASHFLOW FORECAST: This is the process of obtaining an estimate or forecast of an individual or company’s future financial position; the cash flow forecast is typically based on anticipated payments and receivables.
MONTH (1-12):
MONEY IN EACH MONTH:
MONEY FROM LOANS – OTHER FUNDING – BANKS – OWN FUNDS – SALES INCOME:
MONEY OUT EACH MONTH:
LOAN REPAYMENTS – PERSONAL DRAWINGS:
TOTAL MONEY OUT:
BALANCE:
OPENING BALANCE
CLOSING BALANCE:
COSTS TABLE: Database which provides information about the impact on product costs using different input resources,
manufacturing processes, and design specifications.
CLICK THE YOUTUBE VIDEO HERE TO HELP YOU
COST ITEM/S LIST:
WHAT IS INCLUDED AND HOW IT WAS WORKED OUT:
TOTAL COSTS:
BACK UP PLAN: This is the plan which you intend to use if the first one fails, and this can happen. It is something you don’t intend to use hopefully, but is there in reserve. This serves as the Plan B for any business and should be created with the foresight of unexpected events which may come in the way. NOTE: The strategy of the creation of a backup plan should be crafted carefully so it can adequately serve the purpose later on.
SHORT TERM PLAN:
LONG TERM PLAN:
PLAN B:
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The Simple Effective Small Business Success Plan final words
The Simple Effective Small Business Success Plan
It’s time to begin!
That is the plan I use and have used for many years to help clients all around the world.
YOU CAN ALSO CREATE A DO IT YOURSELF BUSINESS PLAN BY CLICKING HERE
This is not as simple as some plans but it is very effective, so it’s worth considering. But, the great news is that I also have a plan template you can use – should you wish to use it, which I have crafted for you and can send you.
Simply message me here at my blog in my CONTACT section requesting the template and I will send it for you.
I am sure you know and can see that there can be many variations in planning, and some are more complicated than others because of the nature of the business and size, but through testing various small business models and templates over 15 years, this overall plan has been a great success compared to some others I have used.
There are always different factors which will come into play such as the small business type, and some models will require less detail, whilst others will require more detail, thus – the length of the plan may vary.
IMPORTANT: Please ensure you hire an experienced small business advisor or accountant to assist and support you with this plan if possible. There is no question that a solid and robust plan can make or break your business growth and the ultimate success of it. And, you have a far greater chance of securing funding from an experienced lender or taking out a loan with this plan correctly in place.
Now for a quick Mentor moment. I will show you how I create optimum performance in what I do. Hopefully this will help you now to focus on getting this plan complete.
Become a Peak Performer from now on
What has helped me is aiming for being my best, and whilst some may call it ‘peak performance’ I just call it giving 110%.
Others talk about mindset mastery etc., and call it what you like, it is just about doing as much as you can to raise your chances in the right ways.
I am aiming at reaching my best or the greatest point using every part of the assets I can use. And I can say from over 15 years of experience that when we apply ourselves fully into our roles, it can create unstoppable momentum. The reason I say this is because, the state I am in has made all the difference to my life and business. So it is about the state we create.
COMBINING:
- OUR ABILITY TO FOCUS ON THE TASK
- CONFIDENCE WHICH COMES FROM COMPETENCE.
- ZONING IN ON SOMETHING WITH PURE POWER
For me this is essential in so many areas of life. Running a business is no exception, as it takes a certain way of doing things to maximize output. Effectiveness and productivity.
This is a complete process which takes practice, and it takes an ability to never stop. So it’s all about mental strength.
And no matter what market, sector or industry you wish to create a plan for you can apply it.
I have had 9 coaches and mentors over the years and I took from all of them, and so it is the experience I gathered to help me.
This is why I always recommend to others to get a mentor or someone who can support this process.
This may be able to help you as it has helped me:
- ALWAYS BE OPEN TO EVOLVING AND LEARNING
- GET HELP IF YOU NEED IT
- UNDERSTAND YOUR HABITS AND WHAT YOU FOCUS ON
- ADJUST AND ADAPT WHERE NECESSARY
- STUDY OTHER SUCCESSFUL TYPES AND SEE WHAT THEY DID/DO
- CHANGE YOUR PERSPECTIVE IF IT NEEDS IT AND SHIFT INTO SEEING LIFE AS ‘FOR YOU’
So for example, we will all experience stress, struggle and suffering, that’s a fact, but we can use it to our advantage and see these things as building blocks which are gifts to help us become better. I choose to see this, and I decide to use it. Then I act accordingly. Many people talk about what they will do, or can do, but I prefer to keep quiet and just get on with it.
What is your goal?
To get a great plan finished in this case, so see the goal and your vision and work on it every day.
And you must treat your time with the respect it deserves, so lowering typical distractions and raising focus on specific tasks.
So, you have to know what you want to create and why. And you will get there step by step as long as you keep moving on it. This then becomes a performance mindset habit. And you will be stronger than your setbacks, challenges and obstacles.
Be willing to make it happen – as you will see that you can improve your energy and power this way. You will handle stress in better ways, and improve your mental state. This means less time and energy wasted on average things.
Here are a few other links that you may find useful and help you maximize your chances of success:
CLICK HERE TO UNDERSTAND THE BLUE OCEAN STRATEGY REGARDING COMPETITION
CREATE A POWERFUL BUSINESS DESCRIPTION
FREE BUSINESS PLAN TEMPLATE BY SAGE AND OTHER SAGE ADVICE
HOW TO WRITE A BUSINESS PLAN BY SIMPLY BUSINESS
FREE GUIDE ON STARTUP FUNDING BY INNOVATE DESIGN – HEAD TO RESOURCES SECTION
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As always – I wish you the very best with your business planning and fully support your goal.
Greg
FREE ONE HOUR CHAT about your idea or plan @: www.GregDeTisi.com
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