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1.
Plan your exit when you start the business. Will you sell your company, pass it on to children, or take it public?
2.
Take time to understand how your chosen exit affects business planning. Will family members need to be trained to replace you, for example?
3.
Consider the cost of each strategy—loss of the ability to keep financial information private if you sell or go public, for example.
4.
Be aware that your investors will have their own exit strategies. Be prepared to discuss their desired timetable for exiting your business, how they see it happening and their expected return on investment.
5.
Plan well ahead for a satisfying life when you leave your current business. Consider starting another business, teaching, volunteering—or becoming a philanthropist.
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Senin, 11 Mei 2009
5 Tips on Building a Sound Business Plan
1.
Write a business plan with a complete financial and marketing plan.
2.
Your marketing strategy should be built around your strengths, your competitor's weaknesses and your customers' desires.
3.
Test the reality of your business—know why it will work and how you will make it work. Think your business through step by step.
4.
Allow at least two hours every week for thinking and planning. Do not allow anything to interfere with this time. You run the business. Don't let it run you.
5.
Establish an annual operating plan. Review it and update it monthly with appropriate employees.
Write a business plan with a complete financial and marketing plan.
2.
Your marketing strategy should be built around your strengths, your competitor's weaknesses and your customers' desires.
3.
Test the reality of your business—know why it will work and how you will make it work. Think your business through step by step.
4.
Allow at least two hours every week for thinking and planning. Do not allow anything to interfere with this time. You run the business. Don't let it run you.
5.
Establish an annual operating plan. Review it and update it monthly with appropriate employees.
5 Tips on Budgeting
1.
Think of a budget as a useful tool—a written financial plan that helps you set goals and measure progress.
2.
Start by coming up with a sales revenue target. Make it your best estimate.
3.
Based on past experience, estimate your cost of goods sold (e.g., 70 percent of sales) and subtract it from the sales revenue to come up with your estimated gross margin.
4.
Forecast variable expenses (items such as travel and commissions that vary according to the level of sales) and fixed expenses (items like taxes and rent that stay the same, regardless of sales). Subtract these expenses from your gross margin to arrive at your estimated net income (before federal taxes).
5.
Break your annual budget into quarters and monitor your progress every three months to detect problems and make corrections.
source: www.source.org
Think of a budget as a useful tool—a written financial plan that helps you set goals and measure progress.
2.
Start by coming up with a sales revenue target. Make it your best estimate.
3.
Based on past experience, estimate your cost of goods sold (e.g., 70 percent of sales) and subtract it from the sales revenue to come up with your estimated gross margin.
4.
Forecast variable expenses (items such as travel and commissions that vary according to the level of sales) and fixed expenses (items like taxes and rent that stay the same, regardless of sales). Subtract these expenses from your gross margin to arrive at your estimated net income (before federal taxes).
5.
Break your annual budget into quarters and monitor your progress every three months to detect problems and make corrections.
source: www.source.org
5 Tips for Using Colleges and Universities to Help Your Business
1.
Volunteer your company to be a business school case study. You’ll learn much about your company in the process and get good ideas for the future.
2.
Obtain management and technical assistance from one of more than 50 Small Business Development Centers. Check the U.S. Small Business Administration web site at www.sba.gov for locations.
3.
Participate in special programs. Many colleges and universities sponsor venture capital forums, entrepreneurship centers and family business programs.
4.
Work with the business school to offer internships to graduate students.
5.
Find out what expertise is on a business school’s staff. You may find just the right person to hire as a consultant or serve on your board.
surce: www.score.org
Volunteer your company to be a business school case study. You’ll learn much about your company in the process and get good ideas for the future.
2.
Obtain management and technical assistance from one of more than 50 Small Business Development Centers. Check the U.S. Small Business Administration web site at www.sba.gov for locations.
3.
Participate in special programs. Many colleges and universities sponsor venture capital forums, entrepreneurship centers and family business programs.
4.
Work with the business school to offer internships to graduate students.
5.
Find out what expertise is on a business school’s staff. You may find just the right person to hire as a consultant or serve on your board.
surce: www.score.org
5 Tips for Developing Policies for Your Business
1.
Think ahead. Establish policies before you need them. Doing so helps avert crises and awkward situations, and helps solve problems before they arise.
2.
Determine what policies you need. Some you’ll want early in your business include a mission statement, as well as compensation, performance evaluation and employee policies.
3.
Get input from key employees, as well as from members of your advisory board, your board of directors, and/or your professional advisors and consultants.
4.
Communicate policies to everyone in your business.
5.
Review policies on a regular basis—once a year, for example—and revise them as necessary.
source:www.score.org
Think ahead. Establish policies before you need them. Doing so helps avert crises and awkward situations, and helps solve problems before they arise.
2.
Determine what policies you need. Some you’ll want early in your business include a mission statement, as well as compensation, performance evaluation and employee policies.
3.
Get input from key employees, as well as from members of your advisory board, your board of directors, and/or your professional advisors and consultants.
4.
Communicate policies to everyone in your business.
5.
Review policies on a regular basis—once a year, for example—and revise them as necessary.
source:www.score.org
Selasa, 17 Februari 2009
Looking for New Business Ideas
When looking around for business ideas, bear in mind that these could be based on any of the following approaches:
A manufactured product where you buy materials or parts and make up the product(s) yourself.
A distributed product where you buy product from a wholesaler/MLM, retailer, or manufacturer.
A service which you provide.
You should narrow your search to specific market or product areas as quickly as possible. For example, the "food business" is too broad a search area. Do you mean manufacturing, distribution or retailing, or do you mean fresh, frozen, pre-prepared etc. or do you mean beverages, sauces, confectionery etc.? It is better to pursue several specific ideas (hypotheses) rather than one diffuse concept which lacks specifics and proves impossible to research and evaluate. Generally, you should always aim for quality rather than cheapness. Be very cautious about pursuing ideas which involve any prospect of price wars or are very price sensitive; of getting sucked into short-lived fads; or of having to compete head-to-head with large, entrenched businesses.
To locate ideas, observe consumer behavior:
What do people/organizations buy ?
What do they want and cannot buy ?
What do they buy and don't like ?
Where do they buy, when and how ?
Why do they buy ?
What are they buying more of ?
What else might they need but cannot get ?
Also, look at changing existing products or services with a view to:
Making them larger/smaller, lighter/heavier, faster/slower
Changing their color, material or shape
Altering their quality or quantity
Increasing mobility, access, portability, disposability
Simplifying repair, maintenance, replacement, cleaning
Introducing automation, simplification, convenience
Adding new features, accessories, extensions
Changing the delivery method, packaging, unit size/shape
Improving usability, performance or safety
Broadening or narrowing the range
Improving the quality or service.
source:www.planware.org/businessplantips.htm
A manufactured product where you buy materials or parts and make up the product(s) yourself.
A distributed product where you buy product from a wholesaler/MLM, retailer, or manufacturer.
A service which you provide.
You should narrow your search to specific market or product areas as quickly as possible. For example, the "food business" is too broad a search area. Do you mean manufacturing, distribution or retailing, or do you mean fresh, frozen, pre-prepared etc. or do you mean beverages, sauces, confectionery etc.? It is better to pursue several specific ideas (hypotheses) rather than one diffuse concept which lacks specifics and proves impossible to research and evaluate. Generally, you should always aim for quality rather than cheapness. Be very cautious about pursuing ideas which involve any prospect of price wars or are very price sensitive; of getting sucked into short-lived fads; or of having to compete head-to-head with large, entrenched businesses.
To locate ideas, observe consumer behavior:
What do people/organizations buy ?
What do they want and cannot buy ?
What do they buy and don't like ?
Where do they buy, when and how ?
Why do they buy ?
What are they buying more of ?
What else might they need but cannot get ?
Also, look at changing existing products or services with a view to:
Making them larger/smaller, lighter/heavier, faster/slower
Changing their color, material or shape
Altering their quality or quantity
Increasing mobility, access, portability, disposability
Simplifying repair, maintenance, replacement, cleaning
Introducing automation, simplification, convenience
Adding new features, accessories, extensions
Changing the delivery method, packaging, unit size/shape
Improving usability, performance or safety
Broadening or narrowing the range
Improving the quality or service.
source:www.planware.org/businessplantips.htm
Before Starting to Write a Business Plan
Before any detailed work commences on writing a comprehensive business plan, you should:
Clearly define the target audience
Determine its requirements in relation to the contents and levels of detail
Map out the plan's structure (contents page)
Decide on the likely length of the plan
Identify all the main issues to be addressed.
Shortcomings in the concept and gaps in supporting evidence and proposals need to be clearly identified. This will facilitate an assessment of research to be undertaken before any drafting commences. Bear in mind that a business plan should be the end result of a careful and extensive research and development project which must be completed before any serious writing of a plan should be started. Under no circumstances should you start writing a plan before all the key issues have been crystallized and addressed.
For more tips and suggestions, check the white paper on Writing a Business Plan and Free-Plan our free 150-page Business Plan Guide and Template (Word format). Also, refer to the 30-point Checklist for Preparing a Business Plan.
source:www.planware.org/businessplantips.htm
Clearly define the target audience
Determine its requirements in relation to the contents and levels of detail
Map out the plan's structure (contents page)
Decide on the likely length of the plan
Identify all the main issues to be addressed.
Shortcomings in the concept and gaps in supporting evidence and proposals need to be clearly identified. This will facilitate an assessment of research to be undertaken before any drafting commences. Bear in mind that a business plan should be the end result of a careful and extensive research and development project which must be completed before any serious writing of a plan should be started. Under no circumstances should you start writing a plan before all the key issues have been crystallized and addressed.
For more tips and suggestions, check the white paper on Writing a Business Plan and Free-Plan our free 150-page Business Plan Guide and Template (Word format). Also, refer to the 30-point Checklist for Preparing a Business Plan.
source:www.planware.org/businessplantips.htm
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