So you've got your business off the ground. Now what? Growth is important, but growing smarter should be your strategy. One of the biggest reasons companies fail is because they grow too fast or don't plan their growth. This guide will help you ensure that doesn't happen.
Chapters include:
Taking it to the Next Level: An Introduction
Your Vision Revisited
Analyze the Present
Sales and Marketing: The Drivers of Success
Know Your Numbers
Support Your Success with Systems
Your People Make it Happen
Strategize the Future with a Plan
It's Time for Action
Helpful Resources
This document provides 15 frequently asked questions about starting and running a small business. It addresses questions about determining if someone has the right characteristics to be an entrepreneur, how to evaluate one's own skills and capabilities for starting a business, the importance of writing a business plan even without seeking financing, how to determine startup costs and expenses, the purpose and importance of financial statements, why monthly cash flow analysis is critical, ways to obtain cash to maintain and grow a business, why location is so important, how to evaluate competition, strategies for better marketing a business, what to consider when creating marketing brochures, how to improve customer service, and resources for getting answers to business-specific questions. SCORE is identified as an organization that provides free
The document appears to be an agenda or outline for an entrepreneurship workshop or training. It includes sections on developing a business plan, marketing strategy, 12-month planning, branding, and levels of commitment. There are also notes on expectations for participants and a formula for success involving vision and commitments. The workshop will cover various aspects of starting and running a business.
The document discusses the importance of writing a business plan before starting a business. It provides reasons for developing a business plan such as firming up ideas, knowing goals and financial requirements, and avoiding costly mistakes. The document outlines what a business plan should include, such as descriptions of the business, market analysis, marketing strategy, financial projections, and an implementation plan. It emphasizes that planning is invaluable for business success and provides tips for developing an effective plan.
The document provides a comprehensive checklist for starting a business that is divided into several sections, including finding a business idea, testing the idea, branding the business, legal requirements, financing, setting up operations, marketing, and launching. It recommends conducting market research such as customer interviews to validate the business idea and determine pricing. Additionally, it advises choosing a business name and structure, obtaining necessary licenses and permits, creating a marketing strategy, and hiring employees to fully set up the business for launch.
This document outlines an agenda for a 2 hour business seminar. The seminar will help attendees identify their top 3 business issues, develop a clear vision for where they want their business to be, and build a one page business plan. Attendees will complete exercises to assess where their business is now, where they want it to be in the future, and identify issues to address through tools like mind mapping, Pareto analysis, and force field analysis. They will then develop an action plan and one page business plan to achieve their desired future state.
Eric Ries is the author of the popular blog Startup Lessons Learned and the creator of the Lean
Startup methodology. He is an
entrepreneur in residence at Harvard Business School and a frequent speaker at business events. In his talk on “The Lean Start-up” at google he explained how most of the new start-up fails and the methodology that should be followed for a new start-up to be successful. Here I explained his talk at google in my words.
This document provides 15 frequently asked questions about starting and running a small business. It addresses questions about determining if someone has the right characteristics to be an entrepreneur, how to evaluate one's own skills and capabilities for starting a business, the importance of writing a business plan even without seeking financing, how to determine startup costs and expenses, the purpose and importance of financial statements, why monthly cash flow analysis is critical, ways to obtain cash to maintain and grow a business, why location is so important, how to evaluate competition, strategies for better marketing a business, what to consider when creating marketing brochures, how to improve customer service, and resources for getting answers to business-specific questions. SCORE is identified as an organization that provides free
The document appears to be an agenda or outline for an entrepreneurship workshop or training. It includes sections on developing a business plan, marketing strategy, 12-month planning, branding, and levels of commitment. There are also notes on expectations for participants and a formula for success involving vision and commitments. The workshop will cover various aspects of starting and running a business.
The document discusses the importance of writing a business plan before starting a business. It provides reasons for developing a business plan such as firming up ideas, knowing goals and financial requirements, and avoiding costly mistakes. The document outlines what a business plan should include, such as descriptions of the business, market analysis, marketing strategy, financial projections, and an implementation plan. It emphasizes that planning is invaluable for business success and provides tips for developing an effective plan.
The document provides a comprehensive checklist for starting a business that is divided into several sections, including finding a business idea, testing the idea, branding the business, legal requirements, financing, setting up operations, marketing, and launching. It recommends conducting market research such as customer interviews to validate the business idea and determine pricing. Additionally, it advises choosing a business name and structure, obtaining necessary licenses and permits, creating a marketing strategy, and hiring employees to fully set up the business for launch.
This document outlines an agenda for a 2 hour business seminar. The seminar will help attendees identify their top 3 business issues, develop a clear vision for where they want their business to be, and build a one page business plan. Attendees will complete exercises to assess where their business is now, where they want it to be in the future, and identify issues to address through tools like mind mapping, Pareto analysis, and force field analysis. They will then develop an action plan and one page business plan to achieve their desired future state.
Eric Ries is the author of the popular blog Startup Lessons Learned and the creator of the Lean
Startup methodology. He is an
entrepreneur in residence at Harvard Business School and a frequent speaker at business events. In his talk on “The Lean Start-up” at google he explained how most of the new start-up fails and the methodology that should be followed for a new start-up to be successful. Here I explained his talk at google in my words.
Today's business market is an extremely competitive place. More businesses enter the
fray all the time: for the past ten years, more than 750,000 new startups spring into
existence across North America. Unfortunately, over 60 percent of new businesses fail
in the first four years.
Why do they fail? According to a study performed by the U.S. Department of
Commerce, there are three main reasons startup businesses fold:
The document discusses succession planning for a NAPA auto parts store owner. It recommends starting succession planning early, developing a strategy that may involve transferring the business to a family member, key employee, or outside buyer. The owner should prepare the business for transition by keeping it profitable and maintaining strong financial records to maximize sale value and minimize taxes. Various equity plans are described to help develop key employees as potential successors or new owners through restricted stock, stock appreciation rights, or phantom equity agreements.
During this session we define what a business plan is and it's uses and benefits. We provide a framework to follow when developing your plan that helps you go through all the key elements to ensure that you have a concise and solid plan for investors and for your partners, employees and other stakeholders.
This business plan outline provides guidance on the key sections to include when creating a business plan. It recommends including a cover sheet with business contact details, a statement of purpose outlining the funding needs and impacts, and a table of contents. The main body should describe the business, products/services, industry overview, competition, market analysis, location factors, management team, and financial projections including sources and uses of funds, income statements, balance sheets, and cash flow statements. Supporting documents such as resumes, references, licenses and permits should also be included. The goal is to provide all relevant information to evaluate the business opportunity and funding request.
» How are you different?
» What are your competitive advantages?
Key Objective:
Help us understand how you compare to alternatives and validate your differentiation.
20
NOTES
» Identify direct and indirect competitors.
» Outline competitive landscape - who are the key players, their strengths/weaknesses, funding status.
» Position yourself relative to competitors - where do you play?
» Clearly articulate your differentiation and competitive advantages.
» Address any perceived weaknesses head-on.
» Cite third party reports, analyst coverage to validate your claims about the competitive landscape and
your position within it.
» Discuss barriers to entry for potential new competitors.
- What are
This document provides guidance on writing an effective business plan. It discusses why a business plan is important, including for evaluating feasibility, improving the probability of success, and communicating the business idea to potential investors or lenders. It outlines the typical sections of a business plan, including descriptions of the business, products/services, market analysis, marketing plan, management, and financial projections. Finally, it provides tips for writing each section and common mistakes to avoid in developing a comprehensive yet concise business plan.
This document provides guidance on starting, growing, and sustaining a business. It discusses developing a vision and mission statement to guide business decisions. It emphasizes determining customer needs and defining the business's core competencies. The document advises segmenting the market and evaluating strengths, weaknesses, opportunities, and threats. It recommends setting goals and strategic options to achieve key success factors. Finally, it stresses the importance of developing a strategic plan and turning strategies into actionable projects.
Tony Morrison outlines 21 lessons for business success based on his experience as a CEO. Some of the key lessons include:
1) Personal preparation is important to develop the necessary entrepreneurial and management skills.
2) Creating a comprehensive business plan is crucial to force thinking about challenges and document tasks.
3) Getting the right people onboard who are passionate and buy into the vision is essential.
4) Financial management and understanding is a major reason for business failure if incompetent.
5) Don't grow the business too big or fast before establishing proper support systems.
The document provides guidance on creating a business plan, including templates for key sections such as the executive summary, general company description, products and services, and marketing plan. It emphasizes that the process of researching and planning is most valuable, as it helps systematically think through the business idea to avoid costly mistakes. The document is a generic model that should be modified for each specific business type and circumstances.
Tim Berry discusses starting a business in 3 weeks or less. He argues that many businesses can be started quickly, pointing out that there are over 21 million businesses in the US without employees. A 2006 study found the average startup cost was about $10,000, which supports the idea that many can launch in 3 weeks. Berry notes that businesses that require large funding, building a team from scratch, prototypes, or location/facility establishment may take longer than 3 weeks. However, even those could be considered started in 3 weeks if initial legal and planning steps are taken within that timeframe. Berry advocates for a "beachhead strategy" of focusing initial strength on a small area to gain a stronghold before advancing further.
These 3 areas are the key to your sales team’s success. As a sales leader, you can not hope to manage, guide, coach or even communicate in a meaningful manner without knowing precisely where each of your sales people stand in these categories.
This document will take you through each of the 3 G.A.P. areas in detail, but it is up to you, the sales leader, to make it digestible to your team. One idea that may take some explanation is the logical, not linear nature of this process. Setting big picture as well as day-to-day goals, establishing tangible targets and grander scale objectives, will take your guidance to explain the importance of all of the pieces that are needed to succeed.
This document provides an overview of various business-related topics including common startup costs, overhead expenses, competitor analysis, mission statements, and the drawing board stage of a business. Key points covered include premises, stock, tools/equipment, and labor being major startup costs, and ongoing costs like utilities, insurance, and advisors falling under overhead expenses. Mission statements of well-known companies are provided as examples.
This document provides advice on achieving work-life balance for business owners. It discusses how working long hours can negatively impact health and social life. It suggests business owners evaluate if they are spending enough time on important non-work activities and relationships. The document then provides tips for business owners dealing with being too busy or too quiet, such as prioritizing tasks, learning to delegate, and using technology to be more efficient without being constantly connected. Maintaining flexibility and disconnecting from work periodically are presented as important for work-life balance.
Business Plans - Write Your Script Before You Have To Perform ItGeorge Marcou
This document provides guidance on creating an effective business plan. It emphasizes that planning is essential for business success and failure to plan properly can lead a business to fail. A complete business plan should include sections on the industry, company aims and vision, market research, management, operations, marketing, sales, and finances. Developing a thorough business plan allows a business owner to identify any gaps or weaknesses and remedy them before problems arise. The plan then serves as a roadmap to guide the business as it works to achieve its goals.
Ever wondered how you will develop a business plan? Here is a very descriptive template to help you come up with a strong one while not necessarily toiling to get it. You use it and give us feedback.
This pitch workbook provides entrepreneurs with guidance on how to clearly communicate their business idea to investors. It encourages entrepreneurs to think through key aspects of their business like investors will, and helps sell the idea to investors, employees, customers, and other resources. The workbook breaks down the essential structure and focus of an effective pitch, emphasizing a concise problem/solution story, demonstration of traction, and asking for the right level of investment.
This document provides information and exercises to help businesses develop strategies for improvement. It discusses developing a business vision, competitive advantages, and a one-page business plan. Tools and models are introduced for strategic planning, SWOT analysis, marketing with the 4 P's, social media strategy, growing the business, continuous improvement with PDCA cycles, driving change, and coaching skills. The goal is to help businesses identify opportunities and barriers, and develop action plans to strengthen performance.
The Core Four Business Development Activities You MUST DoHonorée Corder
The document outlines the four core daily business activities that make a measurable difference to efficiency, effectiveness, and productivity. These "Core Four" activities are: 1) Business Development, 2) Work Product, 3) Keeping Current Clients Happy, and 4) Administrative Tasks. It emphasizes focusing on these areas each day to drive business results and ensure tasks like rainmaking, billable work, client retention, and administrative functions are completed regularly. Proper focus on the Core Four is presented as key to significantly improving one's bottom line over the long run.
Today's business market is an extremely competitive place. More businesses enter the
fray all the time: for the past ten years, more than 750,000 new startups spring into
existence across North America. Unfortunately, over 60 percent of new businesses fail
in the first four years.
Why do they fail? According to a study performed by the U.S. Department of
Commerce, there are three main reasons startup businesses fold:
The document discusses succession planning for a NAPA auto parts store owner. It recommends starting succession planning early, developing a strategy that may involve transferring the business to a family member, key employee, or outside buyer. The owner should prepare the business for transition by keeping it profitable and maintaining strong financial records to maximize sale value and minimize taxes. Various equity plans are described to help develop key employees as potential successors or new owners through restricted stock, stock appreciation rights, or phantom equity agreements.
During this session we define what a business plan is and it's uses and benefits. We provide a framework to follow when developing your plan that helps you go through all the key elements to ensure that you have a concise and solid plan for investors and for your partners, employees and other stakeholders.
This business plan outline provides guidance on the key sections to include when creating a business plan. It recommends including a cover sheet with business contact details, a statement of purpose outlining the funding needs and impacts, and a table of contents. The main body should describe the business, products/services, industry overview, competition, market analysis, location factors, management team, and financial projections including sources and uses of funds, income statements, balance sheets, and cash flow statements. Supporting documents such as resumes, references, licenses and permits should also be included. The goal is to provide all relevant information to evaluate the business opportunity and funding request.
» How are you different?
» What are your competitive advantages?
Key Objective:
Help us understand how you compare to alternatives and validate your differentiation.
20
NOTES
» Identify direct and indirect competitors.
» Outline competitive landscape - who are the key players, their strengths/weaknesses, funding status.
» Position yourself relative to competitors - where do you play?
» Clearly articulate your differentiation and competitive advantages.
» Address any perceived weaknesses head-on.
» Cite third party reports, analyst coverage to validate your claims about the competitive landscape and
your position within it.
» Discuss barriers to entry for potential new competitors.
- What are
This document provides guidance on writing an effective business plan. It discusses why a business plan is important, including for evaluating feasibility, improving the probability of success, and communicating the business idea to potential investors or lenders. It outlines the typical sections of a business plan, including descriptions of the business, products/services, market analysis, marketing plan, management, and financial projections. Finally, it provides tips for writing each section and common mistakes to avoid in developing a comprehensive yet concise business plan.
This document provides guidance on starting, growing, and sustaining a business. It discusses developing a vision and mission statement to guide business decisions. It emphasizes determining customer needs and defining the business's core competencies. The document advises segmenting the market and evaluating strengths, weaknesses, opportunities, and threats. It recommends setting goals and strategic options to achieve key success factors. Finally, it stresses the importance of developing a strategic plan and turning strategies into actionable projects.
Tony Morrison outlines 21 lessons for business success based on his experience as a CEO. Some of the key lessons include:
1) Personal preparation is important to develop the necessary entrepreneurial and management skills.
2) Creating a comprehensive business plan is crucial to force thinking about challenges and document tasks.
3) Getting the right people onboard who are passionate and buy into the vision is essential.
4) Financial management and understanding is a major reason for business failure if incompetent.
5) Don't grow the business too big or fast before establishing proper support systems.
The document provides guidance on creating a business plan, including templates for key sections such as the executive summary, general company description, products and services, and marketing plan. It emphasizes that the process of researching and planning is most valuable, as it helps systematically think through the business idea to avoid costly mistakes. The document is a generic model that should be modified for each specific business type and circumstances.
Tim Berry discusses starting a business in 3 weeks or less. He argues that many businesses can be started quickly, pointing out that there are over 21 million businesses in the US without employees. A 2006 study found the average startup cost was about $10,000, which supports the idea that many can launch in 3 weeks. Berry notes that businesses that require large funding, building a team from scratch, prototypes, or location/facility establishment may take longer than 3 weeks. However, even those could be considered started in 3 weeks if initial legal and planning steps are taken within that timeframe. Berry advocates for a "beachhead strategy" of focusing initial strength on a small area to gain a stronghold before advancing further.
These 3 areas are the key to your sales team’s success. As a sales leader, you can not hope to manage, guide, coach or even communicate in a meaningful manner without knowing precisely where each of your sales people stand in these categories.
This document will take you through each of the 3 G.A.P. areas in detail, but it is up to you, the sales leader, to make it digestible to your team. One idea that may take some explanation is the logical, not linear nature of this process. Setting big picture as well as day-to-day goals, establishing tangible targets and grander scale objectives, will take your guidance to explain the importance of all of the pieces that are needed to succeed.
This document provides an overview of various business-related topics including common startup costs, overhead expenses, competitor analysis, mission statements, and the drawing board stage of a business. Key points covered include premises, stock, tools/equipment, and labor being major startup costs, and ongoing costs like utilities, insurance, and advisors falling under overhead expenses. Mission statements of well-known companies are provided as examples.
This document provides advice on achieving work-life balance for business owners. It discusses how working long hours can negatively impact health and social life. It suggests business owners evaluate if they are spending enough time on important non-work activities and relationships. The document then provides tips for business owners dealing with being too busy or too quiet, such as prioritizing tasks, learning to delegate, and using technology to be more efficient without being constantly connected. Maintaining flexibility and disconnecting from work periodically are presented as important for work-life balance.
Business Plans - Write Your Script Before You Have To Perform ItGeorge Marcou
This document provides guidance on creating an effective business plan. It emphasizes that planning is essential for business success and failure to plan properly can lead a business to fail. A complete business plan should include sections on the industry, company aims and vision, market research, management, operations, marketing, sales, and finances. Developing a thorough business plan allows a business owner to identify any gaps or weaknesses and remedy them before problems arise. The plan then serves as a roadmap to guide the business as it works to achieve its goals.
Ever wondered how you will develop a business plan? Here is a very descriptive template to help you come up with a strong one while not necessarily toiling to get it. You use it and give us feedback.
This pitch workbook provides entrepreneurs with guidance on how to clearly communicate their business idea to investors. It encourages entrepreneurs to think through key aspects of their business like investors will, and helps sell the idea to investors, employees, customers, and other resources. The workbook breaks down the essential structure and focus of an effective pitch, emphasizing a concise problem/solution story, demonstration of traction, and asking for the right level of investment.
This document provides information and exercises to help businesses develop strategies for improvement. It discusses developing a business vision, competitive advantages, and a one-page business plan. Tools and models are introduced for strategic planning, SWOT analysis, marketing with the 4 P's, social media strategy, growing the business, continuous improvement with PDCA cycles, driving change, and coaching skills. The goal is to help businesses identify opportunities and barriers, and develop action plans to strengthen performance.
The Core Four Business Development Activities You MUST DoHonorée Corder
The document outlines the four core daily business activities that make a measurable difference to efficiency, effectiveness, and productivity. These "Core Four" activities are: 1) Business Development, 2) Work Product, 3) Keeping Current Clients Happy, and 4) Administrative Tasks. It emphasizes focusing on these areas each day to drive business results and ensure tasks like rainmaking, billable work, client retention, and administrative functions are completed regularly. Proper focus on the Core Four is presented as key to significantly improving one's bottom line over the long run.
The document appears to be notes for a book on web application security. It includes an index listing chapter topics such as HTTP, sessions, and the same origin policy. Chapter sections discuss the basics of HTTP requests and responses, status codes, headers, methods, and REST vs SOAP. Other topics covered include how sessions are implemented using cookies to maintain state, same origin policy restrictions, and an appendix about TLS/SSL.
O documento discute as causas da corrosão das armaduras em estruturas de concreto, incluindo insuficiência ou má qualidade do concreto de recobrimento, presença de cloretos e carbonatação. Ele também fornece detalhes sobre como a corrosão afeta o concreto e as armaduras e boas práticas para prevenir a corrosão, como o uso de aço galvanizado e inibidores de corrosão.
El documento presenta un listado provisional de clase para el curso de Administración Financiera II a impartirse los lunes y martes de 18:00 a 20:00 en los salones AG103 y AN301 respectivamente. El docente a cargo es Ivan Enrique Villamizar Rodríguez e incluye los nombres de 13 estudiantes matriculados en el curso.
The document describes the United Nations Global Marketplace (UNGM), which is a procurement portal that allows vendors to register with 27 UN organizations through a single registration process in order to participate in UN business opportunities and contracts worth over $16.1 billion annually. Vendors can create a free profile on UNGM to showcase their products and services to thousands of UN procurement staff and be notified of relevant tenders through the optional Tender Alert Service subscription.
This IBM specification extends the policy subject attachment semantics as defined in WS-PolicyAttachment v1.5 framework. It provides standardization across Policy Enforcement and Policy Administration platforms for describing policies that should be applied to specific consumers of a service. The specification defines a new policy subject domain (MessageContent) that defines policy attachment filtering based on the content of messages (which complements the use of web services attachment semantics, such as WSDL 1.1 Element Identifers). WebSphere DataPower provides support for this specification starting with release 5.0. http://ibm.co/11KJTd
El documento presenta los sueños y aspiraciones de un estudiante de la Universidad del Atlántico sobre su institución. El estudiante sueña con aulas bien equipadas y con buenas condiciones para el aprendizaje, y con una universidad que sea pionera en la resolución de problemas sociales y en el desarrollo de competencias para que los estudiantes sean competitivos a nivel mundial.
O documento fornece um tutorial básico sobre como usar o editor de vídeo Kdenlive, explicando como iniciar um projeto, adicionar clipes de vídeo e áudio, criar transições, e exportar o vídeo finalizado.
7 International agreements so you can compete any where in the world.
The only MBA in Peru delivered completely in English that allows you to do the first academic year in Lima and the second at a prestigious university in the USA, Germany, France or Belgium. This innovative structure will help you acquire a global vision and gain valuable international management experience.
Know more
http://www.esan.edu.pe/mba/international/
The document discusses the winners and finalists of various awards for marketing, advertising, and media professionals in Latin America. It provides the names and job titles of individuals and companies that were finalists or winners in categories like top marketer, top social influencer, top online video campaign, and top digital innovator. Charts show the results of online polls for some of the categories.
Dubai se encuentra en la costa del golfo Pérsico en los Emiratos Árabes Unidos. Su economía depende principalmente del comercio y los servicios como el turismo en lugar del petróleo. Dubai tiene una superficie de 4,113 kilómetros cuadrados y contiene palmeras datileras, lirios y animales como el dugongo. El arte y la literatura en Dubai están sujetos a la censura en temas como la homosexualidad y las drogas.
Este documento lista 16 sitios web relacionados con el Islam y la cultura tamil. Los sitios web cubren una variedad de temas como educación islámica, corán, matrimonio, ética y espiritualidad.
This document provides instructions for applying to compete in the Champion Shot Army Competition taking place from May 11-17, 2015. It specifies that the application deadline is March 30, 2015 and that entry is restricted to 20 individual competitors who have achieved a score of 200 or better on a live fire practice (LF6) using specific firearms between June 2014 and March 2015. It lists contact information for submitting applications and details what must be included like qualifying scores and signatures.
Startup Guide - Everything You Need To Know To Start & GrowAamir Qutub
Since the turn of the century, small startup ideas—Uber, Twitter, Instagram, Airbnb, to name a few—have been scaled into technology giants. Could you imagine a day without scrolling social media? Or jumping in an Uber to the airport? Startups have disrupted industries by focusing on cutting-edge technology, the sharing economy, and social media. Startups also have the potential to influence and transform industries of the future. So, leap into the start-up world with fresh ideas and a desire to change the world.
Learn more from the video on my Youtube Page:
https://www.youtube.com/watch?v=EmVlN3xei4w&t=80s
The document discusses the key components of a successful business plan. It identifies the three primary functions of a business plan as an action plan, road map, and sales tool. It provides guidance on the essential elements that should be included in a business plan, such as an executive summary, company overview, product/service description, market analysis, marketing plan, financial plan, management plan, and funding requests. It emphasizes that a well-researched and comprehensive business plan is important for evaluating the feasibility of a new business idea, communicating the concept to potential investors or partners, and providing an operating plan to help ensure success.
TGPowerhouse is a consulting firm that partners with businesses to help accomplish their vision. They identify immediate solutions to increase profits and cash flow, develop strategies to strengthen competitive positioning through differentiation and cost reduction, and partner with clients to implement plans. TGPowerhouse works with medium-sized companies, focusing on sustainable growth and helping clients maintain a competitive advantage through results.
This document discusses business planning and the importance of experimentation. It begins by outlining what will be covered in the business planning module, including getting back to basics on business plans, debunking common myths, improving plans over time, and learning from experimentation. It then discusses what business plans are and why they are important, addressing myths around business planning. The document emphasizes that while planning is important, experimentation is also critical for building resilient businesses and planning for difficulties. Business plans should incorporate learning from previous attempts and focus on addressing investors' main concerns around the executive summary, management team, and financials. Overall, the document promotes balancing thorough planning with a willingness to test assumptions and adapt plans based on real-world feedback
In this 1 hour webinar hosted by BizCentral USA, we discuss the ways to use and update your business plan to be most effective for your small business! For more information on business plans, please visit: http://bizcentralusa.com/businessplan.php
TGPowerhouse (TGPw) is committed to the sustainable growth in the value of your company. We focus on medium-sized companies, mostly.
We are unlike any traditional consultancy: we focus on implementation.
We help you to reflect on the challenges of your business, your needs and what you want to accomplish.
We work to differentiate your business and enable your company to sustain a competitive position, visible on its results.
We partner with you in the implementation, including the internationalization of your business or the attraction of Strategic Partner. We manage the business, when necessary.
If you are considering or planning to initiate business in Brazil, TGPowerhouse is your “Business GPS”.
We ensure that you have a " Smart Landing " in Brazil.
This presentation will help you understand how to:
Develop short- mid- and long-term business, sales and marketing goals and related objectives
Prepare your corporate Mission and Vision statement
Understand brand positioning and its importance
Recognize ideal target clients
Determine competitive factors that affect your market position
Define the elements that will shape your marketing budget
TGPw - Your Business GPS to Brazil - vMar16François Nadas
This document provides guidance and advice for a company looking to enter the Brazilian market. It begins by outlining key questions to consider regarding competitors, profit margins, technology trends, regulations, and more. It then cautions that Brazil poses challenges and recommends conducting thorough market research and partnering with a local firm. The remainder details a three-step "Smart Landing" process: 1) a feasibility assessment, 2) developing an entry strategy and business model, and 3) implementing the strategy, which the firm offers to do. The goal is to maximize chances of success in Brazil by avoiding costly mistakes.
Brazil is very attractive, but a challenge not for beginners. However, you can count on TGPw for a “Smart Landing”. TGPw is different from any consulting firm, as we focus on implementing our solutions. We are senior executives with a proven track record of results and extensive experience in managing companies in Brazil and abroad. We will work together with you to develop the entry Strategy, adjust the Business Model e design the local organization. We will partner with you for the execution of the defined strategy, including running the startup if you wish
Module 3 business planning with benefit of hindsightrestartplatform
This document provides information about business planning and experimentation. It discusses the importance of business planning, but also notes that experimentation may be a better approach in some cases. Business plans are important for setting goals and evaluating progress, but they do not guarantee success. The document outlines common myths about business planning, such as the idea that plans are only for startups or only needed for raising capital. It emphasizes that plans should be concise and focus on key questions like the problem being solved, target customers, competition, and financial projections. Overall, the document suggests that while planning is valuable, experimenting and getting early customer feedback may be lower risk approaches in some sectors compared to traditional business planning models.
This document provides an overview of a process for repeatable business development and growth. It outlines key steps in the process including developing a clear vision, assessing strengths/weaknesses and opportunities/threats, defining a unique value proposition, creating a business development plan, executing the plan, using best practices, and measuring results. The overall message is that having a well-defined, repeatable process is critical for ongoing business growth rather than relying only on sporadic marketing and sales activities.
The document discusses frameworks for early stage company growth, covering topics such as crossing the chasm model, hype curve, and the 8 fundamental parts of company building: idea, team, customer development, market development, business plan, operations, product, and fundraising. It provides guidance on validating ideas, building a strong team, gathering customer feedback, developing markets, creating business plans, running operations, and targeting the right investors at different stages. The overall message is that all parts are important for startup success, and companies should learn and iterate constantly.
This document provides information on creating an effective business plan. It outlines key reasons for developing a business plan, including attracting investors, determining financial needs, and monitoring business progress. An effective business plan typically includes sections on the business overview, marketing plan, financial management plan, operations management plan, and background of the management team. The document emphasizes that a business plan should clearly describe the business idea, target market, resource requirements, and risks/rewards to establish credibility and secure necessary funding.
The document provides guidance on developing an entrepreneurial mindset and testing business ideas. It discusses defining critical assumptions about market demand, available resources, and personal passion for an idea. It then recommends running tests to validate or invalidate those assumptions by speaking to customers and partners, learning from others' experiences, creating prototypes, and selling a minimum viable product to collect feedback. The goal is to avoid business failures by gaining real-world feedback early to determine if assumptions prove incorrect.
The first of three capability building seminars for the Northern Ireland Food & Drink sector. This session looks at strategic planning, when, how and why you need to do it (whatever your business).
The document discusses developing a business development strategy and 2009 business plan. It focuses on reviewing performance in 2008, identifying trends and areas for improvement, conducting a SWOT analysis, defining target market sectors and key clients, developing a pricing strategy, analyzing competitors, and setting achievable yet aggressive production goals with accountability measures. The overall goal is to use the strategic planning process to guide business growth and access funding in the new year.
Similar to ATB Business: Growth Guide, for existing business owners (20)
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
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How to Implement a Real Estate CRM SoftwareSalesTown
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Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...Aleksey Savkin
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On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
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HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf46adnanshahzad
How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
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Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
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ATB Business: Growth Guide, for existing business owners
1. ATB Business • LEARN
Grow Your Business:
Steps for Success from ATB
Taking it to the Next Level: An Introduction 2
Your Vision Revisited 3
Analyze the Present 6
Sales and Marketing: The Drivers of Success 8
Know Your Numbers 15
Support Your Success with Systems 21
Your People Make it Happen 26
Strategize the Future with a Plan 28
It’s Time for Action 30
Helpful Resources 31
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
2. ATB Business • LEARN
Taking it to the Next Level:
An Introduction
Congratulations! Your business is up and running. You have sales and employees, and you’re well on your way to
moving toward the next step.
Growing a business is a lot of work. It takes time to establish yourself in the market. After operating for a few years,
many businesses experience slow or stagnant growth. To ensure your business is thriving well into the future, you
need to start planning now.
This guide is about breaking beyond the slow and steady game. It’s about building the strategies, tactics and
resources you need to take your business to the next level.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
3. ATB Business • LEARN
1. Your Vision Revisited
In order for your company to be successful, it must evolve—but, certain elements must evolve, while others stay the
same. As the person guiding your business, you need to understand what needs to be changed to gain more success,
but also what may threaten success if changed. Each section of this guide encourages ideas of how to grow your
business. It’s up to you to decide what to act on. The best place to start is with your vision.
Your personal vision
Since you first began your business, your life may have changed. You may have children now, and want more time at
home. Maybe semi-retirement is appealing, or you want more out of the business financially so you can purchase
additional things—like a cottage to relax in. Before you plan your corporate vision, be clear on your personal vision
for the coming years. Answer these and other questions:
• How much time do you want to spend at work?
• Do you want to travel more than you have been?
• How much money do you want to take home?
• Are you frustrated by not getting to the gym often enough?
• Is childcare a concern for your family?
• Do you want to sell your business in the next few years?
By answering questions like these, you can develop a vision for your personal life over the next few years. As an
entrepreneur, you are in a position to develop your business to serve your personal vision.
Your business vision
With a clear personal vision in mind, now it’s time to think about your business vision. This information will be shared
with others so, while your personal vision will impact it, it shouldn’t be defined by it.
Begin by describing the future in terms of your company’s:
• Core values
• Main products
• Primary markets
• Financial goals
• Position in the industry
• Culture
• Future (What will your business look like in one, three and five years?)
With this information, write a few sentences describing the vision for your company.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
4. ATB Business • LEARN
Example of a corporate vision:
Within the next five years, we want to become the provincial leader in quality widgets, while valuing honest,
supportive relationships with our employees and clients. We are committed to continual innovation, team work, and
taking a leadership role in our industry to ensure that we earn customer respect and loyalty.
S.M.A.R.T. goals
You need goals to grow your business. Establish goals that serve both your personal and corporate visions. Define
sales targets, the number of hours you want to work in a week, or the timing for a new product launch. Whatever
goals you set, make sure that they are S.M.A.R.T.
• Specific – Identify who will help, how it will be done, where and when.
• Measurable – Establish benchmarks to measure your success.
• Agreed upon – Get buy-in from all those involved.
• Realistic – Set goals that can be achieved.
• Timely – Establish deadlines.
Examples of SMART goals:
• To grow my sales by 5% within the next three months
• To reduce my expenses by 10% over the next year
With the goals set, it’s time to work on the strategies to get you there.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
5. ATB Business • LEARN
2. Analyze the Present
Before creating big plans for the future, you need to analyze the present to discover what’s working and what isn’t.
You need to know where your greatest opportunities for more success lie.
Do a S.W.O.T analysis
Most likely, you address S.W.O.T (strengths, weaknesses, opportunities and threats) issues every day. It’s just the
nature of business. However, it’s worth taking the time to sit down and do one comprehensive analysis. By going
through the process of identifying your strengths, weaknesses, opportunities and threats, you will expand your
understanding of your position in the marketplace and organize the information in a way that is useful. This ‘gut
check’ also shows financial backers you’ve done your research, plus helps identify your competitive advantage.
Strengths
• What advantages do you have over your competitors?
• What expertise do you have?
• What makes your products or services unique?
• What resources do you possess?
• What do customers identify as your strengths?
Weaknesses
• What resources do you lack?
• Do you need more financing?
• Do you need marketing or management expertise?
• Is your location a problem?
• Do your employees lack training?
Opportunities
• Where are the opportunities for growth in your industry?
• Is expansion possible via franchising or exporting?
• Is there a niche you can dominate?
• What positive trends could influence your business?
• Is there an opportunity to take a leadership role in your industry association?
Threats
• What trends are taking place that could affect your business negatively?
• What is happening with the economy that could affect your business?
• Are there legal issues pending?
• What are competitors doing that could affect you?
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
6. ATB Business • LEARN
Your unique selling proposition
What makes you different? Your unique selling proposition (USP) is what sets you apart from the competition. It’s the
answer to “why should I do business with you?”, and is a key component of your marketing strategy, business model,
and business plan. This ties into your S.W.O.T. analysis by addressing weaknesses and threats, while also capitalizing
strengths and opportunities.
Your USP can be one or many things including:
• Internal experts who offer added value to customers
• A lower price due to your lower cost production methods
• Better access to raw materials, making you a more reliable supplier
• Faster delivery
• An automated order and tracking system
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
7. ATB Business • LEARN
3. Sales and Marketing:
The Drivers of Success
You know your goals. You know what sales targets you want to reach. Now it’s time to build the sales and marketing
plan to get you there.
Get the fundamentals right.
There are only four basic ways to increase sales:
1. Attract new customers.
2. Keep your existing customers.
3. Help customers buy more.
4. Help customers buy more often.
You can see that three of these methods rely on current customers, but interestingly, finding new customers is listed
as number one.
Current customers are critical to sales because it’s easier to sell more to a loyal customer than it is to find a new one.
As the 80/20 rule states: 80% of your sales will come from approximately 20% of your customers, so keep them happy.
New customers are critical as well because, whether it’s within your control or not, there will always be customer
attrition. Customers must be replaced, and to grow your sales significantly, new customers must be found. Let’s start
by looking at who you want as customers.
Define your ideal customer.
Now that you have a few years’ experience, you have the data to analyze which customers are most profitable. These
are the kind the customers you want.
Generally speaking, you want to work with customers that frequently buy your products with the greatest profit
margin. You also want the customers that have a relatively low cost of sale and don’t drain your company’s resources
by demanding a lot of after-sales attention. Dig into your database to find them.
Once you’ve identified your top customers, find out their commonalities. Are they all in one geographic area? If they
are businesses, are they of a certain size, industry or title? Do all the people buying have similar needs in terms of
when they buy, how they buy and why they buy? Look for the details to clearly define who will be your best
prospects so that you can focus your sales efforts in the right direction.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
8. ATB Business • LEARN
Identify new markets.
Companies frequently discover new markets for established products. Talk to your customers individually and survey
them collectively to see how they use your products, whether they see new applications for them, and if they would
like modifications. A regular survey shows that you care about their concerns, and you might uncover significant new
sales and development opportunities. There are free online resources like Survey Monkey that can help you conduct
and organize your research online. When you’ve finished your research, look at what the numbers mean. Ask yourself,
“so what” in order to find the implications the research will have on your business.
A marketing plan for growth
Now that you’ve identified the value you bring to customers and who your ideal customers are, it’s time to review and
update your marketing plan. Every company will have different issues to address. Here are the main areas you should
look at closely:
Branding
Is your brand an appropriate reflection of your corporate vision, products and target market? Look at your brand in
terms of:
• Messaging - What are the key messages that employees and customers should receive about your brand? Is the
message that you’re a young, hip company that delivers X, or that you’re an established family business with deep
roots that delivers Y? Know and communicate your message clearly.
• Employees - Is the work environment, company policies and communications style consistent with your brand?
They should be.
• Customers - Do they feel your brand through every interaction? Your brand should be clear in many small details,
including the way your phone is answered, how your products are delivered—even the clothes your employees wear.
• Logo and colours – Do they reflect the image you’re trying to create? If it’s been more than a few years since you’ve
had them done, consider updating them to ensure they look up-to-date and professional.
To effectively communicate your brand, you must keep all of these elements consistent.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
9. ATB Business • LEARN
Marketing channels
What are the most effective ways to communicate your message to customers and prospects? Consider:
• Your website - Often, it’s the first point of contact for customers, so it must be effective. Your site should be:
• Fast loading - It should load in less than 5 seconds.
• Visually appealing - Websites need to be updated every few years to look current.
• Easy to navigate - Visitors must find what they need quickly or they’ll leave.
• SEO optimized - It should be found on page one of Google’s search results for the keywords that customers will
likely use to find you online.
• Customer friendly - Include a 1-800 number in the upper left corner, and accept a variety of payment systems if
you’re selling online.
• Networking - This has a low financial cost, but takes time. The outcome can be strong, valuable relationships.
• Know your elevator pitch - Be able to describe your business in just one sentence.
• Attend networking events - Industry association meetings and entrepreneur networks are great for this.
• Ask questions - Don’t shake hands and tell someone your elevator pitch when you first meet them. Take your
time. Ask questions about their business first.
• Attend regularly - People trust those who they get to know.
• Social media - There is no financial cost to participate in social media, but it does take time.
• Develop a social media strategy.
• Decide which platforms are right for your market. Depending on the type of business you operate, some may be
more beneficial to you than others.
• Dedicate time every day to social media.
• Leverage bloggers and other content creators. These individuals have the loyalty and trust of consumers and
businesses. Develop relationships with the right online personalities to lend credibility to your business and
expand your reach.
• Be patient - Don’t expect social media to turn sales for you right away.
• Public relations - Again, this is a free strategy that takes time.
• Develop a PR list - Create a database for consumer publications and trade journals.
• Send press releases - Only send out media releases on subjects that are truly newsworthy.
• Stay on top of current events in your industry - Offer the media your expertise when they need it.
• Develop relationships - Be helpful, not self-serving, and the relationships you make with journalists
will benefit you.
• Advertising & Direct Mail - These are more expensive channels.
• Repetition is important - Do not waste money on the occasional ad here or there. It takes at least three viewings
of an ad for a consumer to recognize a brand.
• Add measurement to your ad - A response mechanism, such as a discount code can help you determine if your
investment is paying off.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
10. ATB Business • LEARN
Develop your marketing budget.
It’s true. You have to spend money to make money. But given that time and financial resources are always limited, a
budget focused on delivering the highest ROI (return on investment) possible is necessary. When developing your
marketing budget, consider:
• Labour and direct costs. Don’t select the marketing channel with the lowest financial cost, only to be blindsided by
a lack of available staff or the cost of an additional employee.
• Focus on generating leads that can be converted to sales first.
• Then think in terms of brand recognition marketing.
• Identify what is essential given your market. Maybe your market only responds to direct mail. Put that on the
budget first.
• Add to your budget other tactics you want to use.
• Scale back where it makes sense in order to work within the budget you have.
• Always test and measure your marketing efforts to see what works for your business.
The constraints of a budget should ensure that you get the best bang for your marketing buck and that you generate
quality leads for sales.
Hit your sales targets
Marketing gets your brand and message in front of prospective customers, but it is your salespeople or online tools
that close the deal. This department is responsible for achieving your goals. Everyone else in the company is there to
support them. From production to finance and marketing, every aspect of your company has an impact on your
customer retention rate and new sales figures. Pay close attention to what your salespeople request. Sometimes, it
may be beyond your budget, but when they say they need something, try to find a way to help.
When developing your sales plan, pay particular attention to your:
• Database of customers and prospects - This is an important tool and should be maintained with meticulous care.
• Sales funnel - Analyze the steps most customers take before buying. This is as appropriate for online sales as it is
for face-to-face sales. Once you know how your customers buy, you’ll have the opportunity to improve their
experience each step along the way and catch anyone who may drop off. Additionally, you can anticipate how
many people will finally buy, and when they do, which is important for your cash flow forecast.
• Sales channels - The cost of sale in a face-to-face transaction is much higher than the cost of sale in an online
transaction. Know what sales channels work for your business. Try to move customers to channels that cost you
less relative to the revenue gained.
• Resources - Know what resources you need to meet your sales targets. If you have one salesperson but your
targets require three, you will need to increase your staff.
• Customer retention - Develop a strategy to retain customers. This can be a customer outreach plan or enhancing
your customer service department. Plan to keep your current customers happy and buying.
• Sales budget - Compensation of your sales staff will be your greatest expense. Develop a compensation strategy
that works for your company, and a budget that includes the cost of your sales people, the support resources they
need and your customer retention plan.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
11. ATB Business • LEARN
4. Know Your Numbers
Accounting is the bane of many entrepreneurs’ lives, but once embraced as an insight into how the business is doing,
it can be hard to stop looking at the numbers. You need to understand and watch the numbers, while focusing on
managing and growing your business. Visit http://www.atb.com/business/tools-and-resources/Pages/business-
guides.aspx#worksheets to download free financial templates from ATB.
Budgeting
Set budgets to keep your business on track to realizing your goals. Budgets help you:
• Know if you have enough money to operate your business.
• Determine if you have enough money to expand.
• Manage and monitor your expenses.
Your accountant can help you develop your budget. You’ll need to review and update it regularly.
This tool lets you know how your business performs compared to other small businesses in your industry:
(http://www.ic.gc.ca/eic/site/pp-pp.nsf/eng/h_pm00000.html)
Cash flow forecast
Start off your financial year by developing a cash flow forecast which will also need to e updated regularly. To develop
a realistic cash flow you’ll need:
• A sales forecast
• A projected cash inflow - An estimate of when your receivables will be paid
• An operating expense forecast - An estimate of when your payables must be paid
You may need your accountant to assist you with this. He/she can use previous years’ numbers to ensure that your
forecast is reasonably accurate. Your forecast should be conservative because underestimating your need for cash can
seriously hurt a business.
Know your break-even point.
With your plans for growth, you are likely taking on additional overhead in terms of staff, equipment and other
expenses. With these changes, your break-even point will change as well. Additional sales beyond this contribute to
your profit. Monitoring your break-even point as you plan for growth is an important tool to determine the viability of
your plan.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
12. ATB Business • LEARN
Analyze your annual financial statements.
At the end of your financial year, sit down with your accountant and go through your statements to determine how
you’re doing.
Gross profit = your sales revenue less the cost of making your product. Gross Profit % (GP%) is the percentage
difference between your selling price and your cost.
• How does your GP% compare to your budget?
• How does your GP% compare to last year?
• How does it compare to the industry average?
If your GP% is too low you need to increase prices or reduce your cost of sales.
Net Profit = All revenue less the cost of making the product less the cost of all overhead. Net Profit % (NP%) is the
percentage difference between revenue and all expenses.
• How does your NP% compare to your budget?
• How does your NP% compare to last year?
• How does it compare to the industry average?
If your NP% is too low you need to increase your GP% or reduce your operating expenses.
Expense Ratios - Compare total expenses to total net sales for a specific period.
• How do your expense ratios compare to your budget?
• How do your expense ratios compare to last year?
• How do your expense ratios compare to the industry average?
If your expense ratios are too high, you need to control your expenses by setting strict budgets.
Key Success Factors
Know and understand the key success factors for your industry. For example, if you operate in the retail industry, pay
close attention to inventory turnover ratios and sales per square foot. An example for the service industry would be
to measure how much revenue is generated per hour/per day etc. Knowing the key metrics for your industry will help
you see how well you’re doing compared to your competitors.
Balance sheet
This shows your company’s assets and liabilities at a specific point in time. With the help of your accountant you need
to ensure that you have a solid balance sheet, especially if you plan to raise finances. There are important ratios that
your accountant will be able to analyze to ensure they meets the requirements of the bank or other financiers.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
13. ATB Business • LEARN
Cash flow
Cash flow is one of the major causes of small business failure. These tactics will help ensure that you have enough
cash flowing through your business:
• Sell more for cash.
• Reduce your accounts receivables by collecting payments faster.
• Increase your accounts payable terms (pay more slowly but not so slowly as to endanger a supplier relationship).
• Reduce or control your operating expenses.
• Set tighter budgets for every department.
• Make cash flow your priority.
• Ensure that when making decisions for larger purchases that you understand how to mitigate the impact
on your cash flow
Decisions drive growth.
There are a number of decisions that will impact your financing needs. Some of the most common decisions that you
may come across is whether you need to rent or buy office space and whether you need to invest in more efficient
equipment. Since the choices you make will ultimately affect the future of your business, contact your ATB Business
representative for guidance on the following areas.
Investing in space
You’ve heard it before: Location, location, location! Not only is the location of your business important, but a number
of tough decisions need to be made when choosing office space. Carefully consider the decision to buy or lease space.
Pros: Cons:
Buying can build equity for the business. Large up-front capital outlay can reduce your cash-flow.
Excess space can be leased to gain additional revenues. Maintenance and repairs can be costly.
Fixed mortgage payments offer stability. Selling takes time.
Investing in equipment
In order to grow your business (and make it run more efficiently), investing in new equipment is usually required. Talk
with your ATB Business representative about the financing options that are available to you.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
14. ATB Business • LEARN
You have financing options.
If your financial forecast shows times when you will have negative cash flow, starting planning for that now. Contact
your ATB Business advisor or Relationship Manager and see what options are available.
There are a variety of options including:
• Yourself - Make a personal loan to your company to demonstrate your confidence.
• Your bank - Develop a relationship with your ATB representative so that when you do need money, they know
you and how you run your business.
• Family and friends - This category of financial resources is often great for short-term bridge financing at a very
low cost.
• Government backed loans – Speak to your ATB advisor about these.
• Angel investors - Angel investors often make higher risk investments to get a greater return. Network to find
these people. There are also directories of angel investors available online.
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)
15. ATB Business • LEARN
5. Support Your Success with Systems
Systems make it easier to run your business. They are standard procedures that are followed to complete certain tasks
such as making a widget, or tracking the payment of an invoice. Systems are carried out by people, technology, or both.
Effective systems produce consistent results regardless of who is performing the task. Think of the Big Mac at
McDonald’s or coffee at Tim Hortons. Consistent systems ensure that every customer receives the same quality of
product and that it is delivered in the most efficient way possible.
The secret to building a successful business is to build successful systems. Once proven reliable, systems can be
duplicated and you can grow and expand your business. Systems will help your business run while you sleep, play, or
work on other areas of your business.
Marketing
Marketing systems help create a consistent company image. Develop:
• A standardized marketing plan for your company, and decide how often it will be reviewed.
• A standardized image for your company, including logo, corporate colours, business cards, letterhead,
website, email etc
• Systems for customer retention and acquisition
• Consistent procedures for customer service so that every customer receives the same quality service
Sales
Sales systems are created to help close sales more efficiently. Develop:
• A checklist for the process each salesperson needs to go through to close a sale
• Standardized templates for proposals and contracts
• A list of questions salespeople should ask customers
• A standard telephone calling script
• A lead tracking system
Administration
The goal of administrative systems is to create efficient and organized processes to deal with the details of the
business. Develop:
• Standard filing procedures
• A system to keep customer records
• A standard way to invoice clients
• A checklist for operating office equipment and a record of passwords
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16. ATB Business • LEARN
People Management
People management systems are created to make the working environment as friendly and efficient
as possible. Develop:
• A simple job description for each employee
• A procedure for recruiting employees
• Standard employee interview questions
• Standardised contracts for employees and contract workers
• A standard employee review process
Financial
With proper financial systems you’ll be able to account for every dollar in your business and ensure that your
accountant and the Canada Revenue Agency are kept happy. Focus on:
• Accounting procedures
• Guidelines for managing accounts payable and receivable
• Banking policies and procedures
• Standardized financial statements and ratios to be measured
Technology
Successful business owners use technology to save money and so should you. You want to standardize your
hardware, software and cloud-based technology to manage your business. You need guidelines for your website and
email as well as a social media policy. You should also use the latest technology trends to improve the efficiencies of
your business. Here are a few trends to watch.
• Cloud computing is like timeshare for computing power and software. Want to back up your data? Do it in the
cloud and never have to upgrade your backup hardware again. Want accounting software? Buy a cloud version and
the upgrades will occur automatically. You pay on a monthly basis, thereby avoiding a large cash outlay, and you
get IT support as you go. In addition, it’s scalable. You can expand the capability of your cloud product as your
business grows.
• Free trials and free versions of software (which you may need to upgrade to paid versions as you grow) are
common with cloud computing options, although they are not completely free. To test the system, you must first
invest your time. Once you’re along the learning curve you will not be so inclined to change tools, so research your
choice carefully.
• Mobile computing continues to grow with many software products having mobile versions. Tools and applications
are being developed specifically for mobile devices.
• Collaboration tools are platforms that allow people in various locations to share information and develop
documents and products collaboratively.
• Social media continues to grow quickly and will be covered in the marketing section.
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Great technology tools to consider:
• WordPress is a free platform that was originally designed for blogs but is now frequently used for full websites.
With free templates, WordPress can be a DIY solution for the entrepreneur who wants to roll up their sleeves, learn
the technology and create their own website.
• Google Analytics is a free tool that helps you understand what’s happening with your website. It can tell you how
people arrive on your site, what pages they visit, how long they stay and more. With this information, you can
optimize your site for greater success.
• FreshBooks and QuickBooks are accounting software tools offered as cloud computing. FreshBooks is free for up
to three clients.
• Google Apps and Microsoft Office 365 are both collaboration tools that allow you to share documents and
information. Some Google apps, like Google Docs, are free, while the integrated Microsoft Office 365 solution is
priced very low and offers a free trial.
• VOIP (Voice Over Internet Protocol) is a low cost telephone solution that uses your high speed internet
connection instead of traditional phone lines. Long distance and 1-800 numbers are available at a fraction of the
cost of regular phone services.
• Smartphone technology is driving the mobile app revolution and allowing entrepreneurs the freedom to do
business just about everywhere. Many cloud computing solutions offer mobile options.
• Dropbox offers an easy way to share files, even very large files, which is a challenge via email. The entry level
version, which is quite robust, is free.
• Skype and Google Hangout are free audio/video conferencing tools that are great for client and small team
meetings. Google Hangout is part of the Google+ platform.
• Salesforce is a cloud-based sales management tool that’s good for basic contact management for one person or
for teams.
Operations Manual
All your systems, policies and procedures should be documented in your Company Operations Manual. Your
operations manual is to be used to train new employees and ensure existing employees stick to the system. Your
systems should be reviewed regularly to ensure they’re current. When you decide to sell your business, your
Operations Manual will be an asset, as it will enable the new owner to manage the business just as well as you by
following the system.
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6. Your People Make it Happen
Finally, make sure that you have the people power to achieve your goals. This has been touched on at various points
in this guide, but the quality of the people you have working for you is so important, so it requires a section unto itself.
Determine your HR requirements.
As you have done with all other aspects of your business, evaluate whether you have the staff you need to meet your
goals. Look for the gaps to determine the type of person you need to hire and train, and when you need them to be
proficient at their job.
Consider HR alternatives.
Just because you need additional people to support your growth, does not mean that you have to hire staff. Consider:
• Freelancers
• Part-time employees
• Contract workers
• Outsourcing companies
• Partnerships with other companies
• Your network (Did you know that LinkedIn is the #1 vehicle for recruiting?)
Hiring best practices
Regardless of how you plan to expand your human resource capacity, follow these practices to ensure you have the
best of the best:
• Develop a corporate culture that attracts people. Make your company a place where people want to work.
• Place a “Hiring” section on your website to attract employees who already know and are interested in your
company.
• Use your network and that of your employees to recruit people. It will be less expensive to compensate an
employee for a successful hire than to pay an agency.
• Clearly define the job and the skills, aptitude and attitude needed to be successful at it.
• In the interview, ask the candidate for specific examples of how they have used the skills you want for the job
rather than asking if they have them.
• Get a second opinion. Ask other employees or trusted advisors to sit in on the interviews with you.
Invest in your people with training.
In order for people to perform well, they need job training as well as company training. In other words, they need to
be trained on the way you want them to perform their job and how you want them to work within the company. Your
operations manual will help.
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7. Strategize the Future with a Plan
It’s time to have a fresh look at your Business Plan. The work done in the previous sections will inform your writing of
the plan.
Update your business plan.
A business plan will guide you to where you want your business to be at the end of the year, or in three years or five
http://www.atb.com/SiteCollectionDocuments/Business/resources/ATB_business_plan.pdf to take you through the
process. If you’ve already used the ATB Business Plan Builder, focus on updating these sections in this order:
1. Update your vision.
2. Drop your S.W.O.T. analysis into that section of the plan.
3. Use the results of your S.W.O.T analysis and your USP to update your Products and Services section. If you’re
planning a new product launch, the information on that product goes here.
4. Refine your target market with an analysis of your ideal customer.
5. Update your marketing and sales plans with new strategies on branding, website and promotional tools, sales
methods, etc.
6. Continue through the business plan updating the information with the new strategies, tactics, resources and
financial forecasts that show how you will get to your goals. Pay close attention to your cash flow forecast to ensure
that you have the financing required to achieve your goals.
7. Go back to the beginning of the plan and update the Executive Summary.
Your Business Plan in Action
A plan doesn’t work unless it’s acted on. You need to create a timeline and assign responsibility for the completion of
each task. A simple way to do this is to:
• Get colour-coded sticky notes and a very large wall.
• Assign sales, marketing, finance, production, etc. Each department gets a different colour sticky note.
• Write the tasks to be completed in each category on individual sticky notes in the appropriate colour.
• Establish a monthly timeline along the top of the wall.
• Place the tasks at the appropriate point in the timeline, with each colour/category on its own horizontal plane.
• Notice the conflicts. With this large visual, you will be able to see when financing needs to come in, why the
website has to be rebuilt earlier than you thought and similar types of issues.
• Once you have all the sticky notes in the right order on the timeline, assign responsibilities for the tasks. Again,
having this large visual will ensure that you don’t over-assign one person and under-assign another.
• Identify the gaps in your human, technical and financial resources. You need to plan for these.
• Using a project management tool or simply a spreadsheet, capture the information so that everyone has a record
of the big picture and their individual roles and responsibilities within it.
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It’s Time for Action
Planning is exciting, but reaching your goals is even more so. As you evaluate all you need to implement your plan,
don’t forget to consider yourself in the mix. You can’t work 24/7, and in order to grow your business, you need to
grow as a business person too.
Invest in yourself:
• Plan time to read business books, network and recharge.
• Expand your advisory network. The advisors you had at startup may not be who you need for growth.
• Review your time management practices and issues. Everyone has some flaws in how they manage their time.
These may not have been noticeable when your company was small, but they will be as it grows. Plan to improve
how you manage your time.
Being an entrepreneur is a creative, financially rewarding career—if it is done correctly. Expand your knowledge on
the points in this guide that are particularly pertinent to your business, build your plan and put it into action.
Enjoy your success!
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Helpful Resources
10 Books Every Entrepreneur Should Read
1. Screw Business as Usual by Richard Branson
2. The Power of Habit: Why We Do What We Do in Life and Business by Charles Duhigg
3. Rework by Jason Fried
4. The E Myth Revisited by Michael Gerber
5. Guerrilla Marketing by Jay Conrad Levinson
6. Good to Great by Jim Collins
7. Tested Advertising Methods by John Caples
8. Duct Tape Marketing by John Jantsch
9. Made to Stick by Chip and Dan Heath
10. Delivering Happiness by Tony Hsieh
Government websites
http://www.canadabusiness.ca/eng/page/3425/
http://www.canadabusiness.ab.ca/index.php/operations/51-growing-your-business
Magazines and their Websites for small business
Inc.com - http://www.inc.com/
Profit Magazine - http://www.profitguide.com/
Fast Company - http://www.fastcompany.com/
Websites Referenced in Guide
Industry Canada SME Benchmarking Tool
http://www.ic.gc.ca/eic/site/pp-pp.nsf/eng/h_pm00000.html
2013 ATB Financial. All rights reserved. TM Trademarks of Alberta Treasury Branches. This guide is for illustrative purposes. (02/13)