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Will You Add? - Writing a Working Business Plan
The Marketing BridgeMarketing is the process of attracting and keeping customers. Howard J. Morgens, chairman emeritus of Procter & Gamble, called advertising "only a part of the total selling effort." Because advertising is in the foreground, he said, "It is often thought of as an entity, separate and complete in itself. It is not. It is a combination of selling functions that provides the motive power." That combination-which attracts and keeps customers and builds the consumer franchise-I call the marketing bridge. Examine every selling function of your marketing bridge from the customer's point of view to ensure customer satisfaction. Your bridge must be attractive and inviting. The journey across must be easy, pleasant, and satisfying.AdvertisingAdvertising, one of the selling functi
$ Your Income
$ Advertising/Promotion
$ Bank Fees
$ Business Insurance
$ Business Lease/Rent
$ Internet (include website, hosting etc.)
$ Supplies
$ Postage
$ Printing
$ Telephone
$ Training
$ Utilities
$ Marketing/Advertising
$ Equipment
$ Furniture
10. Networking - Who needs to know about your new venture and why? What contacts do you need to have? Why do you need to know them? What can they help you with?
Contact Management
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have yo
Consultative selling sales training courses are becoming increasingly popular. Even other sales training classes and sales coaching classes are offering consultative selling as a part of the curriculum. So, what is consultative selling? As any of these sales training courses will tell you consultative selling is a type of selling in which the selling is based on customer needs rather. It is a non-manipulative process. The focus here is not on product. Instead a client’s need is clearly defined and the client’s needs and objectives are addressed jointly.So, what is the difference between traditional selling and consultative selling? As any sales coaching manual or sales training manual will tell you in simple words, traditional selling is based on the need to sell an already existing product whereas in
A business plan is a written blueprint for your business. It describes a summary of what your business is about and it's goals. It also outlines how your business will function. The term "business plan" was first developed by bankers who wanted a detailed report of how a business would result in profits before they would make a decision on lending money. Today, no business banker will even entertain a business loan application without a business plan.
In a nutshell, the answer is yes, you really do need a business plan if you really want to build a solid foundation under your home-based business.
I guess the reason so many women procrastinate in doing a business plan is because they think they have to come up with some imaginary figures and statistics about their business which is of course very scary for anyone. This type of plan is known as an Executive Business Plan. This plan is shown to banks, SBA and other lenders who you may apply to for a substantial loan. Usually, this type of business plan must show a 3-5 year projection of how much money your business would make if they should lend you a specific sum of money. Although you will need this type of business plan should you wish to expand your business, the most important thing for you to know now is where you will be in the next 3,6,9 and 12 months. One of the best form of business plans to start out with is the "Working Business Plan". This plan answers the 5 "W's" - Who, What, Where, When and Why.
There is no pre-required length that a Working Business Plan should be. Just remember that you aren't writing to impress, you are writing to address the important issues of starting your business. This plan is just for your planning purposes and can be expanded later on into a full executive plan. The following outline will help you in processing your thoughts and writing your Working Business Plan.
1. Mission Statement - What is the goal of your business. What purpose does it serve.
2. Objective - What will the outcome be for your business as a result of your mission. (ex: K.G. enterprises will gross over $50,000 it's first year with a 5% error margin on its documents).
3. Management - Who will run the business and what qualifications does the person have. What additional skills or resources are needed? What are the names of others that might be able to serve as mentors or help you in grooming your business for success?
4. Service/Product - What products or services are being offered? How will they be produced. If you are selling a product, how much of the product will you need in stock? Do you have the start-up capital needed to purchase the produce? If no, how will you raise the capital needed?
5. Customers - Who are your customers? What area are they in? Is this a service or product they will want to buy? Do a typical profile of a repeat customer. 6. Competition - Who are your competitors? Where are they located? What are their prices? What services or products do they sell? How could you do better?
7. Marketing - How will you market your business? How much money will you need to market your business? How is your competition marketing their business? Do you need business cards, brochure, stationery, fliers etc.?
8. Office Set-up - What are your daily office procedures, what will you do each day that will result in the sale of your service or product? What bookkeeping system will you use and how often will you input your information in the system? Do you need a bookkeeper? What supplies do you need? What type of furniture do you need? What office equipment will you need? Where will your office be?
9. Finances - HOW MUCH MONEY WILL YOU NEED FOR THE FOLLOWING?
$ Your Income
$ Advertising/Promotion
$ Bank Fees
$ Business Insurance
$ Business Lease/Rent
$ Internet (include website, hosting etc.)
$ Supplies
$ Postage
$ Printing
$ Telephone
$ Training
$ Utilities
$ Marketing/Advertising
$ Equipment
$ Furniture
10. Networking - Who needs to know about your new venture and why? What contacts do you need to have? Why do you need to know them? What can they help you with?
Contact Management
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have you
In a separate article, I bashed surveys for a number of reasons.To recap briefly, they’re unreliable, slow, unrepresentative of customer sentiments at large, and there are more direct ways of tapping into customer satisfaction.One of the best ways of doing this is by asking a customer how things are going DURING the transaction, itself.One of my law professors, who helped Subway to expand across country, said you have no business owning a restaurant if you’re too shy or lazy to walk up to customers and ask, “How’s your meal?”It’s absolutely essential, he said, if you want to control quality, get valuable feedback right away, and show that you care about customer service.And it’s incredibly simple, isn’t it?There’s no paperwork to fill out, no forms to mail, nothing to
There is no pre-required length that a Working Business Plan should be. Just remember that you aren't writing to impress, you are writing to address the important issues of starting your business. This plan is just for your planning purposes and can be expanded later on into a full executive plan. The following outline will help you in processing your thoughts and writing your Working Business Plan.
1. Mission Statement - What is the goal of your business. What purpose does it serve.
2. Objective - What will the outcome be for your business as a result of your mission. (ex: K.G. enterprises will gross over $50,000 it's first year with a 5% error margin on its documents).
3. Management - Who will run the business and what qualifications does the person have. What additional skills or resources are needed? What are the names of others that might be able to serve as mentors or help you in grooming your business for success?
4. Service/Product - What products or services are being offered? How will they be produced. If you are selling a product, how much of the product will you need in stock? Do you have the start-up capital needed to purchase the produce? If no, how will you raise the capital needed?
5. Customers - Who are your customers? What area are they in? Is this a service or product they will want to buy? Do a typical profile of a repeat customer. 6. Competition - Who are your competitors? Where are they located? What are their prices? What services or products do they sell? How could you do better?
7. Marketing - How will you market your business? How much money will you need to market your business? How is your competition marketing their business? Do you need business cards, brochure, stationery, fliers etc.?
8. Office Set-up - What are your daily office procedures, what will you do each day that will result in the sale of your service or product? What bookkeeping system will you use and how often will you input your information in the system? Do you need a bookkeeper? What supplies do you need? What type of furniture do you need? What office equipment will you need? Where will your office be?
9. Finances - HOW MUCH MONEY WILL YOU NEED FOR THE FOLLOWING?
$ Your Income
$ Advertising/Promotion
$ Bank Fees
$ Business Insurance
$ Business Lease/Rent
$ Internet (include website, hosting etc.)
$ Supplies
$ Postage
$ Printing
$ Telephone
$ Training
$ Utilities
$ Marketing/Advertising
$ Equipment
$ Furniture
10. Networking - Who needs to know about your new venture and why? What contacts do you need to have? Why do you need to know them? What can they help you with?
Contact Management
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have yo
Sometimes buying a product is difficult because of the variety of models--with options, add-on items, and services--the customer must choose from in order to obtain a complete solution. Promotional materials for these products must present the choices clearly and take advantage of opportunities for cross-selling and upselling.Cross-Selling Adds More ItemsCross-selling promotes an add-on or accessory product or service that, when combined with the primary product, makes a better or complete solution. A classic example of cross-selling is the question, "Do you want fries with that?"In many cases, cross-selling involves helping customers assemble a tailored product from a variety of options. An effective cross-sell presents these options clearly and makes it easy for custome
1. Mission Statement - What is the goal of your business. What purpose does it serve.
2. Objective - What will the outcome be for your business as a result of your mission. (ex: K.G. enterprises will gross over $50,000 it's first year with a 5% error margin on its documents).
3. Management - Who will run the business and what qualifications does the person have. What additional skills or resources are needed? What are the names of others that might be able to serve as mentors or help you in grooming your business for success?
4. Service/Product - What products or services are being offered? How will they be produced. If you are selling a product, how much of the product will you need in stock? Do you have the start-up capital needed to purchase the produce? If no, how will you raise the capital needed?
5. Customers - Who are your customers? What area are they in? Is this a service or product they will want to buy? Do a typical profile of a repeat customer. 6. Competition - Who are your competitors? Where are they located? What are their prices? What services or products do they sell? How could you do better?
7. Marketing - How will you market your business? How much money will you need to market your business? How is your competition marketing their business? Do you need business cards, brochure, stationery, fliers etc.?
8. Office Set-up - What are your daily office procedures, what will you do each day that will result in the sale of your service or product? What bookkeeping system will you use and how often will you input your information in the system? Do you need a bookkeeper? What supplies do you need? What type of furniture do you need? What office equipment will you need? Where will your office be?
9. Finances - HOW MUCH MONEY WILL YOU NEED FOR THE FOLLOWING?
$ Your Income
$ Advertising/Promotion
$ Bank Fees
$ Business Insurance
$ Business Lease/Rent
$ Internet (include website, hosting etc.)
$ Supplies
$ Postage
$ Printing
$ Telephone
$ Training
$ Utilities
$ Marketing/Advertising
$ Equipment
$ Furniture
10. Networking - Who needs to know about your new venture and why? What contacts do you need to have? Why do you need to know them? What can they help you with?
Contact Management
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have yo
A well-planned and properly executed marketing program should include a sufficient commitment of capital resources to an on-going, well executed advertising program. Yes, this includes your business.Businesses spend too many dollars, however, on ads that simply will not result in increased sales and profits. These ads are poorly conceived, poorly written, poorly designed, poorly targeted, and poorly placed.Sounds like a poor way to do business, doesn’t it?I often ask clients (as tactfully as possible), why they have run a particular ad. I get a lot of blank stares. A few tense moments will pass while the client tries to think of a clever answer. "To get the company name out in front of the public so I can get more business." they reply, with some relief.This poor soul has just desc
7. Marketing - How will you market your business? How much money will you need to market your business? How is your competition marketing their business? Do you need business cards, brochure, stationery, fliers etc.?
8. Office Set-up - What are your daily office procedures, what will you do each day that will result in the sale of your service or product? What bookkeeping system will you use and how often will you input your information in the system? Do you need a bookkeeper? What supplies do you need? What type of furniture do you need? What office equipment will you need? Where will your office be?
9. Finances - HOW MUCH MONEY WILL YOU NEED FOR THE FOLLOWING?
$ Your Income
$ Advertising/Promotion
$ Bank Fees
$ Business Insurance
$ Business Lease/Rent
$ Internet (include website, hosting etc.)
$ Supplies
$ Postage
$ Printing
$ Telephone
$ Training
$ Utilities
$ Marketing/Advertising
$ Equipment
$ Furniture
10. Networking - Who needs to know about your new venture and why? What contacts do you need to have? Why do you need to know them? What can they help you with?
Contact Management
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have yo
Going into business as a private investigator for the long term will require careful planning in the initial stages. You'll want to ensure the business gets off to the right start, and is able to compete successfully in what is becoming a tough arena.Private Investigator Business PlanAre you going it alone, going into busines with one or more partners, working from home or setting up office in your town or city? These are some of the questions you'll be faced with. Other areas of importance include a marketing plan and financial plan, resource plan and production plan.Start Up CostsObviously if you are going into business alone and using your home as your office base then you'll cut down on starting costs. Costs become a factor when you intend renting office space and going into pa
$ Your Income
$ Advertising/Promotion
$ Bank Fees
$ Business Insurance
$ Business Lease/Rent
$ Internet (include website, hosting etc.)
$ Supplies
$ Postage
$ Printing
$ Telephone
$ Training
$ Utilities
$ Marketing/Advertising
$ Equipment
$ Furniture
10. Networking - Who needs to know about your new venture and why? What contacts do you need to have? Why do you need to know them? What can they help you with?
Contact Management
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have you must be willing to update your system at least twice per week.
Evaluate how you will manage you contact system. Make sure to schedule this in your planner or palm.
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have you must be willing to update your system at least twice per week. Evaluate how you will manage you contact system. Make sure to schedule this in your planner or palm.
11. Sales - The number of clients you service or products you sale will give you a true picture as to whether or not you are having success with your business. But first, you must have a measurable sales goal in achieving this success. Start by evaluating where you want to be in sales for the first 3 months, 6, months, 9 months or one year. By doing this you will be able to re-evaluate your business plan every three months and determine if you need to improve in marketing etc.
12. Starting Date - Set a starting date for when you want to begin your business or put into place this working business plan. Make sure you have printed material available for all services or products offered. Also evaluate and follow-up with yourself daily for the first month to ensure that you are following your own plan. After 30 days, follow-up on a weekly basis and then monthly from that point on.
13. Remember, no plan will work unless you are willing to put it into action!
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