Archives for posts with tag: Strategy Planning

10 Things That Build Business Value!!

March 25, 2010 //
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Thinking of selling?  Expanding?  Secure Funding?  Retire?  Other?

 10 Things That Build Business Value!!

 1. Establish your brand in the marketplace.

 2. Develop your operations manual. Put systems into place that will let your business maintain or grow in your absence.  

3. Be vigil in keeping your books current; showing accurate, clearly identified and consistent records.  (Remember, besides it ultimately making you more successful, a potential buyer or auditor might be looking at them any day.)

 4. Expand your individual client lists, your networking sources, and especially protect your reputation. Your reputation and your company’s reputation are identified as being the same.

 5. Take care of your intellectual property: trademarks, patents, etc.

 6. If you have any outstanding tax issues, take care of them ASAP.

 7. Give a good first impression – the business should always look clean, businesslike, and attractive when anyone walks in.  Specific maintenance duties should be included in every job description, e.g. keeping trash emptied, personal items out of sight, etc.

 8. At least quarterly, review that your legal paperwork is being maintained.

9. Update your business plan weekly or monthly as well as your expected future projections.  Maintain your business plan as if a buyer might walk in the door any day with an outrageously large offer – IF you can hand it over your current business plan and books for review Right Then. 

 10. Obtain a realistic picture of the value* of your company, noting that specific actions you take with the above can increase its value. Despite all of the things you hear, there are no set formulas in determining your company’s value.

 *Determining the value of a business will depend upon several things including, but not limited to, company assets; net profits the business is showing now and in the past; feasibility of further growth or expansion of the business; location.   If the goal is to sell – the recent sold price other area businesses in that industry will need to be taken into account, but only as one variable.

 Compliments of Lew West Business Consultants
http://www.lewwest.com/   Blog – http://www.mynext30.com/

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Categories business growth, Business Planning, Entrepreneurs, Management, Pricing

What Do You Do If You Have a Great Concept But Need Funding?

February 21, 2010 //
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What Do You Do If You Have a Great Concept But Need Funding? 

You have a new “Concept” or “Idea”.  Congratulations!  Now what do you do?

If the acquisition of capital is your primary goal for your business, then let’s take a step back and see what you need to do.

Many entrepreneurs become so excited with their New Concept they mentally start banking their money – but oops, they don’t have any money.  No problem. They’ll shop their great new concept to the highest bidder, get enough to pay-off their debts, hire the necessary personnel to run the new piece of business and still have a healthy operating budget.  Sounds doable, right?   

And Why Not?  It seems you read about these kinds of successes all the time, don’t you!? 

While you should “never say never”, the reality of the odds playing out, as described above, are right up there with winning the national lottery.  The good news is there are ways to better those odds.

Read the rest of this entry »

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Categories Business Plans, Entrepreneurs, Funding Sources, Strategy Planning, Tips to Get Funds

5 Basic Steps Defined for Long-Term Profitability

January 31, 2010 //
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5 Basic Steps Defined for Long-Term Profitability

In case you hadn’t noticed, many articles, experts, textbooks, etc. tell you that you are “confused” if you don’t subscribe to their particular definition of business terms.  I too have my set of definitions, and because this is my Blog you will find them listed below.

Please understand that my definitions, along with everybody else’s, are only words.  To each of us, in our attempt to convey those illusive, intangible concepts of business success, believe our words best describe them. 

The important thing, however, is that You are able to grasp the basic key concepts necessary to drive your business to its greatest potential.   

My favorite quote is, “If you don’t know where you are going, then you are probably already there.”  Becoming as clear as possible as to “Where You are Going” is often the difference between success and failure. 

I’m for success – by any definition.

 #1. Strategy or Action augmentation: Read the rest of this entry »

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Categories Business Planning, Business Plans, Entrepreneurs, Financial, Management, Strategy Planning, Target Market

4 Points Identify Your Target Market- Part II

January 16, 2010 //
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4 Points Identify Your Target Market- Part II

During our original discussion of “Identify your Target Market” we narrowed it to 4 main points:

1.  Become a specialist!  One of the first things you need to do is refine your product or service so you are NOT trying to be ‘all things to all people.’

2.  Next, you need to understand that Individuals and Businesses purchase products or services for different reasons. 

Read the rest of this entry »

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Categories Business Planning, Business Plans, Entrepreneurs, Strategy Planning, Target Market

Identifying Your Target Market

January 10, 2010 //
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Identifying Your Target Market

Take a good, objective look at your product and service – then ask yourself…

   “Who are, or who will be, my customers?”   Read the rest of this entry »

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Categories Business Planning, Entrepreneurs, Strategy Planning

Passion – Does it Make a Difference?

December 27, 2009 //
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If you are passionate about what you are doing, does that mean you are going to be more successful?

Yes – and – No.

Yes.  If you are passionate about what you are doing, you possibly have a greater chance to be successful.  One of the biggest reasons is that you are much less apt to resent the hours and sacrifices it takes to develop your company.  The 24/7 effort becomes a labor of love and enjoyment instead of drudgery. 

Read the rest of this entry »

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Categories Business Planning, Entrepreneurs, Strategy Planning

Defining Business, Strategy and Marketing Plans

September 30, 2009 //
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Business Plan: Two Plans in One

#1. The basic BP lays out the factual, nuts and bolts foundation of your business. From that full blue print of your business, you may confidently:
• Build your business
• Implement on-going strategies

#2. Whenever funding is needed, you are able create the needed documentation …… 

Read the rest of this entry »

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Categories Business Planning, Business Plans, Strategy Planning

ONE PAGE Business Plan – trip analogy

September 13, 2009 //
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ONE PAGE Business Plan Guide

If you need a business plan, or to update the one you have, but also wondering what it will take to do it, then here is a quick summary of the steps to take.

Everyone should have a Dream or Life Goal.  And with every Dream there needs to be a plan to make it happen.  Those without a plan to achieve their Dream might as well sit back and relax.  It is more than likely they are exactly where they are always going to be.

There is an old proverb that states:  If you don’t know where you are going, you are probably already there.

Think of it as if you have an overwhelming desire to go to __________________. (Your Dream)

Your Plan is how you make that Dream a reality, i.e. how do you get there.

Develop that Plan as you would for any trip.

  • Identify your desired destination  (Your Dream)
  • Find the address on the map (where you dream of ultimately being)
  • Identify your start point i.e. where you currently are
  • Select the route that best meets your needs – from where you are to your destination
  • Continually recheck primary vehicle construction and maintenance to prevent breakdowns (Your current source of income is your primary vehicle to get you to your destination)
  • Determine the shortest, safest route that meets your needs
  • Calculate the time it will take to navigate each segment (milestones) of your chosen route.
  • Know the costs for each segment of the trip and allow for unexpected extras
  • Determine how you will fund these trip costs (keep good records – from accumulating the funds to how the funds are used)
  • Hang on for Life’s greatest ride!

A good plan is really this simple.

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Categories Business Planning, Business Plans, Entrepreneurs