Things to Consider When Writing a Business Plan

Things to Consider When Writing a Business Plan

Starting a business requires that you have a business plan. This is not easy for many because there are things that must be captured which a first-time business person may miss out on. It’s relevant that every detail about the business is captured. Most business people ask what should be included in the plan for it to be effective.  

  • Business Description: – There is a specific business that you want to run thus you must describe it here. Include how you will start the business, how you are going to run it, what your goals are and where you expect the business to be in future. 


  • Management and operations plan: – This is a business that will be run on a daily basis. Indicate how this will be done to make it successful. 


  • Consider the financial factors: – Most businesses will require money to start and this cannot be shunned. Indicate where the money will be coming from, how the money will get to the company, how it will be spent and what expectations you have about the finances. Basically, it is all about the revenue of the company. 


  • Market strategies: – When starting a business, there is a specific market that you are targeting. Write about who you consider as the potential clients and how you are going to reach out to them and convert them into repeat customers. 


  • Executive summary: – This is information that must be included in a business plan. This is actually a summary of the plan which most potential investors will have a look at before they even read the entire business plan. It should be appealing to the investors thus the best of the plan should be included here such as the reason for starting the business and what problems it’s meant to solve. 


  • Competitive analysis: – There are competitors out there who have been in business longer than you. You need to have a strategy on how you are going to beat them and this is where you should write about that. Consider their weaknesses and strengths. 


  • Design and development plan: – Definitely there is a service or a product that you are planning to offer to the market. You need to include this in the business plan. How are you going to design it? How will you ensure it meets the standards of the industry? Investors will not invest in a business that they don’t have the slightest idea what it’s offering to the market. 

It’s of substance that you pay attention to detail, understand the competition you are getting into, ensure that every aspect is covered and focus on the opportunities at hand. A business plan describes your business and from time to time, it should be updated as the business grows and there are new objectives. 

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How to Ensure Success of a Small Business

How to Ensure Success of a Small Business

An entrepreneur needs to be well equipped with problem-solving skills and be ready to face challenges along the way. The highest percentages of businesses started do not make it to 5 years for various reasons. Whether it is a big or a small business you are running, you need to have a strategy.


More Liabilities than Assets


It could be that the money you saved is not enough as capital for setting up a business and you end up borrowing money from various institutions. Institutions have different loan packages for different needs.


Remember that you want your business to be at a level that you desire and this means that every dollar counts. As you go for the loans, ensure that you don’t have to spend most of your revenue servicing loans. You need to commit a good amount to the growth of your company.


Protect Your Business against External Risks


When starting out your business, it’s important to ensure that it’s protected from external risks. There are many possibilities that you might not even think about when you start the journey. Take a business insurance cover and review it from time to time.


Giving Up Too Soon


In business, you are not guaranteed that you will see positive results immediately you get into a business. There will be hurdles and you will be tempted to give up and try something else. Don’t throw in the towel too soon but rather be persistence. Every business has its own challenges.


Minimizing Your Tax Liability


There are tax credits deductions which you claim on your small business tax return. Some entrepreneurs are tempted not to file their taxes but ensure that you file your taxes. This is actually the only way you can take advantage of tax breaks to avoid hefty tax payments in future.


Not Being Flexible


The first thing is that you must have a workable strategy but this does not mean that you should not be open to ideas. Your ideas might be altered along the way thus you should be flexible for the benefit of your business.


When running a small business, having an appropriate strategy is of great significance. Learning and understanding the reasons most businesses fail will help you in avoiding these mistakes to see the success of your own.

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4 Ways Cloud Computing Has Revolutionized Business

Collaboration is one of the best-kept secrets to business growth and success. Now, the cloud is an incredibly powerful collaboration tool. It is not just a platform for storing information. The cloud is a multifaceted business resource. You can use it to host an application manager and boost your business productivity.

But, most importantly, it makes the sharing of data a seamless and effortless activity. As explained below, you will see how the cloud has quickly gained traction as a requisite element of success. If you have not adopted the cloud technology, you should do so immediately to remain competitive in business.

A Multisided Platform at Your Disposal

Imagine having the capacity to create a versatile platform, but in a fraction of the time, it takes developers to. Initially, tech experts would spend months –even years- to build such platforms. With the advent of the cloud, you can now make a cloud management platform in seconds. Here are a few things you can accomplish with a multisided platform:

Application marketplace – you can come up with listings, product profiles and a section for product recommendations for your clients.

Application manager – the role of this avenue is to keep track of your customer identities and passwords. It can also help with managing payments and your social networks.

Developer center – it would allow developers to enlist their products, manage their clients, automate testing and so much more.

Mobile Offices for Maximum Productivity

One gift that the cloud has bestowed upon businesses entails the ability to have a mobile workplace. Your employees do not have to be tied to one monotonous location. The beauty of mobile tech is that it frees up your staff to work from home, travel, yet still keep in touch with the company clients.

The goal of every business owner is to make profits. Mobile offices can help you to achieve this goal by cutting down on your operational costs. No need to worry about monthly rent, utility bills or cleaning and maintenance expenses. Besides, a majority of employees prefer working in this manner, thanks to the fast speed of the cloud servers. Ideally, a cloud service needs no continual server environment refreshes. It means that you can work faster and in a more streamlined way.

Makes Sharing Data a Breeze

As we earlier stated, collaboration is vital to the success of any business. Cloud technology is a necessary tool when it comes to the sharing and exchanging of ideas between individuals. Real-time conferencing, which mostly takes the form of webcam meetings, represents an instance where cloud tech has helped. Cloud computing has tons of other collaboration programs such as spreadsheets, calendar applications, and file sharing systems.

Start Small and Grow Over Time

The cloud is a scalable platform. What this means is that it can expand as your business grows. It offers pay-as-you-go services, allowing you to pay for only those services that profit your company at a given time. Small-sized companies can compete favorably with the big fish by engaging useful tools offered on the cloud. Ideally, you can use the very same services and technologies that large corporations use.

Final Verdict

Undeniably, cloud technology is an indispensable tool for small and large scale businesses alike. Leverage it to manage your firm and remain competitive in today’s fast-paced economy.

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5 Things Every Business Should Be Doing in 2018

If you want your business to continue its impressive performance in 2018, you must be willing to keep up with the fast paced business world. If you happen to dilly dally with indecisiveness, you could easily be edged out by competitors.

So what should your business be doing to stay competitive and still grow in today’s ever-evolving world?

Invest in Social Media

This comes as no surprise and there is no doubt social media has taken this world by storm. And it’s something your business cannot afford to overlook. Social media offers a great platform to interact with your customers and learn what they expect from you. However, if you want to have a success story in social media, choose the right platform for your business and focus on it. This means finding the social media platform(s) that matter most to your target audience.

However, getting followers or likes is not as easy as it sounds. You must give your target audience a good reason to do so. For example, you can offer them incentives for a like or share.

If done right, social media can spur you towards achieving your business goals.

Protect Your Company Assets

Every company is different and as such has different assets and employee requirements. But one thing remains the same among all businesses. You need your assets to complete your day to day work and if something happens to that equipment or tool and you don’t have a backup plan you could be losing profits.

For example if you had a courier company with many transit vans, trucks and station wagons you would be silly not to have alternate means of transportation if something was to happen to your vehicles. Even a simple thing like needing a front windscreen replacement due to a large crack can take that vehicle off the road until the repairs have been made. Who will complete those deliveries until it is fixed? If you have no backup you will be losing income.

Make Good Use of Your Website

If you want to grow your business, customers or prospects must be able to find you online. And the relevance of your website is to make it easier for them to find you.

Remember, your website should be your greatest sales weapon. It should inform your visitors what you do, tell your brand’s story, showcase your skills & expertise and indicate how they can reach you.

Further, incorporating a blog section to your website is not only essential to good SEO results, but also a great opportunity to build relationships with potential customers and boost your social media efforts.

Be sure to keep your website up to date if you want your business to stay relevant in 2017.

Focus on Your Customers

If you want your business to maintain steady growth in 2018, you have to focus on your customers. While the customer may not always “be right” you have to treat them as they are. After all they are the reason you are in business in the first place. Remember to ensure you are:

  • Unique and provide value
  • Engaging
  • Solution oriented

Pay close attention to email marketing

Email marketing is termed as the most effective digital marketing channel according to a survey conducted recently. It’s the secret sauce that most businesses tend to overlook. Don’t be one of them. Email marketing not only delivers measurable long term results, but also has the best ROI. But in order to achieve these results;

  • Write attention grabbing subject line
  • Include a link to your website
  • Get personal
  • Go straight to the point
  • Think mobile
  • Don’t be boring
  • Do a follow-up
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How to Build a Successful Business in Less Than One Year

In order to succeed in the business world today, you must be very flexible and have a good strategy on how to develop your ideas. You also need to own great communication and organizational skills, however, most important of all – you must have a heart!

You must put yourself into the work you’re planning to do and you must love your work. As a wise man once said, if you don’t do what you love, you’re just wasting your time. And it’s true! Are you considering to build your own business and stop wasting your time on things you hate?

We’re here to help! We will teach you how to start a business and grow it in a less than a year! All you have to do is follow these simple steps starting today!

Organization is the Mother of Success

Once you realize your ideas, keep your thoughts organized. Keep your work organized and completely dedicate yourself to what you’re doing. Remember that organization is one of the most important keys to success. If you’re not organized, your business will drop soon.

Activate your Sharp Eye

Keep an eye on details because although you may think that details don’t matter, they actually do! Details can destroy your business. However, if you have a sharp eye and decide to use it, details can become your failure indicators. Learn how to eliminate or improve shortcomings!

Analyzing your Competition is Smart but Competing With Your Competitors Leads to Failure

Analyzing your competition and the market is a smart move, however, you should never compete with your competitors. In order to build a fast growing business, the person you need to compete with is the one you see in the mirror every morning! Prove yourself you can do it!

Keep Aware of The Possible Risks and Celebrate Rewards

Never ignore your instinct and always be aware of possible dangers and risks. However, that doesn’t mean you have to stay focused on possible failure and neglect success. Work on both continuously and keep awareness of everything. When you achieve something, celebrate and share positive energy. Positive thinking is one of the most important abilities you have to own to build a fast growing business today.

Use Your Creativity to Improve Your Business and Yourself as a Businessman

Every good businessman has a creative side and uses their creativity to improve their business and themselves. Gather with your employees, talk about new creative solutions, ideas, and moves you have to make to grow your business. Creativity can do miracles!

Never Lose Focus on Your Future Goals

Once you realize a goal, always aim for better. Never lose the focus on your future goals only because you achieved one important goal.

Provide a Dedicated and Great Service to Your Customers

Without customers, you would gain any profit. If you want to build a fast growing business, dedicated and great service should become your primary goal.

Keep it Real and Simple

Respect your employees. Please your customers. Keep it real and simple and success will come sooner than you thought and hoped!

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