Breaking free to the ultimate you!

Archive for March, 2011

Creating Your Business Plan

This could be the most important document that you could ever produce for your company. It could be anywhere from a one page document up to a fifty page document. There are no two business plans the same.

First question: What is your business plan for? Is it to raise money from a bank or venture capital? Each one requires different types of information. Is it the blueprint to build and measure the progress of the business? Is it the WHAT, WHY, HOW and WHEN of your strategic plan? One thing is for sure: It is the big picture of your vision for your business. If it is done correctly, it will keep you passionate and motivated throughout the year.

This topic is much too large to handle in this article. I have received numerous inquiries on this topic. Yes, I am able to assist and coach you through creating your business plan. What I will do here is list some essentials to a Business Plan.

  • WHAT ARE YOU BUILDING? What is your vision?
  • WHY DOES THIS BUSINESS EXIST? What is your mission?
  • WHAT IS YOUR OBJECTIVE? What is your objective in all areas of your business, sales, pretax profits, products and services? What is your objective with customers, employees, costs, etc.?
  • HOW WILL THIS BUSINESS BE BUILT? What will make it successful over time? What are your strategies? What are the trends? What are your competitive strengths and weaknesses? What opportunities do you see, etc.?
  • SALES & MARKETING – The Description and Positioning of Products/Services. How will your potential clients know you exist? What is your marketing strategy? What advertising do you intend to do? How will you get publicity? How will you sell your products/services? What promotion/incentives will you offer?
  • WHAT ARE YOUR FINANCIAL CONSIDERATIONS? What are your P&L projections? What are your cash flow projections – worst and best scenario?

The best to you in doing this project is that it will serve you and your company for a long time. The time you spend will be well worth it.

Are You An Entrepreneur, Sole Proprietor or in Business for Yourself?

If you receive and spend money, the answer is a resounding YES. Why? Because, in today’s world your life is a business. An entrepreneur is one who starts and conducts a business assuming full control and risk. A sole proprietor is a person having the exclusive title to anything. We all have exclusive title to our skills and talents.

If you work for a company, it would be to your benefit to change the way you look at that relationship. Rather than “I am working for the company” say “I am selling my skills and talents to the company.” The difference is that the company takes the control and risk. The benefit of this perception is that it will make you stronger and more aware of maintaining your skills and talents and improving them so that they are always marketable. When the time comes for you to quit, get laid off or be ‘downsized’ you then become a full entrepreneur to create and build a mechanism to market your skills and talents to an employer or your own business. The same will hold true when the time comes for you to create a fulfilling transition into semi-or full-retirement.

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Dear Coach Pete: I have a business with eight people and often I am feeling very overwhelmed. I can’t seem to get the many different tasks done. It’s affecting my company, my family and my health. What can I do? —F.M.

Dear F.M.: Today, with companies wanting more for less there is a growing problem in our society and in our businesses, especially for management and business owners. Without knowing your situation entirely here are a few things for you to consider doing:

  1. Sit back, breath deeply, and try to still your mind 3 to 5 minutes.
  2. Get clear on what’s most important for you this day.
  3. List everything you can delegate, and assign it.
  4. Break your big task into smaller more manageable ones.
  5. Prioritize your tasks and assign a time to complete each.