Archive for the ‘Business Plans’ Category
Executive Summary
Briefly describes the business concept Highlights the important financial points of the business such as sales, profits, cash flows, ROI Clearly states the capital needed to start the business and to expand States legal information about the business, the owners and key personnel.
Business Description
Describes the business structure on how it operates / profits Describes the nature of industry in which the business plans to operate Identifies the business’ current position and future possibilities
Market Strategies
Defines the target market Defines the strategies the business plans to use in order to tap into the target market Describes the pricing of products or services with respect to the demand of the target market
Competitive Analysis
Describes the competitors in your target market and how you plan to obtain your share of the market Analyzes your competitors in the following categories: product, distribution, pricing, promotion, and advertising.
Design and Development Plan
Describes the steps the business will take to carry out its plan with scheduling and cost analysis. Identifies the risks during the development period
Operations and Management Plan
Describes the strategies the business will implement in order to operate and grow effectively
Financial Statements
Defines all the financial aspects of a business.
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What is a Business Plan?
You can pretty much define a business plan as a resume for your business idea in mind. Some may say it’s like your company’s calling card. When you need money to start your business, or when you need an office space, your business plan is what will do most of the talking to convince your investors / lenders or property managers to believe in your business and give you what you need.
Why is it important to have a Business Plan?
The time that you spend on writing a solid business plan will pay for itself in corporate strategic and tactical clarity as your business grows. A solid business plan: (not in particular order)
Allows you to describe your vision / concept in writing, helping your potential investors to understand and believe in you; it serves as a basis for discussion with third parties such as shareholders, agencies, banks, investors…etc. Allows you to identify the structure of your business, giving you the chance to focus on the big picture. Your business plan is the “framework” which your business must operate within. A solid business plan provides a considered and logical framework within which a business can develop and grow with business strategies in the long run (not for just short-term growth). Determines the startup and managing costs. Clearly defines your target audience and provides detailed research on your target market. Identifies potential opportunities and obstacles that the business may encounter down the road. Identifies the strengths and weaknesses of your business and your competitors.
No businesses are the same, and no business plans are the same. Your business plan is like your business blueprint; it should be unique. While it is important to be able to illustrate your business concept well enough for others to understand what you hope to be doing, the business plan is essential for your own use. It is about the process of developing the business plan; the process helps you to focus on exactly what you are trying to achieve. It will give you a lot more clear vision of the entire structure of your business as you develop your business plan through detailed research and planning.
Printed T-Shirts are a nice way to say thank you to people who attend an event, volunteer for a cause or participate in a project. When you think of “getting them a little something” your ideas can run the gauntlet from a thank you card, to a trophy or a plaque, maybe even a gift certificate for a free meal or movie tickets etc.
You would probably never bother with a printed custom T-shirt as the cost for such a thing would be out of the question. There’s the set up fees for the type setting or silk screen, the printing itself plus the shirts, the hours of processing and the drying and the postage. If they even enter your mind as a possibility it probably leaves quickly when you think of the cost.
Well go ahead and think of the cost. Nowadays the screens used to apply the ink to a printed T-shirt are made up with a computer printer and the process for applying printing to shirts has also changed and gotten more economical. So having a small batch of custom T-shirts made up is probably cheaper than some of the standard thank you items people spend good money on. It used to be you need to order 100 shirts to make the price even out. Nowadays a run as small as 25 to 50 can actually be cheap compared to a decade ago.
This article written by Phillip Thow
There is a widespread misconception among business owners that they cannot delegate the responsibility of running of an employee retirement plans which they sponsor. This is not true. A business owner can delegate the day-to-day responsibilities of running the plan without giving up control of the plan.
Plans that benefit employees, such as a 401K Plan, have a great deal of administrative and investment fiduciary responsibilities which can be delegated to an independent fiduciary. This is not costly, there are firms that will not charge a business a set-up fee nor an annual maintenance fees. To recap, there are firms that handle the work, and don’t charge maintenance fees.
The fiduciary, in effect, runs the 401k retirement plan, allowing the business owner to concentrate on their business, not the job of managing retirement funds for their employees. The business owner can provide his or her employees with a chance to invest their retirement savings in top-rated funds without inflated fees to buy into the funds. Employees should be able to buy at cost. Independent fiduciaries are unbiased, they suggest employees invest in certain funds purely for the benefit of the employee, not the fiduciary.
Not only can a business owner delegate administrative work to another firm, they can offer their employees the best chance to build their retirement income through shrewd investing. It’s a win-win situation.