Planning For Business

Due to recessionary economic pressures, many small businesses have gone out of business and it is amazing the number of “for lease” signs we see around town these days. Still, there are a number of small businesses that have weathered the majority of the storm, and as we come out of this recession they are left with huge opportunities in the market place. After all, most of their competition is no longer in business, and there is more of a market share for them.

This means with their loyal and long term following of customers they have a leg up on any new businesses that start up and capitalize on the uptick in the business cycle. Most of these small businesses have been beaten up pretty hard and they have not considered all the expansion that they need as the recovery is coming in the near future. They will need more capital to handle the demand, as they expand. If you will recall during this last economic crash, business credit became very tight.

Of course, as things recover credit will become easier to get, and the small businesses that are still in business will have to expand to meet consumer demand. This provides an excellent opportunity for those that write articles for small business on strategic planning. It’s time to let all of small businesses know that “if they fail to plan they are planning to fail.”

Over the past several years, I’ve written over 80 articles on small business strategic planning. What I’ve noted is that many of the long-term successful businesses in the small-business sector do not even have business plans, marketing plans, or strategic plans moving forward. Perhaps, they didn’t even have a business plan when they started their business. Yet they succeeded anyway.

Some say small business success is a lot about luck, and location, and whereas, that is true, it is my contention that proper strategic planning in advance can help you win the war; both in an up economy and a down economy. This is something you need to convey to small-business owners if you are to write online content about planning. Please consider all this.

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MBA Podcaster host Bob O’Keefe takes a look inside The Wharton School at the University of Pennsylvania uncovering must-know application strategies with co-author of “Your MBA Game Plan” and Veritas Prep MBA Admissions Research Director, Scott Shrum. Also joining in on the admissions conversation is a Wharton admissions director, an alumnus and a Wharton Class of 2010 student. We’ll cover the topics of what type of candidate makes for an ideal Wharton student, how you should approach the MBA essays and application for Wharton to what life is like on campus. Set aside some quiet time because you won’t want to miss this! Guests Include: -Alex Fleming, Wharton MBA Class of 2009 -Tiffany Gooden, Associate Director MBA Admissions & Financial Aid, The Wharton School -Scott Shrum, co-author of “Your MBA Game Plan” and Director of MBA Admissions Research at Veritas Prep -Rani Yadav, Wharton MBA Class of 2010 MBA Podcaster listeners receive a $160 discount on any Veritas Prep GMAT course, private tutoring, or admissions consulting school package by registering with the code “pod150″. Learn more at veritasprep.com About: MBA Podcaster is your online source for information, insight, and advice on the MBA admissions process. We deliver relevant information and advice through biweekly audio and video segments for those planning to apply for a Master in Business Administration. Topics include strategies for writing MBA essays, preparing for the MBA interview, GMAT prep, MBA careers …

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Ludwig von Mises was the acknowledged leader of the Austrian School of economic thought, a prodigious originator in economic theory, and a prolific author. Mises’s writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and a demonstration that socialism must fail because it cannot solve the problem of economic calculation. Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that Mises called “praxeology.” Biography of Ludwig von Mises mises.org Links toonline books and essays by Ludwig von Mises: Human Action: A Treatise on Economics mises.org Audio book version: www.youtube.com Economic Calculation in the Socialist Commonwealth mises.org Audio book version: www.youtube.com Theory and History: An Interpretation of Social and Economic Evolution mises.org Audio book version: www.youtube.com The Anti-Capitalistic Mentality mises.org Marxism Unmasked: From Delusion to Destruction www.fee.org Interventionism: An Economic Analysis mises.org A Critique of Interventionism mises.org Omnipotent Government: The Rise of Total State and Total War mises.org Socialism: An Economic and Sociological Analysis mises.org On the Manipulation of Money and Credit mises.org Economic …

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At Ameriprise Financial, we know that making decisions about your investments can be tough. Our advisors can help you find a plan that is best for you, and understanding the new tax laws for Roth IRAs and IRA conversions can help you make the best choice for you and your families future. 2010 offers a unique opportunity for those who are planning for retirement to take advantage of special tax benefits associated with the Roth IRA conversion. For the very first time, anyone can convert a traditional IRA or other eligible retirement plan to a Roth IRA — regardless of their income level or filing status. With lowered taxes and ease of use throughout retirement, there has never been a better time to consider a Roth IRA conversion. Meet with an Ameriprise Advisor today to find out how we can help you make the most sense out of your financial plans. A Roth IRA does not ensure lower taxes. If a client’s tax bracket is lower in retirement than at the time of the conversion, they may pay more in taxes.

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Complete video at: fora.tv Technologist Paul Saffo examines the history of analog television, as a part of the Long Now Foundation’s “Funeral for Analog TV.” —– Join author Bruce Sterling, technology pundit Paul Saffo, and other special guests on the UC Berkeley campus to mourn the loss of our long time acquaintance, the Analog Television Signal. Born in the 1920’s in San Francisco, the signal has been an integral part of all our lives, bringing us news of the rich, the famous, the politicians, the wars, the Apollo landings, the thrills of victory, and the agonies of defeat. While Analog Television has not been a good friend to us all, it has been important to each and every one of us. Analog Television is survived by its wife Digital Television, and its second cousin Internet Television. Paul Saffo is a forecaster and strategist with over two decades experience exploring long-term technological change and its practical impact on business and society. Saffo is Chairman of the Samsung Science Board, and serves on a variety of other boards and advisory panels, including the Stanford Advisory Council on Science, Technology and Society, and the Long Now Foundation, as well as the boards of several public and pre-public companies located the United States and abroad. He is also a Fellow of the Royal Swedish Academy of Engineering Sciences and has served as an advisor and Forum Fellow to the World Economic Forum, which in the late 1990s named Saffo one of its “100 Global …

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For a business to be successful, the one thing it needs initially above anything else is a solid business plan. It is impossible to get any investor funding or a bank loan without a business plan. Even if you pay for the business yourself, a business plan will help you plan things out and know the direction you want to move in. Without a business plan, the success of your business and your consignment store is uncertain.

What Goes Into a Business Plan

There are several elements that make a business plan successful. Taking the time to put these elements in will not only give you a clear direction to move in with the business, but it will make your consignment shop more successful in the long run.

1. The first part of your business plan is what is called a Profile of Principles. This is where the work experience and background of you, the owner, is outlined. You want to show in your business plan why you are experienced and ready for running a consignment store and that is why you put this at the beginning.

2. Next, you will put in a Statement of Purpose. This is where you state what the consignment store will offer and what type of business you will be running. This only needs to be a few sentences long.

3. After the Statement of Purpose, you need to put in a Market Analysis. This is the point where you address the economy in your area and in the country, and assess the market viability of the consignment store. Some things to include is a location study, an analysis of traffic patterns, what market you are targeting and what your competition is like.

4. How are you going to promote the consignment store? This question is addressed in the Promotional Strategies section. You want to explain everything you will do to bring in business to the consignment store, including all advertising and marketing strategies.

5. The next section is your Operational Plan. In this section, you outline some facts about the store, how it is going to operate, what equipment you need and when it is open.

6. In the Timetables and Schedules section, you need to set a list of goals for your consignment store. These include how long it will take to remodel it before opening, when you will open and how soon after before you start turning a profit.

7. The next section, which is the Potential Pitfalls section, is vitally important. It is here that you address some of the problems that exist with your business. Many new business owners choose not to include this because they worry about driving an investor away. This is not the point of that section. The point of it is to show the pitfalls that exist and to show how you will address them. An investor or bank would rather have an owner who knows the pitfalls and combats them, than one who ignores them.

8. The next three sections deal with the finances. Since your business has not started yet, you will have to estimate how well the business is going to do. Talking to your accountant will help ensure you get accurate results for these financial statements. These statements are:

a. Monthly Estimated Fixed Expenses: How much you will be spending on payroll, utilities, advertising and rent every month.

b. Initial Capital Investment: This is how much money needs to be put up-front to pay start up costs including new signs, advertising and renovations.

c. First Year Projections: This is where you will address what you hope to make in the first year, and how you will make that profit.

A business plan does not have to be perfect, but it does have to show that you have done your research and that you know what you are getting into with a consignment store.

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It’s unfortunate that the saying “if you fail to plan, you plan to fail,” is now a real cliche, since it is nonetheless very true, especially when applied to a small business. The fact of the matter is always that nearly all smaller businesses on the Sunshine Coast, and also in other places, don’t make it in the first two years of operation. Those making it past this stage almost always began by using a obvious direction, achievable goals, a constructed business plan as well as the help and advice of an Accountants who also does Business Planning and Development.

The Benefits of Planning -

In any of life’s endeavours, we make plans. The athlete has a structured training regime against which performance is constantly measured. The airline pilot has a flight plan which is the basis for the plane’s course, air speed etc. Our Emergency Services have disaster plans so that in a crisis, every member knows their role and can respond quickly.

Business People need to cultivate a written business-plan in order to measure performance accomplishments in respect of company goals and objectives plus the plan will need to recognise strengths and weaknesses, include a comparison opportunity v’s threat chart and plan to market attack for future company direction.

Writing the Plan -

There is one certain occasion where a well-constructed business plan will be a necessity – applying to the bank for a business loan. Rather than wait for that eventuality, treat this as sound management practice and start now. Your business plan should be convincing for your bank manager to recognise both yourself and your business. Here are some items that it must contain:

- Your unique business proposition.

- Future direction including measurable goals and firm timelines.

An occupational resume including information on you and your key personnel which includes skill base, industry knowledge and accomplishments.

- Details of the business initiative that is the subject of the loan.

- A precise of your SWOT analysis – this shows that the proposed venture has been examined from all directions.

- Financial statements for the last 2 or 3 years and a forward projection for the next twelve months. Be prepared to point out important numbers and explain variations.

- A detailed marketing plan containing a break-even analysis.

You could spend a lot of time and angst getting all this information together and writing the plan yourself. However, this is an example of deciding “what is the best use of my time?” If your operation needs your total focus, then enlist the help of your Accountants. They know your business, they have your information in their system, and they are experienced at writing business plans that make sense to the bank.

The finished plan should not be left to gather dust, but be used as an operational manual for the running of the business. It should be a “living” document that your Accountants updates annually, and becomes the “flight plan” that guides your future success.

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