Tag - business plan

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New Year, New Business Plan
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A Business Plan From A Few Simple Questions
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Business Plans – Why and How
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Contents of a Business Plan
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Back To Front Planning

New Year, New Business Plan

Happy New Year!

It’s a great time of the year to have some quiet time, recharge your batteries, have a rest and get yourself ready to take off in the new year.

At the same time, this piece of quiet and peace is also a great time to make some New Year Resolutions about your business and make some plans – a great time to write your business [plan for the year ahead!

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A Business Plan From A Few Simple Questions

Let’s start with the premise that you need a business plan (believe me you do!).

But who’s got time, right? If you’re a solopreneur you’re probably juggling your (so-called) worklife balance. If you have a team, how do you get everyone to take some time out to sit down together for a few days?

Unfortunately you do need a business plan. Not having one is like being the Captain on a jetliner with no flight plan. Sure you can take off and fly in a straight line, but where are you going? How fast should you fly, and does the amount of fuel you have allow that speed? Is there any weather ahead, and should you fly through it or above it? What happens if storms delay your progress, do you fly an alternative route or land somewhere else?

Your business plan needs to define the vision you are working towards, set the milestones or goals along the way, and work out how to get there with the resources you need. But it needn’t be complicated if you can’t set the time aside – it just needs a clear enough path. One that you can detail later when you have the time. Read More

Business Plans – Why and How

OK, you’ve heard me talk about business plans before.

And if you haven’t, what? You really need to check this out at https://teikoh.com/?s=business+plan

Well, this week I’m going to talk about what the business planning process involves, and how you have to include the “why” of your business, why does it exist?

You see, people forget that business plans are written to be read. Yes, that’s a revolutionary thought isn’t it?

People think that business plans are boring internal documents that you write so that you can follow them step by step to grow your business. No. That’s called a to-do checklist.

Business plans are written to be read – by you, by your team, by outside investors, by supporters, by people close to you. Yes, they form the basis of what you have to do in order to grow your business – but more than that, a business plan is a story of what you have to do in order to grow your business to become the business that you want. This takes much more than a list of things that are your goals and a list of actions to achieve those goals. This means that your business plan has to be a reminder, an inspiration, it must attract people, it must make them want to be part of your story as an investor, as a team member, as a customer, as a fan.

So, let’s take a look at the why and how of the business plan process.

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Contents of a Business Plan

People often ask me “what should I put into my Business Plan?”

I thought I’d deal with that this week and talk about the contents of a Business Plan.

This video is part of my online course “How To Start Your Own Business”.

If you are a startup entrepreneur, or someone who is good at what you do and while working for someone else you think that you can “do it better” it’s useful to understands the steps you have to take in starting your own business.

Of course, once you have worked out your personal strengths and weaknesses, tested the feasibility of your idea and designed the right business model for you, you will need to prepare a Business Plan. Your Business Plan clarifies for you what you have to do to get to your ultimate goal, and it shows others (financiers, supporters) how you have thought through the business-building process.

 

 

If you are interested in finding our more about my online course “How To Start Your Own Business” click here.

Even if you already have a business, I think you will find a couple of nuggets there that you can use, like how to design the right Business Model for you, and the questions you ask before you choose your accountant, lawyer or IT professional.

I give weekly tips and tools to grow your business from my blog, so if you don;t want to miss out, why don’t you go to teikoh.com and sign up to get these free ideas delivered directly to your inbox.

Back To Front Planning

How do you plan for something? Created some goals right? Identified what you wanted to achieve this year or in 5 years’ time, then worked out strategies on how to get there?

Well, how do you know if those goals and strategies will get you to a place you really desire and not just some random point on the way there? Where even is “there”?

Stephen Covey said it best: “Begin with the end in mind.” I believe that you always have to start your planning from the back end, from where you want to end up, and then go back to where you are now. Otherwise, how can you create goals and strategies to go “forward” when you’re not clear where “forward” actually is?

And I don’t mean some wild and wooly “vision and mission” statement – I mean a clear, quantified, specifically described, ideal future situation. You absolutely need clarity on this before you plan for anything, so that you can ask “Will this goal or strategy or action get me nearer there and only there?”

Watch this video on the one way I recommend to clarify what your “vision” is and what it actually means when it has been achieved.

If you use this method you can cascade the detailing of what your ultimate dream business is, all the way to the detailed steps and actions you need to take – try it out! Remember:-

  • The first question is “what do I mean by my ideal…..(business)?”
  • Then keep asking “what do I mean by…..”

If you’ve missed out on any of my free advice, tips, ideas, systems and step by step processes to grow and build your dream of a business, go to teikoh.com and check them all out there.

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