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Archive for the ‘Business Planning’ Category

To launch a successful business with good intentions is not enough, we must have a professional guide, or a good business plan.
“One of the most common mistakes entrepreneurs to start their business is that they have in writing what your goals are, what the company and not seeing results achievable,” said public accountant of the National Autonomous University of Mexico (UNAM ), Gregorio Perez.

This tool is not a simple document, is to translate the project itself on paper to identify strengths, needs and above all, to stand if they require advice or funding.

Among the advantages of developing a business plan is to avoid wasting resources on payment of rent, wages and raw materials are purchased ‘by intuition’: “The plan also provides performance indicators for course correction or, at worst cases, cancel the project in time to avoid losing more money, “said Perez.

Hence the need for micro and small entrepreneurs to have a basic plan and the investment project.

UNAM counter proposes 7 steps to do so, although they may be adjusted depending on the complexity of each business unit.

1. Description: is the basic company information and must include your corporate vision, who you are, what you shall offer, which will try to meet market needs and why your business idea is viable.
2. Desired niche: It’s one of the most important parts and should take into account the current size and market trends. Once the niche is defined, describe it by geography, size of company, business organization, lifestyle, gender, age, occupation and other characteristics needed to portray the companies or consumers that are likely buy your product or use your service. Read the rest of this entry »

People, every day, we manage our money, but few planned to find the most efficient way to spend it or invest it. Companies are also looking for this efficiency, the difference with people is that firms do plan.

Financial planning is an important weapon available to organizations in the decision-making processes. For this reason companies are serious about this tool and devote substantial resources. The ultimate goal of this planning is a “financial plan” which lists and describes the company’s financial tactics, as well as the future projections are made based on different financial statements and the same. The plan is to ask what he wants to meet targets (potential and optimal) to be evaluated later. Although obtaining this financial strategy is the ultimate goal of planning, it does not occur with vague comments, you miss above, the company’s financial situation (financial and investment) only occurs after an extensive and thorough analysis of all effects, both positive and negative, that may be presented for each decision taken in regard to financing or investment.

These decisions must be taken together and not separately as this could cause problems by not taking into account decisions bring consequences for other sectors of the company. Optimizing: There is no perfect plan. To achieve optimal plan are made ??close to trial and error. Good planning should lead the manager to take into account events that can destroy the good performance of the company or at least hinder achieving this order take measures to counteract these effects. Read the rest of this entry »

The financial architecture is an important tool to contain the crisis and even more so for our personal growth and development, family and society.
Usually we manage our income only when we go wrong and unplanned, this results in severe family crisis, professional and labor can be avoided by designing a financial plan.

The 5 most common mistakes of those who do not plan are :

Given only when we are in crisis
Concentrating our savings in a single financial instrument
That a single person in our family to handle money
Not to diversify our investments
Do not consult specialists in Financial Planning
Another important aspect is the lack of foresight, not to project the medium and long term. Surely for most of our readers the most important thing is the “family” but are assured the car or the house and no one’s life, since being alive is what allows us to purchase goods and services.

We can also refer to the lack of saving culture in most Spanish speaking countries and developing as a counterpoint, in developed countries like the United States, an estimated 8 out of 10 Americans saved or invested part of their income with a time horizon longer than 10 years.

Planning and making the right decisions we can ensure the future of our kids, take a trip around the world, buy a house, retire with dignity, or simply be millionaires. Read the rest of this entry »

The issues to be addressed by an entrepreneur in the marketing function are:

1. Definition of the company.
This is precisely what the business of the company, what are the products or services offered.

2. What are the needs or desires that meet the company’s products.
This allows determination of the potential market for the company. That is, all consumers would demand the company’s products if the one that will provide.

3. What are the competitors.
This tells the extension that is covered by the competition. On the other hand, allows you to investigate the characteristics of competing products. It also lets you know if there are products that can meet the need for surrogate that is, that in case of absence of the company’s products for consumers to use substitutes available.

4. The characteristics of the product that best contribute to meeting consumer need or desire.
These features allow products to compare companies to see if it can improve the quality of the product or whether to reduce the price of the goods to be competitive.

5. Which is what keeps your customers interested.
That is, what are the characteristics of the product or sale that invites consumers to re-acquire the good or service in the same place. Local proximity of ¿? Courtesy of seller ¿? Completeness of guarantees?, Etc..

6. The price of the product or service as a competitive factor of it.
This will depend on whether it is a new product or service on the market with virtually no competition or a product similar to others that competition has developed.

7. What are the policies and programs to promote the good or service.
If there must be responsible for promoting training, preparation of advertisements, signs, advertising and publicity. The means employed, the costs involved, and so on.

8. Estimate the income that you can get.
It is proposed aimed at increasing the profits of the company, this is a proper planning of the revenue to be obtained in a given period.

Talking to several entrepreneurs I’ve noticed that in general many have an interest in aviation, and several of them are pilots, flight or want to be. Wondering why there is this relationship, I realize that entrepreneurship and fly planes have much in common.

To go, people think of flying (airplanes guys are talking about, for 2 to 6 people) is risky, and so does the venture: If you fly by plane you will die, and if you’re going to fail a venture and break. Some say that pilots are risk takers, and so the entrepreneurs say. This is not true, as both are risk managers, and so are related. For starters, it runs the risk that in case of failure is just learning and not a destruction of your life (ie, know that you are wrong, but you’re worried that you may have little impact and forward), you plan on the basis existing information to minimize the risk to the fullest. For the drivers, driving to avoid the risk factors that can lead to an accident, you plan the route, see the weather, check your fuel, and motor tests that you know you’re flying safely. Of course, none of these cases reduces the risk to zero, they can always negative and unexpected things happen, but the thrill of both experiences infinitely outweigh controlled risk you’re running.

Following planning, entrepreneurship make a business plan, on planes make a flight plan. But in both cases this is only a plan that allows you to be more relaxed and come on to what may happen, but in no case is a path that must be followed blindly. Know adapt to the conditions. On my last flight plan said it would fly to Vina del Mar. We started the trip and we realized that the clouds in Viña we would not permit a safe flight, so that during the trip we made ??a plan change and went to another destination. With the venture do the same, the shift points are very important, and if new information tells you to go to a new place, you make the change and go to verify the assumptions that led you to make your plan, if our flight, the clouds were high and it was not. ( See post from Steve Blank on business plans and pivoting). Read the rest of this entry »

If you are running your own business, you better have a solid plan of action as to how you can make it thrive. You need to know ahead of time how you can generate leads, how you can convert these leads to buying customers, and how you can get these people to come back for more. In addition, you need to know how and when to expand your business, how to put your marketing campaign to the next level, and how you can make your business cope up with the growing competition in your chosen field.

Here are some of the most effective business planning techniques:

1. Set your goals. Before you even start your own business, you must have clear, measurable goals (both short and long term) that can serve as your guides all throughout. Spend a day or two trying to figure out the things that you would like to achieve. You may want to sell xxx number of products or services on your first months of operation, you may want to expand your business in the next 2 years, etc. Getting these goals on paper can help you out as they will not only remind you of all your objectives when you first started out but they will also keep you motivated especially when the going gets tough.

2. Keep an open line of communication with your customer base. Your business will most likely to succeed if you continuously offer your clients with everything that they are looking for. Keep yourself updated on their ever-changing needs and demands by building an ongoing communication with them. Give them easy ways on how they can get in touch with you should they have any question, suggestions, and feedback.

3. Take good care of your employees. You must have great plans on how you can take good care of your employees. Bear in mind that keeping these people happy is the surest way to motivate them to do better. Set up programs where these people will be rewarded for their contributions and make sure that all their efforts in bringing positive difference to your business will not go unnoticed. You can offer them with rewards or exciting freebies for every year they choose to spend working for you. The key here is doing all your might to make these people feel that they are truly valued so they will remain loyal to you and to your company.

I believe that all people have “dreams”, goals that you want to achieve but one of the most serious mistakes made is not able to identify and delineate a perfect those “dreams.”

If right now you’re asking yourself what are the dreams of your life? … Would have a quick and immediate response?
Generally with a question like that people are thinking a bit about these “dreams” and end things completely respond vague and imprecise as his dream is to “be happy”, “be healthy” or maybe even “to be millionaires.”
Such dreams are vague generalities or clichés truth phrases that do not serve anything as a motivational life. Be it whatever you engage in life and even more if you’re an entrepreneur, you need to fully identify what your dreams and aspirations in life.

Personally I have found that this aspect of motivation is essential to develop a business because it is not easy or fast, if not properly motivated we abandon our project very quickly and that is why the new course I am about to launch ” How to Make Money in your spare time “I think free access incorporate this aspect of motivation for you to discover and be clear why you’re doing what you do and do not forsake the first hurdle.

If you are interested in the course “How to Make Money in Your Spare Time” You can go by enrolling in the form below to receive information on what will be the course and when will be ready

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The development of a proper business plan, as the foundation for an enterprise, which reflects different aspects of the activity itself, depend on the success. Developing a business plan sets out what responsibilities we assume, what expenses are necessary, what benefitswe can get, what commitment is becoming a partner in the firm, and so on. Presentation will also provide for funding, since in the event of any potential investors, they need to know the viability of the project. Also it should be clear business idea and development of the project’s strengths and weaknesses.

Analyze your product in detail, explaining how it differs from what already exists in the market, what competitors are, how they work and how they sell, what is your market and beyond that and see what advantages and disadvantages arise, will be vital importance in today’s competitive market, which necessarily have to be original when looking for an idea at the time to expose it.

Set a good marketing plan , based on market research, it is necessary to arouse public interest in buying. Study variables project : product, price, distribution and communication, will help identify new business opportunities. So also the business plan should reflect a whole planning of production and procurement, taking into account whether there is a need for specific equipment, costs of production or service delivery.

What is the experience and industry expertise to work? Who are the partners, who invest, the company organization and functions of each, and the responsibilities that are granted, are important questions in the plan. Knowing in advance the team with which will tell the company is an important step to consider costs and time expected to be used in the selection and training of personnel and their evolution.

Determine how corporate legal and tax obligations are essential points in the business plan. As well as the relationship between the company and potential employees to hire, type of contracts, duration, expectations, and so on. Moreover, we must enumerate the various permits are obtained to develop the business. Other aspects that must be related to the type of activity we have in hand is the sources of the funds with which the company will initiate its activity, how will we survive, how they charge customers, and generate the resources to address potential liabilities and to recover money.

A business plan is simply a communication of business strategy, proposed actions and their implications. The business planning process includes the development of these strategies and actions. Converts the results of these strategies and actions in financial consequences, in terms relevant to an investor, partner or finance company. The difference between the quality of business planning and poor business planning is the lack of use of a structured process.

When developing a business plan is critical to the questions that the target audience would like to know. This “issues-based” business planning to ensure the questions the target audience needs are covered in all its documentation.

The business planning process is much more than the business plan document. The process should facilitate the structured development of its strategy and then break the strategy into a series of actions. After years in strategic consulting, we realized that the key to this process is asking the right questions.

To improve the business planning process, we believe it is crucial to start asking the right questions. This is the approach normally used consultants. By asking questions of business planning, inconsistencies can be highlighted before the business is developing the planning document. These questions impose internal consistency between the main elements of business plan: strategy, action and financial implications.

Questions allow you to manage your business process at a higher level of planning. Instead of being distracted by the details of the plan, you are free to develop your strategy, plan and financial implications without creating inconsistency between elements. Before committing pen to paper, start by considering the questions that the target audience might have in mind when reading your business plan. After dealing with hundreds of venture capitalists, investors, grant providers and banks, we have developed a solid understanding of the issues are taken into account when reviewing a business planning document.

While most people start writing your business plan document, we recommend that this is the last thing to do. It is the end point of the business planning process.