Business Tips

Tips For Effective Business Planning

1. Clearly define your business idea and be able to succinctly articulate it. Know your mission.
2. Examine your motives. Make sure that you have a passion for owning a business and for this particular business.
3. Be willing to commit to the hours, discipline, continuous learning and the frustrations of owning your own business.
4. Conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality, service, and be aware of the outside influences that affect your business.
5. Seek help from other small businesses, vendors, professionals, government agencies, employees, trade associations and trade shows. Be alert and ask questions.

Tips on Building a Sound Business Plan

1. Write a business plan with a complete financial and marketing plan.
2. Your marketing strategy should be built around your strengths, your competitor's weaknesses and your customers' desires.
3. Test the reality of your business-know why it will work and how you will make it work. Think your business through step by step.
4. Allow at least two hours every week for thinking and planning. Do not allow anything to interfere with this time. You run the business. Don't let it run you.
5. Establish an annual operating plan. Review it and update it monthly with appropriate employees.