I love New Year’s Day. On this day almost anything seems possible. Closing the books on 2011, it is time to plan for the year ahead.  And just like every year for the last ten years, I am putting the finishing touches on my business plan. While not as formal as the plans I wrote in the early years of the business, I still spent time reviewing goals and tactics. I focused on mapping out some of the big changes we need to make in the months to come if we want to hit our year-end sales goals.

As I reviewed my plan I spent some time researching what other business consultants were suggesting.  Here are a few of the more interesting things I found:

• Crowdspring shared a new twist on the 3R’s.  The author shared his thoughts on research, refinement and writing (well, it is an R if you spell it phonetically).  He suggests that your plan is a living document you should return to over and over again throughout the year. The form itself is not so important, but the continuous process of refining your plan will help create a stronger, more sustainable business.
• Tim Berry suggests five questions you should ask in your business plan.  I liked his approach, again less formal, but certainly thought provoking:
• Is my price right?
• Can I afford to hire?
• Am I implementing my strategy?
• Can I afford to relocate?
• Am I stunting my growth?
• The Myth of the Business Plan – Kate Lister suggests that companies need to business plan (verb) but they don’t necessarily need a business plan ( noun).  Her emphasis, like many of the other authors I have been reading is focused on the act of planning, without worrying about the final format of the document.

In the early days of my business I used this small business plan outline.  It served me well, laying a foundation I could build on each year. But after 10 years, I am opting for a much more informal process. Just a handful of strategies and key metrics everyone on my team can see every day. There are few secrets at Roundpeg.  Maybe that is my biggest suggestion for the year to come. No matter what form your business plan takes, be sure to share your goals with the people who can help you achieve them and hold you accountable to stay on track.

Years ago,  my boss Rick DeMarco argued there were times when a mediocre strategy would out perform a brilliant one. At first I thought he was crazy, until he explained what he meant.

Too often business owners have brilliant ideas but fail to think through all the steps necessary to turn their ideas into reality. The result… failure or mediocre performance, when there could have been extraordinary success if only they had paid attention to the details of execution.

Whether you are trying to launch a new product or company, or simply run a successful promotion or special event, a well thought out tactical plan gives you a great foundation! While the amount of detail required will vary, any tactical plan should include the following:

• Resources Required – What do you need purchase? And how much will it cost?
• Specific Roles – What specific activities must occur, and who will do them?
• Timeline – Working backward from the launch date, when do specific things have to happen in order to launch your idea on time?
• Measures for Success – When it is all done, how will you measure the success of the project?

Time and time again, I have seen proof that Rick was right, if you do these things well almost any strategy will deliver brilliant results!

Now is a great time to start mapping out that strategy for 2012.   Begin by subscribing to our free How to Write a Business Plan in Ten Weeks program.

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Many of the real skills you need to run a successful small business can’t be learned in a classroom setting. You can however develop them in places other than your own business. Learning opportunties are everywhere, if you look for the connections. Mike Michalowicz Author of The Toilet Paper Entrepreneur shared an interesting list of six things you could do to improve your skills.

His list included:

• Plan a big event
• Become a Volunteer
• Make a Crowd Laugh
• Coach little league
• Become a blogger
• Learn a new language

The beginning of the year is a great time for a fresh look at your business. Even if you are running an established entity, get the year off to a strong start by updating your business plan.

Not sure how to get started? Download my free business plan outline.

To view and download the Free Business Plan Outline, please fill out your contact information below and hit submit.  You will be taken to a page to download your business plan outline.

Over the next ten weeks you will receive a weekly email with tips on how to complete the process of writing your plan. You may opt out at any time.

For more information on business planning check out Lorraine’s Business Map Book

And once you have your plan written, give us a call.  We will be happy to give you feedback on your document.

 

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As each year winds down, I pull out my business plan and compare what I thought would happen, with what actually did happen.  The process is painful, fun, enlightening,  and motivating.  I take some time to figure out why I achieved or missed a particular goal, then I decide what is possible,  create new goals and start working toward them.

Why?   Because goals make a difference!  You have probably heard about the study of Harvard MBA students in 1979

They were asked if they had clear, written goals for your future and  plans to accomplish them?“ Only three percent of the graduates had written goals and plans; 13 percent had goals, but they were not in writing; and a whopping 84 percent had no specific goals at all.

Ten years later, the 13 percent of the class who had goals were earning, on average, twice as much as the 84 percent who had no goals at all. And  three percent who had clear, written goals were earning, on average, ten times as much as the other 97 percent put together.

So if goals are so important, why don’t more people take the time to set them, and work toward them?  Author Brian Trace identified four reasons why people don’t set goals:

• They don’t realize the importance of goals
• They don’t know how to set goals
• They fear failure
• They fear rejection

So what is holding  you back?  Do you have your plan for 2011?  It is time to get one!

1. Start small, take out a few sheets of paper and write down one goal
2. Next write down the barriers to accomplishing the goal
3. Take some time working on a plan to address each barrier.  This is the beginning of your action plan.

It is great to have goals, but it is the action plans which  move you forward.

Getting ready to launch a new product or business?  This valuable check list comes from Mark Hayward , in a guest post for ProBlogger.  Although he was talking specifically about launching a blog, many of the steps in his check list are equally appropriate for any new businesses.

1. Define your customer – This needs no additional comment.  If you don’t know who you are trying to reach you can’t begin to build a plan to reach them
2. Location – Ok, so he said : “Determine if you’re going to create a blog within your business website or on its own.” But the point is still the same, where you choose to locate your business is important, and it will have an impact on the rest of your business operations.
3. Keyword research for domain name.   – For me the dominant theme here is the research.  Don’t guess or assume you know, let the facts guide your plans
4. Choose a blogging platform and select a design or theme. – For a non web business this translates to finding the right tools, designing a logo and branding
5. Register your social media accounts. – This is true for every business, from Facebook and Twitter to YouTube and Google local search, you have to be finable on the net.
6. Measure ROI - As you make investments in marketing and infrastructure, be sure you know how you will measure the contribution of each investment
7. Draft at least 10 posts in advance – Don’t rush to launch.  Take the extra time on the front end so you are prepare for what you are getting into.
8. Spend time in forums - Spend time networking with peers and competitors to uncover best practices – If you are here in Indy – the new Rainmakers: StartingPoint group may be a great place to start.
9. Reach out to Key Influencers – Find mentors, advisers and coaches.  Just because you own your own business does not mean you need to do it on your own.
10. Draft a web optimized press release - Again, this is something every business should do.  Not sure what the release should look like?  Check out our samples

Is this all you need to do to be ready to launch your new business?  No, but it is a start.   To pull the elements together, you might want to write a business plan

At Roundpeg, we hate being put in a box. Every one of the VP’s has an area of expertise (Taylor has been called “the Picasso of Graphic Design” and Allison could use her writing talents to make a police blotter poetic.) However, we all relish the challenge to try and learn new things to round out our skills.

I love marketing, and while web design is fun, I have a passion for creating an overarching business strategy which looks at the “big picture.” Obviously, in school, I learned the theory of how to craft a business strategy, but the application of that theory is something I can only learn through real-world experience.

Luckily, Lorraine is allowing me to help develop a client’s business plan. I’ve had a chance to see all of the theory I studied in college put into action as we work through the details of a fairly complex business model.

The client came to us because they hope to get a bank loan to buy a building which will house their wellness clinic. The plan is further complicated because they will also be selling a line of private label products through the clinic and in an online store. Sorting through the plan for each segment of the business and working with accountant Larry Marrietta and Attorney Matt Griffith to fill in the legal and financial aspects has allowed us to develop a document the client will be able to take to a bank, but more importantly also use to run their business.

So far it’s been a great experience. It’s a lot harder then they made it seem in school, but incredibly rewarding to help a client realize their vision.  I’m really excited to see the finished business plan…and know that I had a hand in creating it.

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Need Help Getting Your Plan Started?

• Check out the next session of  Lorraine’s FREE Intro To Biz Planning Seminar on Aug 11.
• And if you are more of a work at home type: Download a Free Outline

I spent an amazing few days with an extraordinarily talented group of individuals.  This was my third StartUp Weekend, and just like previous events I learned so much.  We were really lucky to have both Kristian Andersen and Brad Wisler of Sprout Box share their perspective on emerging businesses.  Just a few of the thoughts they shared:

Brad:

• Forget what makes you happy! Find what causes others pain!
• Go looking for trouble, because people will pay to get rid of trouble
• Your solution is worthless if there is no problem
• There is nothing worse then a solution in search of a problem

Kristian

• Do what you want to be famous for, because you are famous for what you do
• When it comes to your co-founders – Be Picky, Don’t Settle
• When it comes to the product: Speed Kills … the competition
• A prototype is worth 1,000 business plans ( I am not sure I agree with this one, I would like to see a plan with the concept)
• Products with no customers is a hobby

In addition to all I learned, this time, I may even be a part owner of a business in the not to distant future. Check out GoBizSpeak for more information about what we are planning

I was up late last night reading some amazing business plans. The plans were submitted by future business owners who  are not currently looking for investors or loans. These are student plans submitted as part of the  Hamilton County Entrepreneurship Advancement Center’s High School Education Program.

The program is run in both the spring and fall semesters and typically attracts juniors and seniors, some of who actually hope to launch their business idea some day.  This is the 4th year I have been involved in the competition and it is always a treat. Some of plans are well written and well researched, but aren’t viable businesses. Others contain a great idea, hidden in a poorly written plan.

And every year, there is at least one, which makes me stop and think someday, I am going to say I knew him/her when.  This spring my favorite plan is by a young man who is a skateboard enthusiast.   He is hoping to launch a line of clothing he can sell at skate parks.  While his financial projections are unrealistic ( like those of his adult counterparts) he has clearly identified a distinctive niche market.  He has thought through the elements which will be necessary to pull of the business he has conceived. I know a number of adults who could take lessons from him.  And while wedding planning is not a new concept, one young woman has written such a comprehensive marketing plan, I think I will need to hire her when she graduates.

The oral part of the competition is tomorrow  and I can’t wait see if they are as good selling their ideas in person, as they are on paper. Do you think bankers or VC’s get this excited when the read a really good plan? I hope so! Our economy needs the plans and people who will be excited to seem them succeed

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Interested in learning more about what the EAC is doing for students and new business owners?   Join us for an informal networking and informational event on June 16th

I know when I started this series two weeks ago, I promised the Ten Mistakes Small Business Owners Make. But if you jumped to the original article, you know there are really 11 items on my list.  This final element is probably the most crucial for your success.

Business Plan Mistake # 11 Failure to Communicate

While not directly a part of your document, poor communication can have a detrimental affect on your business. As you write your plan, involve anyone who could be affected by the plan.

Seek advice from people you respect. Talk to employees, family members, business partners, and advisors, such as your accountant and lawyer. Ask their opinions and communicate your goals. It is easier to steer a boat if everyone is rowing in the same direction.

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If  you have enjoyed this series of posts on business planning and would like to explore the topic in more detail consider taking me up on one or two of the following FREE offers.

• Join me for a FREE  overview of  business planning on March 10 at 8:30 at the offices of Trustpointe – 6666 E. 75th Street, Suite 150, Indianapolis, IN 46250.  In this lively ninety minute workshop, participants will learn the elements of a good business plan, as well as tips and strategies on how to get started, and make planning an integral part of your business operation.  There is no fee to attend, but reservations are required.
• And as an added bonus when you register, you are enrolled in the free eCourse: How to Write a Business Plan in 10 Weeks

To take advantage of one or both of the FREE offers simply fill out the form below.