Ordinary People with Extraordinary Passion
Often when we hear about someone who is extraordinary successful, we step back and say, of course, he/she is extraordinary. They have skills and abilities well beyond ordinary people. They have gifts which make them successful. But I would argue, that real success comes from extraordinary passion more than anything else.
In this episode of the Roundpeg Vlog, I share the story of someone who achieved extraordinary success because of his extraordinary passion.
Roundpeg Video Blog – Chris Cambell from Another Cool Design on Vimeo.
Business Owners Keep Strange Hours
One of the things I learned when I first started Roundpeg, was that my internal clock was completely reset. Suddenly, I was awake when the world slept, and surprisingly, so were many of my small business owner friends.
Even after more than eight years in business, I still find myself awake with a new idea at 4:00 am. Is it a conspiracy which keeps us awake?
Is there something magical about that time? Storyteller and poet Rives shares his thoughts on 4:00 in this funny piece from TED. Of course it is best if you are watching it at 4:00 am!
Episode 19 – Coaching Strategies for Small Businesses with Deseri Garcia
My friend Deseri Garcia of Vida Aventura is a coach, trainer, motivator and leader. We share much in common, including the title, Past President of Rainmakers. The shared experiences make our conversations interesting and fun.
Recently Des stopped and we talked about Coaching, and why a small business owner might turn to a coach.
Click here to listen to the Podcast.
Contingency Planning – More than Backup
Yesterday, my post talked about the need to back up your data on a regular basis. Having access to your information is a key starting point, but surviving a crisis requires more than just data recovery.
Your disaster recovery plan should also include:
- Where you will operate if your office is damaged or destroyed.
- How you will finance equipment replacement. Do you have adequate insurance to replace office furniture, equipment, inventory and other assets?
- How you will cover business expenses. Continuity insurance provides additional insurance to cover expenses such as moving, or damages caused by missed deadlines.
- Documentation of everything you own. Even if you have adequate coverage, most policies require a detailed list of what was lost, damaged or stolen.
- Who will take care of your customers if you can’t. In the event you can not complete a project or meet a deadline because of the business interruption, do you have a relationship with someone else can serve your customers on a short term basis?
According to the Financial Planning Association, of the businesses that suffer a disaster, 40% fail to reopen and 25% that reopen close within a year. Plan ahead!
Disaster may never strike, and you may never need to execute your plan. But if something does happen, a well thought out plan, will help you through the transition, and increase the odds that a temporary business interruption does not become a permanent one
Want help developing answers to these and other business planning questions?
Check out our Business Plan Seminar – December 17 or January 21
Seven Suggestions for the Last Seven Weeks
It is hard to believe, but we have just seven weeks before the end of the year. By now, most business owners (with the exception of retail stores) know how the year will end. And, while the numbers are lower than years past, owners seem to be looking forward with optimism.
With glimpses of the recovery taking hold, business owners seem to believe success in 2010 will be their reward for surviving 2009. I love the optimism, but I also know it needs to be supported with more than hope.
If you want a piece of the action in 2010, you need to start now. In the last seven weeks of 2009 you need to build a foundation for your success next year. Don’t wait for January. It will be too late! So what should you be doing in the last seven weeks of this year? Here are seven ideas, implement just one a week and you will be far ahead of your competitors by January 1.
- Dust off your business plan or write a new one.
- Design new marketing material. Even if you don’t print anything till early next year, you will be ready.
- Take a class, learn something new you can use next year.
- Expand your contact circle. Check out three new networking groups.
- Call five past customers just to check in.
- Make some news! Introduce new employees, host an event, launch a new product or service, and tell someone!
- Audit your website. Is it time for a change? Do you need an overhaul, or just a few tweaks?
These are my suggestions, do you have others?
Come back tomorrow as my guest author, Robby Slaughter shares some of his end of year strategies.
Make Your Life
Every now and then I get one of “those” emails. Most of the time, I browse and delete, but every now and then I like it well enough to share. This is one I wanted to share, but didn’t want to add to the clutter in everyone’s email box, so I thought I would post it here.
It is an excerpt from a poem by Maya Angelou. While she is not writing just for business owners, I think her comments are dead on. She says:
‘I’ve learned that no matter what happens, or how bad it seems today, life does go on, and it will be better tomorrow.
I’ve learned that “making a living” is not the same thing as “making a life”.
I’ve learned that life sometimes gives you a second chance.
I’ve learned that you shouldn’t go through life with a catcher’s mitt on both hands; you need to be able to throw some things back!
I’ve learned that I still have a lot to learn.
I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.
So here is my thought for today – Before you end your day, do something to MAKE YOUR LIFE: Learn something, give something or do something to make someone else feel special. After all, isn’t that why we went into business?
Business Plan Lesson 10: Closing Thoughts
This is the last post in a series on how to write a business plan. If you are just joing us for the first time, you can still see all the posts sign up for the Free Weekly Business Planning Series and recieve a blank business outline too!
As you finish your business plan draft, remember, it doesn’t matter how simple or complex your business plan is. The process, not the finished product, is what’s important.
A good business plan is never finished. The best business plans are not beautifully bound documents gathering dust on a shelf. They are tattered and smudgy from frequent use as a roadmap, showing where a business is going and how it plans to get there.
Your business plan is an annual process, beginning with a review of what you accomplished in the previous year. Did you miss, meet, or exceed your goals? Were your systems sufficient? Did you correctly anticipate market trends and competitor activities?
Once you have completed your assessment of the past, it is time to look forward. Reevaluate your answers to each question, revising as necessary for the coming year.
Your Final Assignment
Put an appointment on your calendar for one year from today for a business plan review. Schedule 1/2 day, in a quiet place, away from the office, cell phone and email. And review your plan. Answer the questions listed above, and plan the next year.
And before your go, I would love to hear what you thought about the process please share your feedback below
Business Plan Lesson 8: Executive Summary
This is the eighth part of a ten part series on business planning. If you want to start from the beginning, sign up for the Free Weekly Business Planning Seriesand recieve a blank business outline too!
Although it appears at the front of the plan, a good executive summary is written last. The summary captures the highlights of the entire business plan document, just as a traveling itinerary reflects the key happenings of a trip but does not account for every minute spent.
The executive summary should be clear and concise, and between two and three pages in length. Lenders, investors, and venture capitalists receive far more business plans than they are capable of funding. You must grab the reader’s attention so he or she is willing to dig more deeply into your opportunity.
Include:
- List your company name, type of business, location, and legal status..
- Describe the current state of the company, readiness for market; past successes, and key staff.
- Describe your products and services. Include the date the product was introduced, present volume, and unique features.
- List the reasons customers need your products. Include an indication of your market size and growth potential.
- Summarize aims and objectives for the short and long term.
- What strategies will you employee to reach these goals?
- What key facts do you want potential investors to know about company finances, either current or projected?
- How much funding do you seek, how do you plan to raise funds, and how will you spend the funds?
Are you ready for an independent review? At Roundpeg we have reviewed hundreds of plans over the years helping small business owners like you put the finishing touches on your plan. Contact us today for more information about our review services.
Your Assignment
Review your entire plan, highlighting the elements to be incuded in your executive summary
Business Plan Lesson 7: Milestones and Critical Risks
This is the seventh part of a ten part series on business planning. If you want to start from the beginning, sign up for the Free Weekly Business Planning Series and recieve a blank business outline too!
Milestones are directly related to your business goals. Each milestone will have a series of specific tasks which must be accomplished along the way.
The milestone checklist captures the action items outlined throughout the plan and enables you to assign timelines and responsibilities.
An additional column may be added to record approximate budget allocations for specific milestones.
As you look at your entire plan, be sure to consider what might go wrong. This is not being negative, it is being prepared.
Your Assigment
Create a list of the pitfalls, regulatory issues, competitive challenges, and changing marketplace conditions that could adversely affect your business.
Business Plan Lesson 6: Financials
This is the sixth part of a Ten part series on business planning which you can join at any time. To start from the begining sign up for the Free Weekly Business Planning Series and recieve a blank business outline too!
As you drive along, your car’s gauges give you up to the minute feedback on your progress. The gas gauge tells you when it is time to stop and re-fuel. The same is true for the financial statements in your business.
Bankers expect entrepreneurs to be optimistic and overestimate sales projections. Be sure to substantiate how your projections were developed.
The financial plan should contain only summary data. Include:
- Forecast – Do you have firm orders for your products or are you already
selling your product? - Financial Statements – At a minimum, you must include the income statement,
cash flow, and balance sheet. A three-year forecast and some discussion of
best- and worst-case scenarios also should be included. For an existing
business, at least two years’ history should be included as well. Ratios
make relationships in your business more understandable, giving you a focal
point for your analysis. - Financial Requirements – How much money do you need for startup?
To help you organize your financial statments, download our 5-Year Forcast and Cash Flow statements
Your Assignment
- Calculate your break even point. How many units must you see before the business begins generating a profit?
- Talk to an accountant – not a bookkeeper, someone who can help you review your financial assumptions. (Here in Indy I reccomend Larry Marietta)
