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.

Indianapolis Business Plan

Maybe you have a great idea for a business.  Transforming that idea into a functioning business will take more then just the idea.  Your business plan needs to consider all aspects of running the business.

In an article on Startup Professionals Musings I found a great list.  The author said every business needed to include the following into their business:

One thing I think he left off the list is some consideration of critical risks.  It is about hoping for the best, and planning for the worst.  Does the business survive the loss of a key employee or emergence of a new competitor.  If will have a better shot if there is a plan in place.

Starting a business is exciting.

There is so much to be done.  Planning, building a revenue model, creating a budget, and developing branding are all important parts of starting a business, right?

According to Eric Tobias, founder of iGoDigital those things are a waste of time in the very early stages. Speaking to a packed house at Verge the other night, he said it is easy for entrepreneurs to get distracted by those elements before the know if they have a product anyone will want.   His advice was simple:

1. Build a prototype
2. Go get a customer
3. Don’t do anything that does’t involve #1 or #2

This was hard for me to agree with because I write business plans for living and teach small business owners how to do it themselves.  The more he spoke, the move convinced I am that he is right.   All the spread sheets in the world, with fabulous hockey stick shaped projections are meaningless if no one will buy the product.  I am not giving up on my belief that business owners should have a plan, I just think they should have a product first.

Are we, marketing firms really different then other small businesses?   That was a question I wondered about when I saw a question from Darren Dahl, a writer for Inc. Magazine.  He was working on an article about business planning for specifically for our industry, and was looking for input.

From my perspective, the suggestions, tips and strategies I sent him, weren’t really that different from what I would say to any small business owner.  They were included in a terrific piece, which included comments from owners of agencies like Roundpeg around the country.  I think the suggestions have great application for any small business owner.   Here are just a few:

• Define your audience – your plan will have a different focus if you hope to use it to raise capital or run your business
• Build a team - A marketing firm’s No. 1 asset is its staff   I know this is true.  Roundpeg is a very different company today then it was a year ago. While I have made some changes, the biggest changes were in my staff.  I know I am lucky to have Jay, Allison, Rebecca, Taylor and Sharayah, and I tell them often.
• Map out the opportunities – Define your market – Everyone is not your customer.   We say this to our customers on a regular basis, it is a good reminder for us as well.
• Know your competition – Every company has some!
• Know the numbers – This one is easy for me, I actually like numbers.. but that is not always the case for marketing firms, or business owners in general.  My advice?  Don’t avoid them. If you don’t want to spend the time, hire someone who will!

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Want to know more about business planning or need a place to get started?  Download our business plan outline, and we will enroll you in our free:   How to write a business plan in ten weeks program.

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I like strong visuals, but sometimes I think the wrong picture simple adds to the confusion.   The image below is one such example.  I found it in a post on the Church of the Customer Blog.  While I typically enjoy their blog and agree with many of their suggestions, I think this one is way off target.

The graphic below is supposed to be a simple, one page snapshot of a strategic plan. It is pretty to look at, but impractical to create. I like the organization but I think I would spend more time trying to create the visual then working on the plan.  What do you think?

Don’t get me wrong, I think small business owners need a business plan.  And I agree with the authors, it doesn’t have to be a formal bound document. It can be a simple one page summary of objectives, goals, strategies and tactics.   I just think it should be easy to create and update, and I think this would be neither.

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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A recent article in the Wall Street Journal had a headline that disturbed me: “[Business Plan] Competitions Might Not be Worth the Effort.” It goes on to tell the stories of disappointed entrepreneurs who didn’t place in the money at business plan competitions.

Some would say  they lost because they walked away without a dime. But I strongly disagree: business plan competitions are critical in helping new business owners achieve their goals. Not only does it provide impetus for them to sit down and actually write a plan, they can also receive invaluable feedback from the judges. As Mike Miller, chief executive and founder of NxtMile LLC said in the article, “It will be nice if they write you a check, but more importantly, they may see an opportunity that you have missed.”

Miller is right. When entering a business plan competition, think of any money you may receive as an unexpected bonus. Go into it with the attitude that it will give you a chance to refine (or create) a business plan, and get constructive criticism from experts. Anything else is just gravy.

For all of you aspiring entrepreneurs with brilliant business ideas, the Entrepreneur Advancement Center will be holding its first ever business plan competition open to the general public. Visit www.goentrepreneurs.org, or check back here for more details. Lorraine will be among the judges, and I know she would love to read your plan.

At Roundpeg, we see that most small business owners will admit they have a lot to learn about business planning, marketing, web design, social media, PR and networking. However, with the day in,  day out challenges of running a business, there isn’t really time to take off for a seminar. And when you do, there is always so much information to digest and act upon.

I know this is true, because I run a small business.

So I have developed a series of  FREE online courses on Marketing, Business Planning, Web design, and PR/Social Media  Each program includes emails, blog posts, worksheets and the occasional podcast or video.

Each seminar is offered by Roundpeg, an Indianapolis web design company.

About three weeks ago I wrote a post entitled Small Business Marketing, Small Business Marketing, Small Business Marketing. In it I compared different strategies of driving traffic to your web site.

One strategy is to stay focused on a specific theme.  I decided to give this concept a try.  So from Feb. 7 – Feb. 23 (With the exception of a special post on Valentines Day)  I wrote about business planning every day.

The results are mostly positive.

• I have a great library of content to share with clients and prospects.
• I saw an improvement on my placement on searches for key words such as  ”small business planning Indianapolis”  and “business plan Indianapolis”
• Lots of cross traffic between related posts, so this improved my time on site statistics
• Increase in registrations for my Business Plan eCourse and my Business Plan Seminar

The one downside?   My overall traffic numbers were down slightly.  What this seems to indicate is one of several things

1. Maybe I picked the wrong topic to use as my central core.  Perhaps there isn’t as large a population among my readers who are interested in business planning as I hoped.  However, the cross traffic does indicate there is a solid niche so planning needs to stay as part of the mix. To test the topic theory, I may try another string of related posts, on a different topic.
2. My readers like diversity.  So  if  I want to continue to expand my readership, perhaps I  need to continue to diversify my offerings to appeal to a wider range of interests among small business owners.
3. Maybe, my readers  missed the different voices of my team.  Since each of the team; Jay, Michelle, Allison and Taylor each have a different perspective and following, bringing back more of their ideas may drive our numbers more than a single key word.  And while I am at it, I may look for a few more guest posts as well.

So look for a few more experiments over the next few weeks and give me some feedback on what you think will get more readers engaged.

As always, please don’t hesitate to contact Roundpeg, an Indianapolis web design company, if you have any questions.

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.