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Chalk out a business plan

After you are sure you have understood your business, it’s time to chalk out a business plan. You can do it yourself or with the assistance of a professional. Here are the steps to be followed to chalk out a business plan.
Introduction
     The type of business; its aims and goals
     Suggested name of company
     Address/location
     Ownership and discussion of legal ratio, and the experience of the owners
     Estimated funds required and the probable sources of the funds
Analysis of the market
     Where is the market?
     What are the trends?
     What is the competition, who are the competitors?
Product analysis
     What is/are the product(s) and/or the service(s)
     How are the product(s)/service(s) ahead of competitors’? Where do they fall behind?
     Who will be the suppliers?
     What are the materials required (for manufacturing company)?
     Where will the materials come from (for manufacturing company)?
     What are processes/methods of manufacturing?
     What are the machinery required for manufacturing?
Financial analysis
     Source and estimated amount of initial capital
     Monthly budget of operating
     Projected cash flow for the 1st year, and the expected returns during the 1st year
     The breakeven point (the point of time when you start making profits—‘ah, at last!’
Marketing strategies
     Products and services offered
     Pricing of your product(s) and services
     Identifying the target segment of customers
     Define the market size
     Advertising plans with the medium(s) of advertising—indoor advertising, outdoor advertising
     How the products will be distributed and sold
     What about the servicing of the products (say, if you are manufacturing or importing electronic goods, or furniture)
     Special promotional offers
Hiring Policies
     Estimated manpower requirement
     Skills required
     Salary, wages etc.
     Defining the hiring policies
     Marking out the responsibilities
     Training needed
Management
     Type of business organization (ownership/entrepreneurship, partnership, private corporate, public corporate, non profit, etc.)
     Details of board of directors
     Details of officers
Does it look perfect? Do you think you can go about it? Great! Get going. Remember, don’t be too rigid with your chalked out plans. As you actually proceed with your startup company, will find, you have to accommodate many changes and alterations. Allow changes as you proceed. That’s the way things happen. That’s the way the world goes. The business plan is there to help you, not to prevent you. So, make changes in your plans as required. And best of luck. Your next step is to get business capital.

Understanding your business

So, you are planning to start a company? Congratulations! Welcome to the world of business. The first step to start a company or business is situation analysis, or understanding your business. This is very important. With an incomplete knowledge of your business, you might end up in a bowl of soup, if not in an ocean. Why on earth do you need a situation analysis? To understand your customers (who are your customers, where to find them and what is their relation to your product or service) analyzing the location of your business— you won’t do much good to setup a refrigerator manufacturing unit in Greenland, would you? And finally, to understand the competition (sorry friend, that’s one part of business which you can’t avoid—you cannot have the fruit without facing the seed). While you hope for the best, you should always be aware of the factors that might lead to the failure of your business— that’s what you gain from understanding your business. Before you actually startup your company, try to do a little bit of research in your own way about:

Your customers

• Who are your target/likely customers?
• What is their age group?
• Geographically where do these customers live? 
• What is the income of your customers?
• How frequently are the customers likely to you your product/service?
• What medium of advertising is most effective for your customers? (eg. if you are selling toys you can go for comic book or if your company is bigger, you can go for kids’ TV channels.)
• Who are likely to influence your customers’ buying decision? (eg. If you are selling/manufacturing foodstuff for kids, your promotion should not only take care of convincing the kids, but also their parents—they are the decision-makers)

Your location

• Does the location have enough footfall? Or is it that you’ll have to play solitaire throughout your working day?
• Does the location have good public transport, and parking facilities?
• Are the space-hiring and other costs (like electricity) reasonable?
• Is the space available enough for your business? Is there scope for expansion?
• How expensive is it to remodel the office space to fit your purpose?
• Find out about the companies which closed down in this location and why they closed down.
• Is it possible to run your business from your home? That would save you a lot of cost and time.

Facing the competition

• Find out who are your competitors
• Where are they ahead of you, where will you be ahead of them?
• Which groups of customers go to your competitors? Why are they going there?
• What are the pricings of your competitors? Are your pricings lower initially?
• How do they advertise? 
• Are more new competitors likely to come?
• What technological advantage do your competitors have?
• Do your competitors have the advantage of a big brother (franchisor) backing them? Is it going to affect you?

Evolve Your Communication

EVOLVE YOUR CHANNELS

We are shocked at how few businesses evolve their channels of communication.  The small business revolution is rooted on agility, depth of client familiarity and the evolutionary mindset.  

PICK + CHOOSE

There are tons of channels emerging every single day.  And while we advocate keeping on the leading edge of technology, we equally say pick and choose your channels.  As you refine your efforts on one, you can experiment with others.  The key during these periods of experimentation is to diversify the channel but keep the message consistent.  

This will keep your venture focused on results and ensure that a discplined and detailed reflection is applied to fresh channels.  This helps avoid dilution of your effort and the potential for distraction and diffusion.

MASH-O-RAMA

With so many applications emerging, we are witnessing the rise of the cloud computing culture. The street name for this is mashing. What does it mean?  Just what is sounds like.  You mix and mash together applications that fit your vision and needs.

Here is a great site:
www.mashable.com

THE PURSUIT OF PRECISION

GET OUT OF THE DAILY CHAOS

As small business owners, the day to day duties can bury our vision.  It can blind us to the pursuit of the big picture.  Often we can get so bogged down in the nitty gritty of the day to day challenges, that we start plowing through the heap of problems versus building a precision crafted venture that flourishes.

GET INTO YOUR PRECISION VISION

We want you to be in the business of building your vision.  

For us that means:

1. Clear out the chaos
2. Commit to print your vision  
3. Commit to clarity of purpose for yourself and your team 
4. Cultivate a culture of precision team work
5. Continous reality check and quality improvement

UNRIVALED PASSION

FIERY PASSION FUELS GROWTH

UNRIVALED PASSION = SERIOUS GROWTH
Running a small to medium sized business can become a grind for the founding entrepreneur.  There is the original spark which ignites most efforts and fuels the early stage growth.

We advocate for bringing back that passion into your daily activities. 

PASSION 

1. BURNING MOTIVATION TO BUILD
2. VISIBLE ENERGY FROM THE LEAD ENTREPRENEUR   
3. TEAMS THAT CREATE VERSUS COMPLAIN
4. FAST TRACK INNOVATION 
5. DOING MORE WITH LESS EVEN DURING TOUGH MARKETS  

ENDURING CLARITY

ENDURING CLARITY IN STORMY SEAS

TURBULENT WATERS

These are turbulent waters, tough markets and intense times for business owners.  More than ever, clarity of purpose matters.  It is through intense analysis, deep reflection and peristent focus that an enduring clarity can emerge.

THE BENEFITS OF ENDURING CLARITY

1. GROWTH WHILE OTHERS CONTRACT
2. EFFECTIVENESS WHILE OTHERS FOCUS STRICTLY ON EFFICIENCY 
3. CLEAR COMMITMENT BY TEAM MEMBERS  
4. HIGHEST VALUE ADD ACTIVITIES AT THE CORE 
5. BRING YOUR BEST TO THE GAME EACH DAY
6. CONFIDENCE ROOTED IN A LONG-TERM VIEW  
7. THE ENTREPRENUERIAL THRILL OF AGILITY FOUND IN SMALL BUSINESSES 

LIFE IN BALANCE

THE BALANCING ACT
Small business owners struggle with life work balance.  We see an overwhelming number of owners factor our their personal life, as if it were something separate and apart.  And yet, it is impossible to ignore one or the other.  One must seek to craft a life in balance.

THE MEASURE OF THINGS

They key is to:

1. DEVELOP CLARITY AROUND VALUES
2. UNDERSTAND HOW YOU MEASURE LIFE  
3. BE HONEST, TRANSPARENT AND DIRECT IN YOUR MEASURE 
4. MAKE MEANING AND SUSTAINING ACTS CORE TO YOUR BALANCE 

The most successful and happy small business owners we meet are the ones who have crafted a life in balance based on the measure of meaning and purpose.

STOP THE NOISE. START THE MUSIC

STOP THE NOISE

These markets are awash in noise.  Fear mongering, complaining and finger pointing dominate the talk shows, newscasts and conversation among people.  The doom and gloom voice is mixing and mashing until it gets so knotted up in the daily dialogue, that it fills the head with noise.  

Yes, it is important to make intelligent decisions, steer clear of the greed which fueled a ferocious housing bubble and return to the basics, creating true and lasting value, one client at a time. 

We say, stop listening to the noise and start listening to the music.

LISTEN TO THE MUSIC

We say, dial down on the noise and focus on making music.  What we mean is for you to refine your craft, cultivate your talent and produce the best music you know how, the market will recognize it and reward you.

This means:

1. KNOW YOUR TRUE PASSION
2. COMMIT TO ABSOLUTE EXCELLENCE 
3. BE DISCIPLINED DAY IN AND DAY OUT 
4. CULIVATE COURAGE 
5. FOCUS, FOCUS, FOCUS 
6. BRING THE FRUIT OF THIS LABOR, PASSION AND EXCELLENCE TO THE STAGE, THE MARKET WILL ALWAYS RECOGNIZE AND REWARD MASTERY.   

Big Waves of Change = Fierce Focus

BIG WAVES OF CHANGE AT HAND
We are living in times of substantial change.  Most business owners get caught in a daze, paralyzed by the dramatic change in environment and ultimately they get crushed by the waves of change.  A few find their way to the shoreline, a handful return to the water.

FIERCE FOCUS
Big change in our view translates into big opportunities. The intelligent small business owners stands up, surveys the waters, gauges the next wave and prepares to surf it.  While the others are clearing out of the water, staying on the beach and heading home, the small business owner with clarity advances.  This gives them rule of the open water.

She uses the powers of fierce focus to select her niche spot and then advances into the water, finds the right wave and rides it with tenacity, courage and conviction.

THINK BIG
What we see is individuals thinking smaller and smaller in turbulent times.  We advise that the smart move is to think niche and find and ride the right big wave.

Overwhelm

Quiz: How Well Do You Handle Overwhelm?

 

When overwhelm strikes, it’s easy to feel powerless and immobile. Everything feels too big. It’s not just everyday busyness and packed schedules. When we’re overwhelmed, just making dinner becomes a monumental effort. Take the Thriving quiz below to see how well you’ve learned to deal with overwhelm.

 

True or False

 

1. I try to remember that I don’t have to do everything myself. I ask others for help and gather a support team about me.

 

2. As often as I can remember, I stop for a moment and take several deep, relaxing breaths.

 

3. I say “No” to new requests for my time, and I try to renegotiate previous commitments so that I can regroup.

 

4. I resist the frantic voice inside that yells, “You don’t have time!” and take a little break to sit or lie down for a bit, because I know it will make me feel as though I actually have more time.

 

5. I watch a funny video. (Laughter has a very positive effect on brain chemistry.)

 

6. I light a candle and keep it near me.

 

7. I go outdoors for a few moments or even a few hours. Taking time to notice the glorious details of nature—a leaf, a snowflake, a ladybug—is very regenerative.

 

8. Even if for only 10 minutes, I do some form of movement—dancing, jogging, walking, jumping jacks. (Exercise increases adrenaline and endorphins, the body’s natural antidepressants.

 

9. When I need to drown out the negative chatter in my overwhelmed state, I sing quietly or hum to myself. It soothes me and helps me focus on “one step at a time.”

 

10. I have a practice of meditating or praying each morning, which keeps me tethered to myself during the times that overwhelm wants to scatter my energy to the wind. 

 

11. I write in my journal as fast as I can for 15 minutes without editing or judging; this “brain dump” helps clear my mind and move away from overwhelm.

 

12. On my walks (with the dog or alone), I whisper to myself all the things for which I forgive myself.

 

13. When the pressure of overwhelm feels unbearable, I listen to evocative violin, cello or piano music that helps me to cry. The crying helps wash away the overwhelm and bring me back to my strength.

 

14. I keep a list of all the things that help me re-connect with myself, that help me re-collect and re-focus my energy inside, so that when overwhelm begins to visit, I can remind myself of things that have worked in the past.

 

Overcoming overwhelm isn’t really about measuring accomplishment. It’s about connecting with what has meaning for us, with what feeds and enlivens us. Feeling connected then connects us to the natural fuel for getting things done. If you’d like some help working through overwhelm and aligning better with your values and needs, don’t hesitate to call.