How to write a business plan

Without a plan for your business I believe you are potentially planning to fail by failing to plan.

May be the problem is “How To Write A Business Plan” – well I think I can help?

What does a business plan do?

• Gets the ideas from your head onto paper
• Gives you clarity and focus for your business
• Allows you to budget and manage your cash flow
• Helps you identify your products, services and the market

What’s in a business plan?

• Vision – your future aspirations
• Mission – what you do for your clients
• Objectives – defined targets for your business
• Strategies – how are you going to get there
• Plans & Actions – what you are going to do to successfully achieve it

What should the content consist of?

• What is the business?
• What is the product/service?
• What is the market place?
• What is the future potential of the business?
• What are the forecast profit and turnover figures?
• What is the investment required?
• What are the prospects for the any inward investor?
• What is the exit strategy?

To make the job easier there is an award winning software package that takes you step by step through how to write a business plan as well as including over 500 templates – click on the image to find out more.

You may also want to download a free template that has all the essential elements that should be included to help you write a business plan.

Already have a business plan? Great – click here for a free review of your business plan.

If you need any further help with how to write your business plan, then email me.

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147 Ways To Avoid Tax

The other day I met with Peter Clare (as it happens he is also a NABO Networking Group Director in Leicester) and he has a free book that I found of great interest that I thought I would share.

If like me you have an aversion to the word ‘Tax’ then this is the book for you!

147 (Legal) Ways To Avoid Tax, personally and in your business, whether your employed or self-employed – for a free copy, please visit Peter’s website: http://www.mrtax.co.uk/Resources/Howtosavetax.aspx

I hope you find this useful – I did

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A day in the life of a business advisor

Wake up (good start)

Bathroom duties (including checking email whilst on the loo – that’s probably too much information?).

Not a big breakfast fan (sorry dieticians) so just a cup of builder strength tea to ease me into the day and a couple of dunkable biscuits.

Today I don’t have any client or prospect visits, so it’s an office day.

First hour or so of the morning is admin – responding to emails, checking out LinkedIn, Facebook, Twitter and then on to the main to-do list.

The to-do list will consist of actions that I need to do for clients, prospect calls as well as marketing activity – blogs, articles, etc.

The post comes around 11, so always keen to check for any cheques and fill up with a large mug of Lemon & Ginger tea.

The jobs I’m doing today for clients:

• Working on SEO for www.personal-guarantee.co.uk – just managed (this week to creep on to the bottom of page 1 for Google – already top of the page on Bing and Yahoo in the UK). Also setting up a sister site for different search terms – www.director-guarantee.co.uk
• Reviewing marketing material for www.easyposture.co.uk prior to launching their videos for simple exercises that can be done in the workplace to improve your posture.
• Continue to develop the business plan and coach the owner of a new venture looking to introduce a brand of apparel for lady bikers; specifically designed for women.
• Creating a couple of newsletters using Constant Contact.

Breaking for lunch consists of a quick sandwich, bag of crisps (if any in the house) and drink top up; with a toss between watching the news and catching an episode of Judge Judy (sad I know – but she is very entertaining!) before getting back to the grindstone.

Usually I will stop for dinner around 6.15pm and 6.30pm. And unless there is anything compelling on TV or there’s a reason to nip down the pub, I’ll probably get back on the PC and take another look at emails and the various social and business networking sites. Whatever option, more than likely accompanied by a large glass of red wine – Merlot, Malbec or Rioja ideally.

Bedtime for me is between 11pm and midnight!

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Excited about…not 1, not 2 but 3 business opportunities

Ok – so I’m being a bit greedy and could have spread this out over a few more blogs, but I just can’t wait to get the various messages out there:

1. NABO Networking – I am happy to say that I am one of the first 20 ‘pioneers’ who have a agreed to become a group director in my region (East Northants) for what is (or soon will become) the fastest growing network in the UK.

I know what your thinking: “not another bloody networking group“! Well ‘yes’ but with many benefits that are currently not offered by any other national networking groups such as £99 annual subscription for first time visitors (£150 otherwise), attend any of the national meetings for 90 days with no obligation (timing starts from your first visit) and much more: http://www.paulgreen.biz/nabo-networking

2. Interest Free Funding – with the banks being very restrictive with who they provide funding for – this is a refreshing alternative if you are a business looking for £500k+ funding with no interest. Whilst there may be a requirement for an equity stake in any business considering this as an option – it is the sort of chunk that ‘Vulture’ Capitalists of the likes of Dragon’s Den investors demand, but will be a maximum of 10%. To find out more, email me@paulgreen.biz

3. Invoice Funding from 0.9% – last, but certainly not least, a unique and innovative company that I have recently been introduced to is challenging the conventional factoring/invoice discount market by providing a secure online trading platform for businesses who want to ‘sell’ individual (or more) invoices that are ‘bought’ by investors. As it is a competitive environment – a bit like ‘Ebay for invoices’ the terms are set by the seller and the buyer bids to win, hence the competitive rates (max 2% interest).

In addition, there are no set up fees, no ongoing contract or commitment, no personal guarantees required and other benefits. Contact me@paulgreen.biz for more details.

I hope you agree that it was worth 1 blog for 3 opportunities?

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How do I choose a business advisor?

When considering using a business advisor to help with your business, it is important to get one who is not only qualified and experienced, but someone whom you are comfortable with. How do you choose the right one?

Here are some considerations for you before you take the plunge:

Is The Advisor Qualified?

Ask them where they got their training from. Have they clocked in enough hours to ensure their competence with the practical aspect?

Be careful of those who have experience and know little of a lot of things. Can they really be a good personal business advisor?

There is a danger in choosing a generalist to come in and work on all aspects of your business. Surely it is wiser to engage a specialist with a core competence in the skill you need?

Often a business will seek support from an accountant, or maybe the bank manager – whilst their advice may be pertinent in the field of finance, a business consists of sales, marketing, operations, staff, etc; all of whom contribute to the business and will more than likely be an important factor in whatever issue your business may be facing.

What Kind Of Business Experience Do They Have?

Discuss with them the kind of business experiences they have had. Find out the kind of organisation that they represent. Are they into coaching, consulting, training, mentoring or an “all-in-one” type?

This is a very important aspect, even if the person in front of you can verify their qualifications, do they actually have hands on experience of working within a business that they can offer you practical advice that is going to make a difference to your company.

There is no academic qualification that can surpass the effectiveness of a business advisor who has a proven track record in the competency that you are looking for and who can demonstrate success from a real situation.

Do They Have References?

While clients who have used the services of a business advisor may prefer to remain confidential, there may be some who may be willing to talk with you and confirm that they can do ‘what they say on the tin’!

Talk with the company providing the reference and find out about the advisor’s abilities and if they were happy with the services provided. If possible contact more than one organisation so that you can get a cross section of views and the success of the services that have been delivered.

In addition, if the advisor is unable to provide a reference, do they have case studies on actual clients that demonstrate what the issue was, what they did to resolve it and what the outcome was with specific, measurable results?

What Are The Terms And Conditions?

It is important to determine the type of relationship you are going to have. Are you going to be tied into a long term contract, what are the options if you are not happy with the service being provided? Some business advisors will not tie you down to a fixed term contract or will allow you to cancel at any time if you are not happy, without any penalty.

It is also important to establish the frequency that you are going to meet, where that will take place, what are the deliverables that can be expected as a result of working with the advisor and what are the payment terms.

Is there a ‘try before you buy’ option? It is quite typical to have an initial session so that you can experience first hand what value the advisor can bring to your business. You are not looking for a ‘glossy report’ that tells you what you already know about your business, but someone who can offer solutions and specific action based recommendations to move your business forward.

Do They Generate Confidence?

Does this person generate confidence and credibility as they work with you? What kind of questions were asked and are they relevant to the business and thought provoking such that you will take action on the advice given?

Do remember though that once you have chosen your business advisor, you need to be willing to take action to get the best out of it.

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Boost Your Business Newsletter goes from strength to strength – over 8,000 subscribers

With over 8,000 subscribers are you missing out on the Boost Your Business monthly newsletter?

Now in its 4th year, this newsletter has continued to grow in popularity and has received positive feedback from readers.

If you subscribe, you will get regular articles covering all pillars of business: strategy, finance, sales, marketing, operations and resources; written to provide you with practical information that helps you grow your business.

Please complete the form below to subscribe:

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10 Top Tips For Getting More Customers

Are you looking for more business? My guess is yes and you may have run out of ideas about how to do this; or think that you need an expensive marketing budget.

Here are 10 Top Tips for getting more customers that will not hurt your bank balance:

1. Evaluate how much more business you want. One of the most important things in your business is that you deliver quality and value and always strive to delight your customer. So it is imperative that you do what you say you do. To this end it is important that you carefully evaluate how much more business you can cope with and adjust your marketing accordingly.

Let’s say you are a web retailer and have a client list of 20,000. Let’s assume that if you put out a special offer then you get a 5% response so this would amount to 1000 sales. If your capacity is 50 orders per day then it will take you 20 days to get the orders out, which in this type of business is totally unacceptable. You should, therefore, evaluate your capacity to provide a service that will delight your customer and adjust your marketing to suit.

2. Referrals. Referrals can be one of the most powerful marketing techniques because if you are referred then, in the eyes of the new prospect, you have been recommended and your chances of making that prospect into a customer is much higher than with any other lead you get.

So each time you get a satisfied customer then ask them to write down 3 referrals for you to contact. You may need to give a small incentive but in most cases this will not be necessary.

3. Get on the phone and call your 50 best customers. Or if you do not have 50 customers then select some good prospects. Don’t try to sell to them just ask what they need. You
will probably find that the 80/20 rule applies here. 20% of your customers will be responsible for 80% of your revenues so make an appointment to visit them and ask questions so you understand what they really need and not just what they want.

Build relationships with your best customers and don’t forget to ask them for referrals.

4. Networking. Use every opportunity you have to get out and meet people who could be interested in your product. Now, more than ever, there are many business networks both on the net and also in local areas where you can meet others who could be candidates for your products. Get out and introduce yourself to them. Develop an ‘elevator pitch’ (sometimes called an elevator speech).

This is an overview of a product, service or project. The name reflects the fact that an elevator pitch can be delivered in the time-span of an elevator ride (for example 30 seconds and 100-150 words). Make it interesting and make it so it produces curiosity so they want to ask more questions.

….read more: Take me to the remaining 6 tips

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Poor websites mean poor sales

Nearly half of British consumers have cancelled plans to spend with a small business after finding a poor-quality website, new research by web hosting firm 1&1 Internet shows.

In a study of more than 1,800 UK adults, 37 per cent have walked away completely whilst a further nine per cent have opted to spend less as a direct result.

Need help with your website – contact me now for a free review of your current internet presence.

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Lord Sugar: “People like me are a dying breed”

Speaking in the House of Lords, Lord Sugar said entrepreneurs should fend for themselves, and stop expecting everything to be handed to them on a plate.

“The thing is, people like me are a dying breed.” Lord Sugar boomed.

“When, as a young man, I went to a bank with my hand out, they thought I was part of a Morecambe and Wise team. ‘Do you have any collateral, a balance sheet, some history of profits?’, they asked. ‘No,’ I replied. ’Well then, clear off,’ was their response.”

Speaking out against today’s “expectancy culture”, Lord Sugar said that entrepreneurs need to learn to fend for themselves.

“It has been customary for a person dressed in a nice pair of designer jeans and a nice blue blazer and a white open-collared shirt, a bottle of Evian and a wonderful Microsoft spreadsheet in hand, to walk into a bank, mention the word dotcom and walk out with £5m.

Read more: http://realbusiness.co.uk/management/lord_sugar_people_like_me_are_a_dying_breed

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Coalition’s policies ‘have been bad for small and medium businesses’

Nearly half of small and medium-sized businesses believe that policies introduced by the government since the 2010 election have been bad for them, according to new research.

Only 26% of senior decision makers questioned in the YouGov SME Omnibus survey said the coalition’s policies have been good for business, compared to 48% who expressed the opposite opinion.

Furthermore, three in 10 respondents said they believed tomorrow’s Budget will have a negative effect on their business. Only 7% believe that it will be beneficial, according to the survey, but 48% think it will make no difference to their business.

Read more: http://www.growingbusiness.co.uk/coalition-s-policies-have-been-bad-for-small-and-medium-businesses.html

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