Your Blueprint For Business Success

Before you start your own business one of the first things you need to do is draw up your business plan. This is your blueprint for success. Your business plan states the purpose of your business. It never ceases to amaze me that so few businesses have any type of written business plan. Because without one, you have very little, if any, chance of success.

The day-to-day details and problems of running a business will often take your mind away from the prime thrust of your business. This can and should in most cases be eliminated by regularly reviewing your business plan.

Here is what your business plan should include:

* It should describe your business name, locaton, product or service, market, and competition.

* It should state your business goals. This is where you really learn exactly why you are in business.

* It should analyze the market, identify industry trends, and specifically define your target market.

* It should describe your product line and compare your products and/or services with those of your competition.

* It should state your marketing strategy for both creative materials and the type of media you're going to use.

* It should specify your pricing policy, methods of selling, distributing, and servicing.

Your business plan also deals with many financial matters, such as how much capital is required, how it will be repaid and how funds will be used. It also shows your earning projections and return to investors. Finally, it describes your management plan and includes resumes of your key personel, an operating plan, and a schedule of upcoming work for the next one to three years.

Key business ratios should also be a part of your business plan. And those financial projections I mentioned above should cover five years. Your first year should be monthly and each of the remaining four years should be quarterly. This means detailing the profit and loss statements, balance sheets, cash flow charts, and capital expenditure estimates.

Your business plan serves a dual purpose. It proves to lending institutions and potential investors that a loan to you would be good business. And it helps you and your management staff keep your eyes on your original target. But only if you review it periodically each year. Your business plan is a valuable part of your business. Use it to stay on track because it is your blueprint for success.

All contents Copyright 2004 Joe Love and JLM & Associates, Inc. All rights reserved worldwide.

Joe Love draws on his 25 years of experience helping both individuals and companies build their businesses, increase profits, and achieve total success. Joe's work in personal development focuses on helping his clients identify hidden marketable assets that create windfall opportunities, as well as sound personal happiness and peace.

Joe can be reached at: joe@jlmandassociates.com

Read more articles and newsletters at: http://www.jlmandassociates.com/

In The News:


pen paper and inkwell


cat break through


Holding Effective Meetings Can Be Easier than You Think!

I'm sure you've experienced those typical "headache" meetings! You know... Read More

Why Management Kills Creativity

Ten or so years ago, an international consultant, specializing in... Read More

Benefits of Virtual Assistance

A virtual assistant is an individual who provides business services... Read More

Managing Change - Get it Right

In any event, getting the process right is a vital... Read More

Employee Motivation: It?s More Than A Paycheck

Managers often ask, usually with exasperation, "How can I keep... Read More

Employers - Protect Yourself from Custody Battles that Hold Your Company Hostage

Child custody? How'd that get to be an employer's concern?When... Read More

Medical Malpractice: Three Myths That Cost Your Hospital Millions

What's the use?Nothing you do will hold down the cost... Read More

Dialogue vs. Discussion

Have you ever sat in a meeting where everyone is... Read More

Avoid Outsourcing Pitfalls in the Injection Molds and Stamping Dies Markets

When looking to outsource overseas for Plastic Injection Molds or... Read More

Change Management

"It is not the strongest species that survives, nor the... Read More

How to Hold Effective Staff Meetings

Many people believe that they conduct effective meetings, when all... Read More

Discover the Astonishing Power of Words Today!

Picture all the people you know who are dynamic, successful... Read More

Making a Decision to Outsource: Driving Factors

Most executives view offshore outsourcing most of all as a... Read More

How Can A Communications Audit Help You?

Organizations communicate in two directions: internally to staff and externally... Read More

Compensation and Six Sigma Black Belts

One of the more ambiguous elements of a Six Sigma... Read More

Performance Expectations - 5 Tips and 5 Questions

People want to understand their role - they want to... Read More

A Checklist for Organized Executives

I could begin this article by providing a checklist of... Read More

Innovation Management: The Time Factor

Creativity can be defined as problem identification and idea generation... Read More

Spotlight on Productivity: How to Overcome E-Mail Overload

Do you ever feel overwhelmed by e-mail? Have you ever... Read More

10 Steps When You Need Help in Your Business

If you think ahead and plan, many nightmare panic and... Read More

Project Management - Its Just A Button

I once worked with a developer who showed up at... Read More

Leadership Style: What Makes A Good Boss?

In today's competitive environment, companies realize that a good boss... Read More

A Facilitators Guide to Running a Stakeholder Analysis Workshop

This facilitator's guide to running a stakeholder analysis workshop is... Read More

Are Your Marketing Pieces Up to Date?

The other day someone asked me for one of my... Read More

Nonprofit Performance: Outcome Measurement Can Be A Good Thing

Does the idea of program evaluation make your stomach churn?... Read More

Innovation Management ? The Need For Knowledge Managers

Creativity can be defined as problem identification and idea generation... Read More

Inspirational Power ( Part 1 )

The Fundamentals of Strategic Marketing, Some Key Traits for Greater... Read More

Credibility - A Golden Key to Becoming More Influential

You have been named a new leader in your organization,... Read More

Teamwork Training: Learning to Build a Successful Team

Teamwork is a process that can be experienced outdoors and... Read More

Employee Discipline: How to Nip Problems in the Bud

Are you uncomfortable with delivering disciplinary action, even involving employees... Read More

Let the Intern Do It - Affordable Help for Your Business

Do you have more projects than time? Help might be... Read More

How To Jump Start Your Profits and Keep Your Profits Rolling

There are so many ways to jump start your prifits... Read More

Its All About The Customers, Baby

If you want to ensure a steady stream of customers... Read More