How (executive leadership coaching) to Write a Business Plan
No commentsBy Benjamin Bressington
A business plan is an essential component of any business, whether your business is brand new or you have been in business for years. Keep that old saying in mind, “If you fail to plan, you plan to fail” because nothing rings truer in the world of business.
The good news is writing a business plan isn’t difficult. However, don’t expect to write your business plan and forget about it. You must tweak and add to your business plan throughout the life of your business as your business grows and evolves.
Decide who is going to write the business plan
If you don’t have the time or the skills to write a business plan, hire a professional writer to write one for you. You can find skilled professional writers who specialize in business plan writing both online and offline.
The Executive Summary: First in your plan, written last
The first section of your business plan will be the executive summary. However, it’s the last section you should actually write. The executive summary contains all of your business’s essential information, such as business name, address, phone number, fax and mission statement. Your executive summary will also include the name of each owner of the business, a description of your product or service, and how it meets the needs of your target market.
Craft your business description
While your executive summary will be the first section of your business plan that potential investors and lenders will see, the first section you will actually write is the business description. The business description must be concise while containing key elements, including your business entity, required business licenses and permits, a description of your service or product, your business experience, your business’s physical location, your preferred accounting system, and the date your business is set to open its doors.
Write the marketing plan
The next section of your business plan is the marketing plan, which entails how you’re going to market your business. In addition, you’ll discuss such key elements as how you will price your product or service, who your target market and competitors are, how you are going to get your product or service to your customers, and your pricing plan.
Focus on the management plan
The management plan comes after the marketing plan and focuses on how you will manage your business. Your management plan must focus on such topics as your strengths and your weaknesses, your management team (if applicable), and the methods you will use in hiring, training, and paying your employees, if you have them.
Write the financial management plan
Finally, you have the financial management plan. Your financial management plan should contain such documents as a cash flow statement, breakeven analysis, and three year projection. If you apply for any business loans, you should also include copies of those loan applications in the financial management plan section of your business plan.
You also need to discuss raising funds to start your business in your financial management plan: How will you get the startup funds you need? How much growth capital do you estimate your business will need? Answer these questions thoroughly in your financial management plan.
Bejamin Bressington is the Internet Sales Doctor the catalyst in your online business success. Available to Seminars, Speaking Coaching and mentoring. Check out Internet Sales Doctor for further FREE Business Tips to Boost Your Profits Now
Leasing v Purchase According To Synergy Professions
By Search Rank Pros
Synergy Professions specialises in providing practices like yours with tailor made financial solutions, bridging the gap between you and the ever more distant banks and finance companies; to date weve provided over 50,000,000 of financing to businesses just like yours.
Tax Benefits : With leasing (Operating, Contract Hire and Finance) contract repayments are 100% fully tax allowable this differs from outright purchase options where only the capital allowances can be claimed against tax. If your potential purchase is made via a Lease/Contract Purchase or with a Practice Loan then you can also reclaim the interest charges against tax.
Cash-flow Benefits : By leasing you are not only preserving the working capital of a business but you are being more tax efficient. It will enable your business to use the working capital to invest for growth or in assets that have the potential to appreciate. Lease/Contract Purchase options also preserve working capital but are not as tax efficient compared to Operating and Finance Leasing options. Thus, outright purchase options will use up your available funds and are not as tax efficient. So finance for professionals is very important.
Credit and debt status : Operating Lease and Contract Hire options will preserve the credit status of a business as lease payments are normally classified as an expense and not debt -operating leases and Contract Hire arrangements are regarded as off balance sheet. This therefore preserves the flexibility to utilise any further debt facility (from the bank/specialist lender) for other more growth focused requirements.
Balance sheet : If an asset is purchased (outright with a practice loan or with Lease purchase) or acquired using a Finance Lease then it will show on the balance sheet since it is ultimately owned by you. However Operating Leases and Contract Hire options keep assets acquired in this way off the balance sheet thereby further protecting your credit status.
VAT : With all other purchase options VAT is payable up front whereas with Operating and Finance Leases VAT is payable over the term of the lease thereby further protecting cash-flow.
Exposure to obsolete technology: Leasing options which enable the lessee to hand back the asset at the end of the agreed term help the lessee to benefit straight away from improvements in new technology associated with the particular asset. However if the asset has been purchased outright there is the challenge of finding a buyer for the older asset before a new purchase can be made. Finance for professionals is best thing for professionals today.
Looking for on business funding. Synergy Professions provide specialist funding for professionals. Contact Synergy Professionals for Dentist Finance, Accountants Financial Needs, Finance Solicitors and other Professionals.
How To Establish Joint Ventures
By Benjamin Bressington
Arguably, every business owner shares the same goal: To maximize their profits. One of the most effective ways to maximize profits and grow a business quickly is to enter into a joint venture.
Understand Joint Ventures
A joint venture is simply a partnership that is generally formed between two or more businesses. The partners in a joint venture generally share profits, information, the market, and intellectual property rights.
A small business joint venture, for example, might be a Web design business that partners with a communications firm to offer complete Web design, content, and promotion. A recent example of a joint venture between large companies is MySpace teaming up with major music labels to create MySpace Music.
Consider the benefits to your business
A joint venture can only truly be successful if each party in the joint venture benefits. While maximizing profits is a common reason for joint ventures, it isn’t the only reason businesses team up. A joint venture may be the result of a desire to expand market position, to create new technology, or to reduce the competition. Consider why you want to establish a joint venture and how it will benefit you and your business.
Weigh the possible disadvantages
You must also consider the potential downsides of a joint venture. If you partner with a business and it doesn’t work, you will have wasted your time, and you could potentially lose money and threaten your credibility in the eyes of your customers.
Search for potential JV partners
Once you have determined you would like to establish a joint venture, you must find potential partners. Let’s consider the small business joint venture between a Web designer and a communications firm.
If you are a Web designer who wants to offer content and promotion but you don’t have the skills, you’ll want to find a writer or a business that can offer both. To find potential joint venture partners, ask your contacts if they know anyone looking for a joint venture, network, research online, and ask members of any relevant organizations of which you are a member.
Another effective way of finding potential joint venture partners is to write and submit press releases when you have an announcement to make about your business, such as the signing of a new client. Public relations campaigns can often result in those interested in joint ventures seeking you out.
Vet potential JV partners
Thoroughly vet each potential joint venture partner to determine with whom you want to work. Remember, all members of a joint venture should benefit in some way from the joint venture, so keep that in mind as you consider potential partners.
Complete the legalities
After you’ve found a joint venture partner with whom you want to work, you must sign a joint venture agreement that outlines the terms of your partnership. Rather than using a generic joint venture agreement that you can typically find online or in business books, hire an attorney to write a detailed joint venture agreement for you. While you will have to invest in having the agreement written by an attorney, you will also save yourself headaches down the road because you took the time to do it right the first time.
Bejamin Bressington is the Internet Sales Doctor the catalyst in your online business success. Available to Seminars, Speaking Coaching and mentoring. Check out Internet Sales Doctor for further FREE Business Tips to Boost Your Profits Now
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Tuesday, October 14th, 2008 at 7:40 am and is filed under business. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.