Business Tips Guides

I just finished up my business plan for 2009 (and if you haven’t updated your 2009 plan yet, I urge you to get started soon!) and I’m working with several clients to update their plans also.

One of the roadblocks many of my clients run into is the difficulty of setting concrete goals and objectives. It’s easy to say “I want to earn $350,000 in 2009″ but breaking that down into actionable steps is where most of my clients struggle.

I use a very simple system with my clients that has proven to be successful. It’s not unique; in fact, I think many goals setting programs teach a very similar approach.

But I want to share it with you today anyway so that hopefully you can get started planning for 2009 while this information is still fresh in your mind.

You’ve probably heard of SMART goals - that’s the idea that all of your goals need to be:
Specific
Measurable
Attainable
Realistic
Timely

Problem is, most goal authorities advise that your goals should be a little lofty - they should “scare” you just a little bit. So it can be difficult to determine whether your “scary” goal fits into the SMART category.

Here’s how I work through this with my clients - let’s take the $350,000 annual income as an example:

First, we break that goal into its smallest parts. So a $350,000 annual income would become a $6,731 weekly income. I’m using 52 weeks a year to make the math quick, and I’m factoring gross income, not net.

You’ll need to adjust for vacation time and taxes, if you’d like.

Now we run through the SMART system. Is $6,731 weekly income specific? Seems pretty specific to me. And it’s definitely measurable (numbers make great goals since they are so easy to measure).

Sure the goal is attainable. Plenty of people are currently earning $6,731 each week, so we know it can be done.

I’ve heard it said before that there are no unattainable goals, only unattainable timeframes. Which brings us to the next criteria - and here is where most of my clients struggle…

Is a weekly income of six thousand plus realistic? Obviously, this is going to be subjective, but here’s a good rule of thumb that I like to use: Take a look at your current income and add 20%.

By making several very easy tweaks to the current operations and marketing program, most entrepreneurs can realistically expect to increase their income by 20%. So, if you’re earning $5,609 per week in 2008, you can realistically earn $6,731 in 2009.

But what if you’re not earning $5,609 right now? What if you’re only earning $4,000 each week? Here’s where it gets a bit tricky.

To go from $4,000 to $6,731 would require more than a 68% increase in your current income. By making “normal” changes, you can expect a 20% increase - so how would you earn a 68% increase?

Here’s a formula that I’ve found to work in most cases: for every 20% increase in income, you need a 20% across the board increase in successful marketing activities.

For your 68% increase, you need to do almost 70% more of what you’re successfully doing now (successfully doing is the key here.)

So, if you currently attribute a sizable portion of our website traffic to article marketing, and you’re currently distributing 20 articles each week, you now need to distribute 34 articles each week.

And if a good portion of your prospects are coming from your speaking engagements, and you’re speaking twice each week, you’ll need almost 4 speaking engagements each week.

If you are now selling 50 info-products each week, you’ll need to sell 85 info-products in 2009.

And on and on and on. Run these numbers for all of your successful marketing activities and decide whether or not they’re realistic.

If you haven’t been keeping good track and measuring along the way, it might take some time to look back through the year and figure out what was actually working for you. But don’t skip this step!

There’s no point in increasing unsuccessful activities. If you’ve sent out 20 articles each week and saw no traffic from them, why would you waste your time sending 34 articles?

Keep in mind, we’re looking at income only here. This does not take into account expenses and profits. Don’t be surprised to find that an income increase actually reduces profits as your expenses go up also.

You need to run an entire cash flow and P&L projection in order to verify that your goal is actually desirable.

Hope this helps as your put your 2009 plan in place. Of course, this is just the tip of the iceberg when it comes to business and marketing plans.

Don’t forget your mission and vision statements, your target market profile, your marketing message, etc. My fill-in-the-blanks guide can help you put it all together.

Now, go find some more clients!

Karen Scharf is an Indianapolis marketing consultant who works with small business owners and entrepreneurs. She offers several whitepapers, free reports and checklists, including her FREE Can-Spam checklist and FREE email pre-flight checklist to ensure your emails get delivered, get opened and get read. Download your copies at http://www.ModernImage.com.

Are you in the mist of developing yourself a business plan? If so, there is a good chance that you are interested in starting up your own business. It has often been said that business plans are vital to the success of starting a new business. Have you heard that before? If so, you may be wondering exactly why business plans are so important.

When it comes to business plans and their importance, you will find that there are a number of different reasons why business plans are important. Perhaps, the best way to go about understanding those reasons is to closely examine business plans, namely what they are used for. Business plans are used for a number of different things; they serve a number of different purposes. In all honesty, it depends on the type of business that you are interested in developing.

Business plans are used by many to obtaining financing for their up and coming businesses. These potential business owners are ones who have business ideas, but they do not have the financing needed to make their dreams become a reality. Instead of giving up on those dreams, a large number of individuals turn to financial lenders or investors for financial assistance. This is where a business plan comes in. Financial lenders and investors don’t just hand out money to any ole person. They, as you likely expect, want to make sure that they will be getting their money back. The only way to do this is to back a business that is sure to be a success. The only problem is that financial lenders and investors aren’t mind readers; that is why they rely on business plans.

When examining a business plan, a financial lender or investor will likely go over it with a fine tooth comb. In fact, they may even want to keep your business plan for a while, to do a little bit of research. That research will likely help them determine whether or not your business idea could turn into a real, profitable business. If so, there is a good chance that you may get the financing that you need. That is why it is extremely important that you not only have a business plan, but a detailed, professional one. You will often find that your business plan is the deciding factor in whether or not you get the financing that you need.

In addition to using a business plan to obtain business financing, there are many potential business owners who use business plans as guidance. It is no secret that it is difficult to develop a business on a whim. Doing so may mean leaving out important duties or tasks; duties or tasks that may have a significant impact on your business. That is why, if you are interested in starting a business, you are advised to develop yourself a business plan. That business plan will help to make sure that you have all of your bases covered. Having all of your bases covered is one of the many keys to developing a successful and profitable business.

Guidance and financial backing are just a few of the many ways that business plans are used, but they are the two most important and most common uses. Regardless of what you use your business plan for, in the end, you will be glad that you developed one.

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Are you interested in starting your own business soon? If so, have you developed a business plan for yourself? Business plans are tools that help a business owner organize their up and coming business ventures. Although business plans are typically used as a source of organization, they are also used to obtain financing or attract investors. If you are planning on starting a business, but you have yet to develop yourself a business plan, you may want to think about doing so.

As nice as business plans are, they can sometimes be difficult to make and they can even be time consuming. That is why a large number of individuals make the decision to use business plan templates. If you are looking for a relatively easy way to develop your next business plan, you may want to think about using the internet to find templates. Although you can create your own business plan, all on your own, there are a number of benefits to using the business plan templates that you can find online.

Perhaps, one of the greatest benefits to using business plan templates online is that many of them are free to use. Of course, you will also find individuals and companies who are selling business plan templates, but you should be able to find a collection of free business plan templates online. The decision as to whether or not you want to purchase these templates is yours to make. Before agreeing to buy a business plan template or settling on a free one, it may be a good idea to examine all of your options.

Another one of the many benefits to using online business plan templates is that you may familiarize yourself with something that you didn’t already know. Depending on the type of business plan you are interested in creating, there is a good chance that you will need to have a number of things included, such as marketing strategies, financing strategies, and much more. If you have never made a business plan before, there is a good chance that you may forget to include something important in your business plan. Using a business plan template reduces the chances of that happening. That is why you are encouraged to use business plan templates, especially if this is your first time creating a business plan.

It is also important to remember that templates are not permanent. For example, if you like the business template that you selected, but you would like to alter it a little bit, you should be able to do so. This is another one of the many benefits to using online business plan templates; you can easily personalize your business plan to make it professional, but personal at the same time. Although you should be able to alter most business plan templates, it may be a good idea to make sure before proceeding any further.

If you are interested in finding an online business plan template or at least giving them a quick look, you can easily do so. Perhaps, the best way to find business templates online is by performing a standard internet search. Your internet search should be performed with the words “business plan templates.” It might also be a good idea to include the type of business that you are starting in your search. You will find that there are some online business plan templates that are unique to specific industries. Although a unique template may be ideal, you should be able to accomplish the same goal with a standard one.

Regardless of whether or not you choose to use an online business plan template, you are urged to develop yourself a business plan. That plan is not just a piece of paper; it is a way to help make your dreams become a reality.

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Are you getting ready to start developing your business plan? If so, have you thought about how you are going to go about developing that business plan or what you should include in it? If you are unfamiliar with business plans, particularly what they include, you may want to the take the time to familiarize yourself with items commonly found on a business plan. Doing so may make it easier for you to develop a business plan that will fit your needs.

One of the most important things that you should include on a business plan is the type of business that you are interested in starting. For example, are you interested in starting a retail store, an online store, or a cleaning service? Regardless of which type of business you plan on starting, you need to outline that business, preferably in great detail. It is also important to mention the products or services that you plan on selling, also in great detail.

It is also important to mention where your business will be located or, at least, where you want your business to be located at. If you are planning on starting an internet business, this process will be a little bit easier to explain. If you are starting an internet business, it may be a good idea to mention the domain name that you would like to choose for your online website. If you are planning on running a storefront business, you will want to focus on properties that are available for sale or for rent. If you do not want to do this, you will, at least, want to focus on the type of building that you would like to rent or buy and your preferred business location.

Another point that you should mentioned in your business plan is how your business will be run. For example, will you be running your own business or will you hire someone else to run it for you? It is also important to mention whether or not you plan on hiring outside assistance. The amount of staff that you would like to hire is important when examining the potential success of your business, as well as the costs associated with running it.

In addition to your business expenses, it is also important to focus on how you plan on generating income for your business. That is why your business plan should include advertising or marketing strategies. These strategies should be used to reach your target audience. Your target audience is who you think is most likely to become a client or a customer of yours. In fact, your target audience should also be outlined in your business plan.

It is also advised that your business plan focus on your competition. This is extremely important, especially if you are planning on using your business plan to obtain financing for your up and coming business venture. Financial lenders and investors will want to make sure that your business will be a success. In most cases, you will find that the success of your business relies on the competition. That is why it is advised that you obtain an accurate count of businesses in your area that are offering the same products or services as you are, as well as the prices that those products and services are being offered at.

The above mentioned points are just a few of the many that you will want to cover, when making your business plan. Some of the other points that are worth mentioning include your financial needs, security plans, and business insurance.

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Are you preparing to start developing your own business plan? If so, there is a good chance that you have already done a little bit of research online. When researching business plans online, did you come across business plan software programs? If so, you are not alone. Whether you just started browsing the internet or performed a standard internet search with the words “business plans,” you likely came across business plan software programs. These software programs advertise that, for a reasonable price, you can easily make your own business plans, often in no time at all. Have you given these programs any though? If you haven’t you may want to.

When it comes to determining whether or not business plan software programs are worth the money, you will find that it depends. In all honesty, it depends on your needs, as well as your wants. There are some individuals who can benefit from the purchase of a business plan software program, but there are also others who cannot. The best way to determine whether or not business plan software programs are a wise investment or a waste of your money is to keep a number of important factors in mind.

One of the most important factors to keep in mind, when determining whether or not you should purchase a business plan software program, is your experience with creating business plans. Have you ever created a business plan before? If not, do you know how to go about creating a plan? If you do not have any experience creating business plans, but you have researched what they need to include, you may be able to make your own business plan, without assistance from a software program. However, if you are unfamiliar with business plans and what information they should include, you may want to rely on a business plan software program. Most of these programs will walk you through creating a professional business plan, step-by-step.

It is also important to examine what your business plan will be used for. For example, do you need to obtain financing for your business? If so, there is a good chance that you will need to approach a financial lender or an investor. When doing so, you will need to have a professional, detailed business plan. Most investors and financial lenders will not financially back a business unless they know it is going to be a profitable one. Since your business has likely yet to be fully developed, financial lenders and investors will rely on your business plan. Since your business plan will likely be the deciding factor, in whether or not you are able to obtain financing for your next business venture, you will want to make sure that your business plans is as detailed as it could possibly be. To ensure that you do not leave out anything important, you may want to rely on a business plan software program, which also doubles as a business plan template.

The decision as to whether or not you want to purchase a business plan software program is the easy one, the hard one is finding a program to purchase. When purchasing a business plan software program, you may want to thoroughly consider all of your options. Side-by-side comparisons are the best ways to know exactly what you are purchasing and if what you are about to buy is really worth your money.

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What The Successful 2% Know?

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Are you planning on starting your own business now or in the near future? If so, have you started creating a business plan? If you have yet to do so, you are advised to get started. Regardless of which type of business you plan on starting, you will find that business plans are vital to the success of that business, often in more ways than one.

Above it was mentioned that business plans are vital to the success of starting a business. Despite being vital to the success of a business, there are still a relatively large number of individuals who have no idea what a business plan is. Are you one of those individuals? If so, you are advised to take the time to familiarize yourself with business plans, including what they are, how they are made, and what they include. Since business plans are vital to the success of starting a business, not knowing may be damaging right from the start.

When it comes to business plans you will find that they are just that, plans. Business plans outline an intended business. Business plans include a lot of different information. That information tends to include an explanation of the business in question, the services that will be offered, who will run that business, as well as how it will be run. Business plans also tend into include information on financing and marketing. Almost all business plans are created on paper, but some business plans are created in electronic format, to be sent out over the internet, and other are created in presentation form, to be presented to an audience.

In addition to knowing exactly what business plans are, you may also be wondering what they are used for. One of the most common reasons why business plans are created is to offer guidance or instructions to business owners or developers. In most cases, it is easier to develop a business plan or come up with business ideas ahead of time. Waiting until the last minute or developing a business as you go along, on impulse, can often lead to poor results. That is why you are advised to create a business plan, especially if you are starting a business for the first time. A business plan may make it easier to keep yourself and your business organized. It will also help to make to sure that you do not forget to complete important tasks.

Although a large number of potential business owners use business plans for their own needs, there are others who rely on business plans for financial assistance. When seeking financing for a business, investors and financial lenders are the ones who are approached the most. If you are looking to start a business, but you need financing to do so, you will need to approach investors or financial lenders. As you likely already know, a financial lender or an investor will not just hand over money to anyone. They will want to make sure that their money will be put to good use. They also want to know that they will be able to get their money back. That is why financial lenders and investors rely on business plans. A business plan will give them an idea as to whether or not a business will succeed or be worth investing their money in.

Now that you know exactly what business plans are and what they are used for. You may be interested in making your own. If you do not have the time to do so, you are still advised against proceeding without a plan; you do have other options. One of those other options involves relying on a professional business plan writer or developer. For a reasonable fee, you can have a professional create your business plan for you, with your assistance of course.

As previously mentioned, you are advised to create a business plan for your up and coming business venture. A business plan, no matter how professional it may be, is vital to the success of your next business venture.

98% Of Web Businesses Fail Within The First 18 Months, Do You Want To Know
What The Successful 2% Know?

Visit
http://www.bz.globalwebdevelopmentinc.com To Find Out