Startup: Get the Business Plan Right

Most aspiring entrepreneurs fail to recognize the importance of the business plan. If you want to be successful in business and in life, you need to be able to define your goals and targets and measure your progress as you aim to achieve them. For entrepreneurs, this is where the business plan comes in. Getting this important first step right will help to give you the focus you need as you grow your business and it makes it easier for potential customers to understand who you are and what needs you're fulfilling.

The business plan articulates your business idea and your reason for being. It includes an analysis of who's in your target market, who your competitors and potential competitors are, what sorts of laws and regulations you must consider, and of course how you plan on financing your operations (and why you think your venture is worthwhile in the first place!)

Yet, why do most small businesses fail to accomplish this important first step? Is it that they're put off by this "extra" work? The point is, articulating what your business is and how it will remain profitable and sustainable shouldn't be considered an extra workload, but rather a necessary part of your business strategy. Furthermore, you should periodically re-assess your plans to determine if the internal (resources, capacity, targets) and external (competitive, governmental) factors have changed since your last assessment.

If you want to give your business more focus and learn how to create your own business plan, you'll probably find some examples helpful to get you started. There are some free business plan samples available at BPlans.com, a resource which also features tips on how to improve and refine your business plans and grow your business in the way you intended. If you're still at a loss for creating a business plan that suits your particular business, post your comments below, or e-mail me at web (at) dilawri.com and I'll be happy to help.

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Tips for Entrepreneurs: Mastering the Pitch

Having the ability to deliver a concise and effective sales pitch is an absolute must for entrepreneurs. In his article, "Learning to throw," Canadian Business magazine columnist Jeff Daniels provides some good advice for those wishing to perfect their delivery to potential investors, such as: explaining who you are and what "pains" your company is addressing; what solution you are offering to address this pain; what your business model and competitive advantages are; and how you are going to reach your customers and assess the external environment and your competitors.

If you are looking to hone your sales pitch skills, read the article here. Additionally, you may want to explore some other web resources which make the process of coming up with an effective sales pitch all the more easier. The website 15SecondPitch offers the ability to quickly put together an introduction that summarizes who you are and what you can offer. Try it out here.

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Useful tips for entrepreneurs

The Wall Street Journal online has some great advice for budding entrepreneurs. In the article, "The Essential Balance: From 15 People Who Know," you'll get to read some interesting tips on how to succeed in growing your business and on some key attributes which make a great leader. It sounds so simple and straightforward, but too often many of these tips just aren't followed or executed properly. Read the full article here.

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