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I’ve just finished a two-month period in which I’ve read more than 50 business plans as part of my role as judge of several major national business plan competitions and as managing investor of my local angel investment group. And I like reading business plans, so it wasn’t a sacrifice. But it did remind me that every so often, it’s good to go back to the five important fundamental principles of good business planning. 1. Form follows function You’d think it would be obvious, but the business plan is supposed to...
A lot has been written about why having a mentor is a good idea for entrepreneurs. One great article by Peter Cohan of Inc., gives seven reasons you need a mentor and another over on Tech Start Hub provides six. It’s clear that the experts agree: working with a mentor has a positive impact on startups. But I want to show you evidence – hard numbers – that proves that mentorship really does create greater success for small businesses: Thanks to a recent survey of our small business clients, we learned that in 2012 alone...
Are you looking for a way to attract new customers, meet potential prospects and partners, and become known as an expert in your industry? Public speaking can do all of the above, and more. If you feel like public speaking isn’t even an option for you because you’re shy, think again. I’m shy myself, though you wouldn’t know it to see me addressing conferences, crowds and audiences all over the country. Trust me, public speaking gets easier with practice—and it’s worth the effort. Toastmasters is a...
Getting your financial life and credit back on track after going through tough economic times is not an impossible task by any means, but it does require an effective and proven plan. Whether you had to file for bankruptcy; went through a foreclosure; dealt with excessive late payments, collections, judgments; a repossession; or the dreaded tax lien, the good news is there is hope in recovering and re-establishing a good credit rating. First of all, don’t believe for a second that there’s nothing that can be done about past...
Are you thinking of purchasing a franchise someday? If so, you’re going to be focusing on things such as finding a franchise that’s a good fit for you, doing research, scouting out potential business locations and getting a small business loan.* In other words, you’re going to have certain goals in mind when you start looking for franchise opportunities that could make sense for you. Most of your goals are going to be short-term ones. You’re probably not going to be thinking about some of the long-terms things—...
In business, it’s inevitable that sooner or later you won’t get paid for the goods you shipped or services you performed. Or you may have lent money to an employee or your business, but won’t be repaid. Being passive about the whole thing doesn’t help. Learn what you can do to get your money! Collections If a customer or someone else owes you money, it’s up to you to diligently try to collect. Invoices aren’t like fine wine -- they don’t get better with age. The longer you wait to collect, the less...
I came up with the phrase “crystal ball and chain” years ago to describe one predictable barrier to introducing a useful business planning process into an existing small business. The phrase is intended to combine the crystal ball with the ball and chain. It happens because normal people, even good performers, and stars on a business team, naturally worry about changes. And when compensation is involved, and management structure, and raises and bonuses, it’s only natural to worry. Good planning involves setting performance...
Americans age 55 and up are the fastest growing group of new business owners in our nation today. Already, more than 7.4 million Americans over the age of 50 work for themselves. "Fifty is the new 30," says Rieva Lesonsky, founder and CEO of GrowBiz Media and a member of the HuffPost Small Business Board of Directors. "Boomers don't feel or act their chronological age. We have a lot of good years ahead of us, and we don't want to sit idly on the sidelines. We'd be bored -- and many of us would simply...
Spring is here—whether it feels like it in your part of the country or not—and it’s time to refresh and renew. That applies to your marketing plan, too. Are you ready to shake it up and sweep out the cobwebs? Pull out your marketing plan and take a good look. What’s working, and what isn’t? You should be tracking the results of all your marketing efforts, whether you’re using online analytics, codes in print ads or simply asking visitors to your store or restaurant how they heard about you. Based on the information you’ve gathered, assess...
Getting approved for a line of credit with a supplier is simply an opportunity for you to start building your company’s creditworthiness. The key to establishing positive credit is to make regular purchases using your vendor credit lines, and then paying invoices on or ahead of the due date. If you do not make regular purchases, then there is no way for you to establish any kind of payment history. So it is vitally important that you carefully select the suppliers with whom you apply for credit. Make sure that your business can use...
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by Tim Berry, Guest Blogger on Tuesday, May 21, 2013 - 11:00