Business Advisor Larry Mandelberg orients business owners on the critical criteria to include in your business plan in order to be successful in obtaining loans.
Managers and leaders should not hesitate in seeking outside guidance and advice, particularly when dealing with issues they have never encountered before. The experience of others and obtaining a fresh viewpoint can save you time and help you avoid damaging consequences of poor decisions.
The two things that set any business apart from another similar business are staff and input from advisers. A board makes your organization accountable to an external group of knowledgeable businesspeople and will drive you to make better business decisions.
In our current economy, our customers are buying differently. They are also generally responding to marketing in entirely new ways. Evaluate your business model and processes to take these fundamental changes into account.
Reviewing your business operations includes looking at your I.T. Establish what is actually working for you and stop wasting time with what is not. There are often inexpensive options that can see you profit the most from your technology.
A business plan is important throughout the life of your business – not just at the start – and one of the crucial things you should identify in that plan is why your existing customers should and do buy from you.
Why a business is doing well or poorly is in the details. Measuring takes time and discipline, and forces management to think strategically. Subsequently measuring is often ignored. Measuring results, however, is the only way you can possibly improve upon them.
The mindset of a buyer is much different than that of a seller. The buyer tends to be focused on “what’s in it for me,” whereas the seller tends to focus on the technical aspects of “what we do”. Business needs to understand why customers buy from them so they can focus their marketing efforts on those emotions.
Business development, advertising, marketing, and public relations are all about growing the number of people who know you and your business. Become a resource for information for your clients and industry to increase your profile.
How can business best plan for growth and success in these tough economic times? Creatively tapping into the talent pool that exists due to the current economic times is an excellent first step. Business should also make better use of the experience and creativity of staff and even clients.
In general terms, a good business plan is a “must read” for all people involved with the company.The three most common audiences are your banker, your investors, and your staff — the people charged with executing it.