Do any of these scenarios describe you?
- I have a great business idea and the thought of working for myself rather than someone else sounds very enticing, but also kind of scary. I’d like to plan and prepare in order to minimize my financial risks.
- I don’t have the time to write a business plan, besides one isn’t really necessary. I’ll just open my doors and see how it goes.
- I’m not ready to quit my full-time job. I’ll work on my business idea on the side and when it generates enough revenue I’ll be able to quit.
- I’ve been in business for a few years, but I’m not making the profits I had expected.
- My bank just informed me I need a business plan.
Does the idea of writing a business plan for your great idea seem daunting? You can just start your business without one, right? While you can open your doors without having created a business plan, how will you know what your next action steps should be? Do you know the legal, state, and city requirements necessary to open a retail business, an online venture, or consulting firm? Once you complete the appropriate paperwork, what next? A business plan forces you to prepare for starting and operating your business. It does not guarantee success, but it can significantly improve your chances.
It is important that you business plan be written in your voice. You need to own the plan and know it like the back of your hand, which means YOU need to write it. But…
- Wouldn’t a purchased template work just fine?
- The experts agree that a template looks like a template. A template plan won’t entice the reader, who might be a potential lender or investor, to give you the money you need.
- You’ll have to make changes to the template program so that it fits your business anyway. In the long run, a generic template won’t save you time or money.
- Where do you start?
- An outline is the best place. Determine what a business plan should include by finding samples or outlines (download BusinessPlan_Outline.pdf).
- How do you find the time?
- If you really want to start this business you will find the time. One way I help you find the time is by establishing a schedule with you. With a twelve step business plan program, you will have an outline of what section of your plan to be working on between each session. I will hold you accountable to the deadlines you have established and support you along the way.
For more information on any of our Business Plan Coaching Services contact us!
Record keeping. It is one of your least favorite things to do. So you hired a bookkeeper and they do the work for you. At the end of the year you pass along your records to your CPA to prepare your tax return. Done.
But, is your business generating the profits you want it to? Does your bookkeeper or CPA help you understand the changes in your profitability from last month, last quarter, or last year? Are you using your financial statements, i.e., Income Statement, Balance Sheet, and Statement of Cash Flow, to determine when to make changes in the business? Do you rely solely on Cash Flow to make decisions?
Tired of mediocre profits? Take your business to the next level with the Prosperity Program. The Prosperity Program includes, but is not limited to:
- Review and analysis of financial statements each month
- Formal write-up of any major ratio changes, issues, opportunities, and risks
- Review and analysis of year-to-date financial statements actual performance, actual to budget, and projected next year, where applicable
- Assistance with preparation of budgets, up to 24 months
- Create or update One-Page business plan
“My business coach recommended I write a business plan before starting my current business. Kelly helped me create a professional and realistic business plan. A high-profile investor was impressed by the quality of my business plan and offered to provide start-up capital. After consulting with my business partner, coach and Kelly we decided to fund our business with personal loans. We didn’t have to give up any ownership of our business, which after only 2 years is generating $13 million in annual sales. We use our business plan to compare where we thought we would be to current results and it is amazing how close our results are to our initial budget. Kelly was instrumental in helping us create the business of our dreams.”
- Jake McManus, Valley Produce