What does it mean to have a plan? It comprises three components - strategic plan (which sets your strategy), financial plan (which sets your financial goals and performance) and operating plan ((that details how the company will align its efforts to achieve the financial plan and the overall objectives of the company.
Imagine that the date is five years from now. Where do you want to be? Will you be running a business that hasn't increased significantly in size? Will you command a rapidly growing empire? Will you have already cashed out and be relaxing on a beach somewhere, enjoying your hard-won gains? Answering these questions is an important part of building a successful plan.
Most entrepreneurs are in a state of chaos. Everything needs to be done at the same time. Financing, people, product, customers, business models, technology, operations, finance, cash and the list goes on. Entrepreneurs are in a constant state of hole plugging because you lack financial and human resources. That is the nature of the beast. But what you can change is how you manage the overlapping tasks that are demanding to get done.
Any well-run business will have clear and defined long term goals that set the direction of the company and short term objectives that drive those long term goals. These are important to the entrepreneur as they clarify the purpose of the business and help identify necessary actions. For entrepreneurs, your long-term goals must encompass not only the goals for the business but your personal long-term goals. So when reading this lecture, keep in mind that the long-term goals for the business should take your personal goals into consideration.
In the early stages of a business, you often have two simultaneous problems that affect the efficiency of your sales process. First, it is often the founder or management team that are the only ones that understand the nuances of your market. Second, because you are arguably providing a unique product or service, your target market or the use of your product or service may be undefined.
Your goal is to hit your revenue number - whether it is just you or a team. While you do that, there are a few key metrics that will identify trends related to your sales that provide insights into efforts.There are certain key metrics that are indicators that your sales process is on or off track. Keep an eye on these metrics and ask yourself the following questions as you look to improve your sales process.
You have to put in place the tools to manage your sales efforts. This consists of what is called either a "customer relationship management (CRM) tool" or a "pipeline management tool." It essentially is a single location that manages all your potential sales opportunities, Your pipeline is the sales process that consists of all the sales steps (called stages) you need to take to turn a person or business into a paying customer. It starts with them being a "lead" or "prospect" (someone who has shown interest in your product or service) and moving them through the sales stages to turn them into a customer.
Setting your sales goals is a fundamental step in being able to set up day to day efforts - whether it is just you or a team of people - to take actions that improve your chances of success. There is nothing more indicative of a well run - or poorly run - company than how it sets its goals and manages to these goals.
Every entrepreneur seems to believe that every consumer or business needs our product or service. As a result, when we look for new customers, called prospecting, we tend to spread our energy around without really focusing in on who is our unique customer and how to we find them.
When you are getting started, you know you need help but often don't have the money to pay employees. Every entrepreneur faces the question of how to pay employees during the startup stage when money is tight and the business has yet to prove itself.
Advisory boards can be an invaluable source of insight. Think of an advisory board as a collection of mentors that can provide individual expertise, provide you a sounding board for ideas, give you advice, introduce you to valuable contacts, and tell you when you’re potentially making a mistake.
Of course you want to limit your expenses in the beginning. That being said, you must know yourself and understand if working alone in your apartment or home office is going to make you productive. This also does not need to be an all or nothing decision - you can work from home some days and then have a part time office option on other days. When you read the options we have outlined here, keep in mind that keeping yourself focused and productive is just as important as the dollars.
Over 70 percent of U.S. businesses are owned and operated by sole proprietors or sole traders. But what does being a sole proprietor involve and is it the right structure for your small business? Here’s what you need to know about the advantages and disadvantages of being a sole proprietor.
Whether you want to open a bookstore in Texas or launch a Web design company in Oregon, it's possible to see exactly how existing companies have done it and truly plan for business in the real world. Here are a few principles to consider when planning your startup's finances:
Until you actually make the entrepreneurial leap, it is hard to completely prepare you for the journey. But we can go into it with some perspectives and tactics in mind that give us a better chance for success. Embracing the journey and the desire to improve as an entrepreneur will be critical to your success.
eep in mind that the functionality of these sites is constantly changing so you may find differences as time goes on but these instructions should send your well on your way to becoming a social media guru. Setting up your profile on any social network can be a lot of work. And if you’re starting from scratch, it feels like a big impediment to overcome before using a new tool.
Entrepreneurs dream of having their company appear on the front page of a major publication or doing an interview on a major network. Public relations can certainly create breakthrough moments, but in most cases it is simply an important part of an overall marketing strategy.
What does your brand stand for? When we are starting out, we have no brand. So setting down what you want your brand to stand for is a foundation to how you will be perceived by employees, customers, investors and all others that your company touches. I know you don't see how brand pays the bills, but setting out who you are in the eyes of your constituents can set the tone for the things that do pay the bills.
Entrepreneurs think to themselves, "with all the chaos, everyone needs to understand that there are going to be things that we say or do that are not appropriate. We can’t worry about how everybody acts in every meeting. It is just the nature of the beast and we have bigger fish to fry." In the chaos of your venture, you often find yourself saying things, doing things and allowing things that would be taboo in a normal environment. There are certain behaviors that have a lasting effect beyond the moment they occur. With these behaviors, unless you eliminate them completely, they can set poor standards, establish values contrary to the interests of the company, and create a toxic culture that can be hard to clean up.
The reason that companies have exit interviews is to gain valuable information which can prove to be useful in all aspects of the work environment, including aspects such as the work culture, day to day concerns, processes, issues around management style, workplace ethics and employee morale. This is an invaluable way to gain insights that you may not have been able to garner when an employee is still on the team.
Impulse Purchases. When a consumer stands at the checkout and notices lip moisturizer, magazines and gum, and adds one of the items to his cart of groceries, it's often referred to as an impulse purchase. The consumer makes a purchase with little to no thought or planning involved. In most instances this happens with low-priced items.
Don’t Interrupt an Objection. Avoid the dangerous temptation to jump in and answer the objection right away. Your customer deserves the right to voice an opinion fully. Besides, the more you let customers talk, the more likely they’ll talk themselves right through the objection or handle it on their own. Maybe they just had to “get it out.”
Setting your sales goals is a fundamental step in being able to set up day to day efforts - whether it is just you or a team of people - to take actions that improve your chances of success. There is nothing more indicative of a well run - or poorly run - company than how it sets its goals and manages to these goals. Setting sales goals is not only setting your revenue goals for the year. You've likely already done that in your financial plan. Setting sales goals breaks those annual numbers into goals that drive the activities on a daily basis.
One of the most important aspects of marketing your company or product is its position in the market. This is often overlooked because positioning isn’t as sexy as getting Facebook Fans or Twitter Followers. However, it’s the best way to separate yourself from the competition, especially if you are in a crowded space. I have seen far too many companies build their product or service, and then leave the product’s positioning to the marketing department.
Attracting top talent starts with building a business that people want to be part of. If that vision is big enough, you can make every other factor irrelevant. If you build an exciting company that’s trying to do something big, good people will want to work for you. And the people who work for you will tell their friends how awesome it is.
