Describe your business
Small business coaching
Do you have a written business plan?
I have a plan provided by the franchise I purchased, CEO Focus. That is why I bought the franchise.
If you have a business plan, do you refer to it often?
The most important part of a plan is the strategy and operations sections. These should be used daily. The rest of the plan is pretty much only for securing financing.
Strategy deals with: who is your target, how much competition do you have, and what is your marketing and sales plan to reach them? Many businesses do not clarify this before beginning operations, and they fail. This is especially important during lean economic times such as these.
Advice
- Purchase a franchise if a good one exists in your type of business. but make sure they have the strategy clearly defined.
- If you are already in business, start with the 1 Page Business Plan.
- The best full plan software is Business Plan Pro, but you'll really only need this if you are a startup seeking financing
- Others can use Marketing Plan Pro
- Invest 5% - 10% of gross revenue for marketing. Notice this is an investment, NOT an expense!
