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GET USEFUL INSIGHT, ADVICE AND TIPS FOR TAKING THE LEAP TO ENTREPRENEURSHIP.

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AN UP-TO-DATE BUSINESS PLAN THAT INCLUDES:

One- and three-year projections
A capital budget

AN ANNUAL MARKETING PLAN THAT INCLUDES:

Precise sales and profit goals and timetables
Strategies and tactics for the next three years
Budgets, Forecasts, and Benchmarks
A tentative sales plan
My marketing plan also includes:
The demographics of my target markets
A thoughtful definition of the markets we serve
A definition of the needs/wants our products and services fill
An analysis of the growth potential of our markets
A competitive analysis
A definition of our "Unique Selling Proposition"
Projections for other products or services that could be developed
Timetables for research and development

MONTHLY BUDGETS AND STATEMENTS THAT INCLUDE:

Thorough and up-to-date records
Cash flow budget
Profit and Loss (Income) Statement
Balance sheet
Deviation analysis
Standard cost comparisons
Cash reconciliation

AN INFORMATION BASE THAT ALLOWS ME TO:

Keep track of new developments in the industry
Obtain and study key trade information
Understand what “state of the art” means in this business
Provide customers with the best available information about our products and services
Keep all our employees adequately informed

I’M CERTAIN THAT THE BUSINESS IS PROPERLY CAPITALIZED BECAUSE I:

Base capitalisation on worst-case planning
Have emergency funds (or access to them)
Have discussed this with my banker

I UNDERSTAND THE VALUE OF THE BUSINESS BECAUSE I’VE MADE USE OF:

Professional appraisers
Present value methods to evaluate terms
Professional tax planning
Accurate, timely financial information

I STRIVE TO IMPROVE PRODUCTION, QUALITY, AND OPERATIONS BY:

Keeping the equipment in top condition
Maintaining safe conditions
Establishing high standards
Standing behind our products and services
Not tolerating shoddy performance
Working for consistency
Using our company’s “look” as a statement to our markets

PERSONNEL DECISIONS ARE BASED ON HUMANE, CAREFULLY CONSIDERED POLICIES THAT INCLUDE:

Checklists to make sure objectives are clear
Communication, to make sure objectives are understood
Written job descriptions
Regular progress and performance evaluations
Fair hiring practices
Fair wage scales

AS FOR MY OWN PERSONAL/MANAGERIAL SKILLS, I WORK HARD TO:

Develop my problem-solving abilities
Always stay calm
Be objective
Avoid investments in my own ego
Listen to my employees
Plan changes in our course to minimize negative effects
Make decisions promptly
Always get the facts behind problems
Accept my own limitations
Delegate tasks that can be done more efficiently by someone else
Analyze all available options
Develop my reading/study habits
Improve my skills
Consider and evaluate risks
Be positive with customers, employees, associates

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