7 Effective Business Planning Tips
We all know that running a business is a challenge. When I first started my business, I was all over the place. I needed a blueprint so to speak to keep me balanced. So, I came up with the following 7 effective business planning tips:
1. Business plan
Don't put off writing a business plan. The time is NOW! Having a plan helps me stay focused and aim for the things that I would otherwise overlook. Check out the following article on the 5 Simple Goals for Business Planning.
2. Don't confuse expenses with profits
Expenses are your bills and profits are what is left over. It is important to familiarize yourself with these two concepts.
3. Don't undervalue your business idea
I believe in the power of passion. If you love what you do then perhaps someone else will too. Do some soul searching and make sure that the business you are about to start is your true passion in life. It shouldn't take long to find out what makes you happy? Doing something “just because” is not the answer. What do you enjoy doing. An idea alone does not make for a great business. Be passionate about your business so that others can see your passion as well. Check out 10 Tips to Start a New Business and Make It Work.
4. Work at your plan
It's one thing to write a business plan but it's another story to work at it. You need to take action or your business will stall. There is always something new and changes occur all the time. Make sure you're just writing down your plan but also working toward achieving your goals.
5. Don't cheat on the details in the first 12 months
The first year of business is always tough. Make sure you are up to date with the following:
- Financials- cash flow is the most important element
- Important dates
- Important deadlines
6. Remain focused
It's important to remain focused on your main business priorities. Stick to what is necessary and what is not. Only you know your business. Highlight those successful areas where you can concentrate to continue to make it better. Use surveys and ask your customers for their opinions. This tactic will help you stay on top of the game while at the same time, provide the best updated product and/or service your business can offer.
7. Focus on substance and marketing
There are many opportunities of improving and marketing your small business online. Social media marketing, article marketing, offline marketing and word of mouth are all tools you should learn to do. Check out the following articles:
Powerful Social Media Marketing Tools for Business Success and 5 Marketing Tips to Spotlight On Your Business for additional ideas.
Do you agree with the above 7 Effective Business Planning Tips? Please share by leaving your comments below. Thank you!
About the author: Sonia Colon is writer/publisher of My Fashion E-Mall Blog & The Biz Buzz of A Latina Mom Blog. She is also owner at Books About Me. Sign up for the newsletter below and never miss a powerful business marketing article plus receive a FREE ebook on ‘How to Rock Your Business with A Blog.’ Business 2 Blogger.
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