Remember writing term papers in high school or college? You had to prove a point using evidence provided by your research of the topic. In many ways, a business plan is proving the following thesis: “I can successfully operate a sustainable business.” So what research do you need to prove this idea?
- Market Research – Who are your competitors in the area? What are their prices for comparable services? How will you differentiate your product/service from theirs?
- Financials – Create realistic projections for the money you will make and lose over the next 3 years. Explain how you came up with these figures, and how they will figure in to the growth of your company. Also include the amount of money you, your partners, and your investors (if applicable) are contributing to the start up.
- Biographies – Who’s who in the organization? What skills, experience, and talent does each of the business owners/partners bring to the proverbial table? Understand how each person will make the business successful.
- What are the duties of each person employed by the company?
- Each person should provide a personal financial statement
- How will matters be resolved if the partners cannot agree on an issue?
- Marketing Plan – How will your potential patrons know about your business? How much of your budget is devoted to marketing? Depending on the type of business, will you do traditional advertising, or organic word of mouth marketing?
- The Company Itself – What product or service are you providing, and how will you be doing this? How did you originally get involved in the industry? What makes this industry a worthwhile use of your time, energy, and money?
These are only a few of the aspects to consider when creating a business plan. You can find many seminars on how to write a business plan for little to no cost at local libraries, local community colleges – particularly Brookdale Community College, and of course at First Financial Federal Credit Union. Formal templates can be found at www.SBA.gov or www.SCORE.org. Use these questions provided, along with one of their templates, to prove your thesis – you can, in fact, operate a successful business…once you have the right plan!
For more information about any of First Financial’s business accounts and services, you can contact Business Development Manager, Matthew Brazinski, at 732.312.1421 or simply leave a comment below!
Recently, Jack Gottlieb – President of The Total Solutions Group, Inc. presented an information packed seminar, which covered significant marketing and sales for business tips. If you missed the session but would still like to gain some useful insight in marketing or sales for your business, keep reading!
- The core of a business is the identity of it, its purpose and values.
- Two important keys for great service are follow through and follow up. If you are doing these two things, it’s not about large quantities of customers – just stay the course and you’ll see results from your follow up.
- How you deliver your product or service and the way in which it’s used becomes the customer’s experience – this is very important!
- Create a sense of community with your business – it forms a connection, sense of pride, and refer-ability for your customers.
- Marketing at its best is fulfilling a need customers didn’t know they had, or answering a question before it is even asked.
- Marketing is also about creating value for your service and that unique customer experience.
- It’s not about how much money you make in your business, it’s about how much you keep and re-invest back into it (literally and figuratively).
- People open their wallets for your service due to the impact it will have on their lives, so be conscious of this at all times.
- In order to focus on your results – be clear about what you are really providing, not what you are promoting.
- As a business, you need to market internally to your staff – the same way in which you do outwardly to your customers.
- Don’t solve a problem, validate a concern! Key sales tactic: If someone says your product is too expensive, validate their concern and ask them what kind of value they are truly looking for.
Here are some important questions you need to ask yourself as a business owner in regard to marketing and sales:
- How do you connect the value to your customers outside of your products and services?
- What are customers thinking when looking at all aspects of my business? This includes website, marketing collateral pieces, articles written about the company, etc.
- How do I gear my website in a way in which I can extend the customer’s experience and still grow sales?
Always remember – don’t just work in your business, work ON it.
For any business owners out there reading this article – what are some of the key marketing or sales tactics that have worked (or not worked) for your business? If your strategies were not initially successful – how did you change them into success stories? Comment below – we’d love to hear from you!
Click on the image below to see a highlight video from this seminar!
Jack Gottlieb is the President of The Total Solutions Group, Inc. a strategic consulting, training and coaching firm committed to driving a sustainable increase to an organization’s results, value proposition and culture. Jack brings 14 years of proven high level success along with the collective capability of his team and advisory board. Jack has also been one of the highest ranked speakers at various state wide SHRM (Society of Human Resource Managers) Annual Conferences as well as the New Jersey Organizational Development Annual Conferences for the past 7 years. Jack also serves on the Executive Board Collegiate Empowerment which is an educational firm committed to driving systemic change and impact for Colleges and Universities. Jack also is actively involved with two universities. The first is Kutztown University where he is one of the key leaders of the College of Business Advisory Board to support their efforts in further development and expansion. The second is with Rider University with their Center for the Development of Leadership Skills.