from Entrepreneur Meetup 11/18/09 by Speaker: Arnie Pinck / SCORE. Enhanced by Peter/Meetup Organizer
“A businessman is someone who wont work for someone else more than 8 hours, but for himself for 12-16 hours”
Why? When you start, it’s so important to write a BIZ PLAN to define & clarify your Business Idea. Have a few knowledgeable Business persons review it, to give you feedback on what they think of your “idea”.
Benefits instead of Fits !!! A Biz Plan & continual planning helps you find out where you’re at, reminds you of what to do next, so you can do the important things first, that helps keep you on the Schedule to your Goals.
Lazer Focus. The Goals of a Biz Plan provide a “focus” – a beacon of light – to remind you of which way to go. In fact, a Biz Plan not only acts as your Road Map for Success, it is your “path to prosperity!
“For a Business strategy to be successful, there must be a Vision of where you want to go, a Passion for wanting to go there, and a commitment to keep at it ‘till you succeed”.
Cash Flow is so important to manage or you die. It’s the #1 killer of Startups, because they are usually overly optimistic, over-estimate their income & under-estimate their expenses. Beware of little expenses; “A small leak will sink a great ship”. How many months of Cash do you have to pay expenses? How can you improve your Cash situation? Market more aggressively to get new Customers; run a lean / mean machine to keep expenses down: chase after $$ owed by Customers.
Cash Flow Spreadsheet is available on SCORE.org website. Check Cash Flow weekly when you start, and less frequently when you get a better continual flow.
“If you work just for money, you’ll never make it. But if you love what you’re doing and always put the customer first, success will be yours.” To be a success in business, be daring, be first, or be different !!!
SCORE has “free” Counseling for Startups & other Businesses + lots of good classes, so you can learn about how to start & run a business. Go to Svscore.org
Comments: Tell us how your Biz Plan has helped you. What has been your experience with SCORE?