Business Plan vs. Game Plan

            As a business advisor, I always find it most interesting when I ask a client if they have a business plan. I get a lot of varied responses, such as: “I’ve got it in my mind,” or “I’ve been working on it,” and even “I’m not after money, so I don’t need one.” A business plan or game plan is a working document that not only outlines your entrepreneurial venture but also maps out your businesses’ future goals and how you are going to accomplish them.

The mistake that most people make is assuming that a business plan and a game plan are not one in the same when, in fact, they are. If you are submitting your plan to a financial institution it should be the same plan that you use in your everyday business life. Keep in mind that the officers and underwriters at a financial institution have read hundreds of plans over the years, so it’s most important that we do not insult their intelligence. Communicating accurate financial numbers may be the key to a well thought out business plan—they need to be real.

            Certain components can be found in an effective business plan. One that reflects money management, a great business team, the needs and wants of the business, active leadership, and the delegation of important to-dos can be a business plan that you can look back to when considering new opportunities. Every plan should address significant questions, such as: What separates you from the competition? How do you intend to capture market share? These plans are the corner stone to any successful business and can be achieved by making smart decisions in the beginning.

_{Mike Levi is C.E.O. of Levi Inc. a 19 year old business advisory firm that is in the business of building and implementing sales and growth strategies for emerging businesses.} 

_{http://www.high-performancesales.com/}

Is it Doable from a Money Perspective?

            A key resource for any successful business is money. As I mentioned in a previous posting, to get your business up and running it usually takes 1½ to 2 times the amount of money that you had initially proposed.

I’ve had the opportunity to interview a number of bankers over the past year and the one universal comment that they all share with me is that they have plenty of money to lend, the problem is finding the right borrower to lend it to. There is money for small, emerging businesses with a strong track record of growth. Start-up businesses are not as lucky. A reoccurring mantra that I’ve heard is that small businesses must be collateralized to be able to qualify for a loan. The majority of banks are transfixed on safe, low-hanging fruit. I’ve had many a banker explain to me that risk-taking is for the entrepreneur, the bank is in the loan business.

Sounds like good business sense, but it has currently put a major dent in the number of loan transactions taking place, which means the amount of new funding for start-up businesses is not as readily available. As you may know, if the amount of loan lending is down the amount of new start-ups is down as well. No one likes to hear this but it’s the real economic world we are living in today. On a positive note, I continuously watch emerging, start-up businesses succeed (with a lot of work) in finding capital if they are willing to look at, not only conventional methods to funding, but non-conventional approaches as well. The money is out there it’s just simply harder to find these days.

Next week I will begin to address the many needed components of an effective business plan.

_{Mike Levi is C.E.O. of Levi Inc. a 19 year old business advisory firm that is in the business of building and implementing sales and growth strategies for emerging businesses.} 

_{http://www.high-performancesales.com/}

Planning Business Growth

            Every business starts with an envisioned concept, lots of ideas, and a creative product or service that solves others’ problems and is, hopefully, positioned on the front of the wave. This may be one of the most exciting times when launching a new product or service, but many may find that the next step of planning business growth is the most challenging.

This step in the planning process is to develop a game-plan that identifies potential markets. A game or business plan is a working document that reflects the continuous changing market trends and includes essential activities and initiatives to ensure that you reach your goals and objectives. Game-plans can keep you organized and focused on your most important and time sensitive goals.

Some questions you need to ask yourself:

·         Is it doable?

·         Do I understand the marketplace that I’m entering?

·         Does it compliment my strengths?

·         Who is my competition?

·         Is it a growth industry?

More companies could succeed if they do their due-diligence and make well thought out, educated decisions.

_{Mike Levi is C.E.O. of Levi Inc. a 19 year old business advisory firm that is in the business of building and implementing sales and growth strategies for emerging businesses.} 

_{http://www.high-performancesales.com/}

Poor Decision Making

When it comes to businesses, sometimes we fail to do sufficient due-diligence for a new project. We’ve heard the term ‘thinking outside the box’, but many hidden obstacles are ones that can be solved by thinking inside the box.

This way of thinking can help you view your goals and objectives in a different way than before. Ask yourself intuitive questions, such as:

·         Have I taken a real, objective look at the business venture from a negative and positive point of view? The positive attitude is essential, as long as it makes realistic and purposeful sense.

·         Do the differentials that I am proposing to the potential customer solve their problems in the short and long term?

·         Is my product uniquely competitive, and does it have a relatively long shelf-life?

·         Is it on the front of the ‘wave’, vs. the back?

·         Do I have the resources to make this opportunity viable?

·         Have I prioritized my objectives?

·         Am I good at this?

·         Did I do a thorough S.W.OT. analysis?

Try using this inside-the-box checklist for your next project. A new blog will be added each week. Take care. Thanks for listening.

 

_{Mike Levi is C.E.O. of Levi Inc. a 19 year old business advisory firm that is in the business of building and implementing sales and growth strategies for emerging businesses.} 

_{http://www.high-performancesales.com/}