welcome to planning your business. success planning starts with pre- planning your work and building...
TRANSCRIPT
Welcome toWelcome to
Planning Your Planning Your BusinessBusiness
Success Success Planning Planning starts with starts with pre-pre-planningplanning your work your work and building and building a a solid solid foundationfoundation
Personal GoalsPersonal Goals Personal Personal Financial Financial ResourcesResources
CommitmentCommitment CharacterCharacter
CapabilityCapability Contingency Contingency PlanningPlanning
Would you consider these to be the building blocks of starting
your business?
Are you Are you ready?ready?
Who are YOU?Who are YOU?
I am an I am an EntrepreneurEntrepreneur
I am authorizedI am authorizedto make all the decisions in my
business
I am responsibleI am responsiblefor learning what I need to learn, and
for all outcomes of my decisions
I am accountableI am accountablefor the success of my business
Success PlanningSuccess Planning
Planning for Success means…
Having a clear vision
Knowing what could go wrong
Why do businesses Why do businesses fail?fail?
• Procrastination• Ignoring the
competition• Sloppy or ineffective
marketing• Ignoring customers
needs• Incompetent
employees
• Lack of versatility
• Poor location
• Cash flow problems
• A closed mind
• Inadequate planning
“To insure I don’t face these problems, I will…..”
Successful Business Owner Successful Business Owner CharacteristicsCharacteristics
CharacterCapable
CreditCapacity
CollateralCommitment
Contingency
7 C’s7 C’s
Success PlanningSuccess Planning
Planning for Success means…
Knowing yourselfyourself
Understanding your needsyour needs
Understanding your business your business needsneeds
What does your business What does your business need from you?need from you?
Business Owner Business Owner ResumeResume
Your business needs you to be honest with
yourself.
What are your strengths?
What are your weaknesses?
What is your experience?
Business Owner Business Owner ResumeResume
Here’s yourHere’s your
Moment of Truth…Moment of Truth…
What if your business has a need that you
can’t provide for?
Your NeedsYour Needs
What do you need from your business?
INCOME (Owner’s Draw)
Providing for the Providing for the businessbusiness
What can you provide for your business?
ResourcesResources
time, money, equipment, credit
Success PlanningSuccess Planning
Planning for Success means…
Setting Goals
Planning Your Business
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Personal GoalsPersonal Goals
How will your life change?
Planning Your Business
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Personal GoalsPersonal Goals
To Set Your Goals Make them SMART and write them down
To Achieve Your Goals
Break them down into action steps
Planning Your Business
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Success PlanningSuccess Planning
Planning for Success means…
Having a Plan
Planning Your Business
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
The Business PlanThe Business Plan
Business Planning vs.
The Business Plan
Why create a business plan?
What makes a good business plan?
Planning Your Business
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Due DiligenceDue Diligence(verifying and validating the business plan)
Ask yourself:
• Is my plan Feasible?
• can I make it happen?
• Is my plan Viable?
• can I sustain & develop it?
• Is my plan Desirable?
• does it meet my personal goals?
HomeworkHomework
Complete the Goal-setting sheet. Begin drafting your Business
Plan
Contact BOI office at 317-917-3266 to schedule an appointment with your BOI counselor to discuss your goals, questions, and next steps for your business planning.
The counselor can assist you in accessing your credit report.