How to Evaluate the Performance of Your Company Based on Your Business Plan

A business plan is one of the most important documents that is needed for the betterment of the business. It includes all the need to know strategies, marketing techniques, sales techniques and financial forecasting methods that will be used to increase profits and revenue of the business. However, writing a business plan is no walk in the park. It takes a lot of time and concentration and is one of the biggest responsibilities that will be undertaken. For this crucial task there are dedicated people called business plan consultants. They will be the people who take the ideas that the entrepreneur has and converts it into a document that will be viewable by the whole world. Since this is a very big responsibility business plan consultant fee is a bit high. There are many factors that affect a good business plan and a great business plan will help the business clarify the business idea, identify potential problems in the business, find out objectives of the business and monitor the progress of the business. Since this is a very important document it is vital to keep a keen eye on the following factors when writing the business plan.

Executive Summary

The executive summary is the highlight and the brief description of the entire business. This has to be highly detailed but short enough so that a potential investor is able to read and understand the status of the business. It does not mean that it has to be limited to one or two pages.

The executive summary will include the highlight of the business concept which will describe about the product or service and the market that they are being offered. Then there are the financial features which talks about all the sales, profits, return on investment and cash flow. Then the summary has to mention about the financial requirement that is need to invest in the business and talk about the capital and how to expand the business. The current position of the business will be stating about the business’s present state and how it got here. Finally, the major achievements of the business is needed to be mentioned so that the potential investors could be impressed by the achievement that the business has done.

Business Description

The business description is about the details of the business. This should not be a highlight about the entire business like the executive summary but the in depth analysis of the business. The description has to start with a short introduction which states about the past, present and future of the industry. Here you should mention about the markets that the business will be interacting with and the future market places that business will be willing to interact with. The products or services that the business is still developing should be thoroughly discussed here so that the potential investors who have got an idea and are willing to invest in the business can get a thorough knowledge about it.

The structure of the business has to be described in the business description. The hierarchy of the business and the business places should be described in detail. The legal considerations of the business should be thoroughly stated so that there is clarity for everyone.

Market Strategies

When developing the market strategies there has to be a lot of market research done on the market place. This will give the business entrepreneur a very good idea about the potential market and how he can use the market to increase the profits of the business. After observing the market the company will be in a position to identify the strengths and weaknesses of the business and will be able to develop a system in order to identify the potential opportunities and threats. These studies will also be able to develop strategies to forecast the market place’s prices and when to supply more goods and services. These has to be clearly mentioned in the business plan so that these strategies can be used when necessary.

Pricing and Distribution

The process of pricing and distribution has to be clearly detailed in the business plan. The descriptions about all the prices must be mentioned in detail in this section. How the business can lower the prices when necessary and how t react to the fluctuating prices has to be mentioned in detail. The process of distribution of the products until it reaches the hands of the customer has to be clearly stated.

Considerations for Starting a Home-Based Business

Home-based business owners are increasing every year. They are CEOs, presidents, the board-of-directors, simply put, “the boss” of their businesses all-in-one. Unlike employers of other companies, every action they take affects their business in particular, the bottom line or ROI. That includes investment of time, money, family responsibility and business sustainability, which includes financing, budget, marketing, advertising, customer relationship and suppliers; maintaining production of services and products and keeping accurate records.

Running a home-based business can become overwhelming, and many aspiring business owners go out of business in less than a year. Does the prospect of working from home sound too good to be true? Well, it shouldn’t. Almost everyone can restructure or change their working life so that they can work at home, either full or part time, for employer, freelancer, affiliate, or independent.

This major life change may take patience, creativity, and a little sacrifice, but before long, you could be commuting from the kitchen to your office, a cup of coffee in your hand and the sun shining through your window.

What considerations or profile is needed to start a home-based business:

Description of the business – describe activities involved in conducting the business task
Start up costs and financing sources – estimates what it will cost to get a business going and suggests financing options
Marketing and advertising methods – the degree of success you enjoy in business is directly related to your ability to continually attract new customers and keep existing customers
Essential equipment – list the basic materials you need to start and run your business, such as computers, internet service, printers, ergonomic furniture, etc.
Skills, training and experience needed – describe the knowledge or background needed, experience and skills you may possess for the business and those skills you need to acquire
Type of business – lists whether it’s an in-home or out of home (meaning you have a home office, you work away from home) business.

People work from their homes for many reasons: unemployment, low salary, high cost of day care, difficulty finding a job, both spouses work to maintain a medium standard of living, single mom, no control over work schedule, etc.

Make a plan; it’s your key for success to achieve your goal. Your road to success requires planning. You must make plans, think about them, and act on them. Action is essential to success as a motor and fuel are to an automobile. A major purpose well-stated is half-achieved, restate your major purpose in the progressive tense, action seals the habit of succeeding and eliminates:

Inability to concentrate on what is important
Loss of faith in yourself
Clinging to the status quo
Lack of organization
Stagnant mind set – custom is king (though it shouldn’t be)
Failure to evaluate yourself

The ultimate formula for home businesses or any business to succeed is really quite simple. What is that? A marketing system for autopilot lead generation ensures long-term success. Here are six reasons why:

Generate quality leads consistently and economically
Convert as many of those leads as possible into sales
Ensure that you delight your customers so they’ll be pre-disposed to buy from you again and recommend your business to others
Repeatedly sell refills, replacements and other products to your family of existing customers
Ask customers to refer you to others who may want the same benefits
Keep going back to step #1 and repeat the pattern again

Though a home-based business may lead to a more hectic home life, home-based businesses have the important element of flexibility not usually found in a 9-5 job. Home-based business owners can tailor businesses to fit the needs of customers as well as their family needs. Truth is, many home-based businesses are mobile in recreational vehicle offices on the scenic routes making hundreds, thousands, and millions of dollars a year. They have the freedom to work in their offices at any hour; run their businesses according to their philosophies; and pursue any opportunity or destination they prefer. A Chinese proverb says, “Journey of a thousand miles begins with the first step.” But in what direction? Plan your direction.

When the goal is clear, the purpose is strong; the steps will be decisive, assertive and forceful. Direction and determination decide destiny. Before you open for business or begin to advertise, check with your local authorities about having a home business, your state regulations and licensing requirements. Your regional Small Business Development Center (SBDC) will also have information about your state’s business regulations.

Small Business Benefits of Training Employees

Small businesses aspiring for growth need to keep an eye on performance improvement through online business training courses. To measure up to the ever evolving business world, small businesses need new skills to facilitate workforce gains and to generally meet the competent needs of operations in tandem with its competitors.

Small business training for employees provides an additional skill and exposure to the individuals and to the business. It is more flexible and less strenuous to do an online business training course. This consequently improves your company to continue effectively. Most small businesses fail to recognise the beneficial aspects of training its employees. Among many other advantages that come with training are the following benefits:

To Effectively Improve Your Company’s Competence

Training your employees will result in a better customer service, improved business skills, and growth in productivity. This ultimately makes your business more competent and competitive in the market. It is important to always advance the skills of the employees as the business world is dynamic and overly competitive. The direct tragedy of non-trained employees is the incompetence to match up the necessities of a contemporary society. It is important to consider an online business training course if the difficulty is time or cost of doing a recommended training.

Improving Loyalty and Staff Retention

As a business, staff retention is a saving to the business and its future prospects. Employees have their own aspirations for growth and they may want to venture out to look for that satisfaction. However, if the training opportunity is available to them, they find their professional growth in the business and are likely to stay longer. It is a fact that such training will definitely add them new skills and promote their contribution to the business as well as building their self-esteem. Giving them a chance to improve their skills makes them realise that you value them enough to invest in them.

Improved Business Prospects and Profits

The ultimate objective of running a business is to maximise an opportunity to make profits. Training employees makes them more competent and qualified to promote your business in the marketplace. This will have an effect and an increased business means more profits.

Makes Your Business Competitive

Stagnating is the worst effect that can kill your business, so by ensuring that your staff are constantly advancing, you continue to grow in business and remain competitive within the industry. It is expensive and very disorienting to employ new staff. An online business course for your employees can make them more eligible for internal promotions. Unlike new employees, you will have the benefit of a complete and knowledgeable staff for your business, who are people you know and you can trust.

Exposes Business Weaknesses and Skill Gaps

Training makes the business realise what they have been doing wrong and henceforth, the business can more easily identify any skill gaps in the market and even within the existing employees. This will propel your business to work on filling the gaps which will assist the staff to fulfil their role effectively.

Conclusion

Training is therefore a valuable and profound investment for the business. For the many businesses that may not have adequate time, an online business training course would be more appropriate. The staff will have a much higher sense of job satisfaction, which will improve their motivation towards their work and the business generally.