The Dreaded Business Plan

Do you have one? After 5 years in business and knowing that they are the single most important thing you can do for your business I hang my head as I answer no, I do not have one. I've always had the intentions but you know how it goes; excitement at starting a business, getting it going, filling orders, having babies, filling orders, taking care of babies, filling orders......Ok, really it just sucks to write a business plan. It really, really sucks!

I'm a creative person! I love to create, dream, market, network. I don't want to talk financials! I don't want to talk about statistics and market shares. I don't want to talk lawyers and accountants! So, here I sit. Five years in and major growth happening. I've hit that point where I'm making more money, but I need more money to grow. What to do? Up until this point I've always followed the law of bootstrapping. Growing out of my profits. But that only takes you so far when you want to grow faster!

One thing venture capitalists and bank loan officers have in common is the question "Do you have a Business Plan?"
Your business plan is your company's calling card. It allows you to see your business through your investor's eyes. As the name suggests it is a plan of your business; your communication tool; selling your marketing, sales and operations. Every time you have a meeting with a potential lender/investor it is your business plan that will do most of the talking.
A business plan is the key to long term success for new and old businesses. Your business must have a foundation to start from and you have to give your business time as success will take longer then merely weeks.

Your reason forwriting a plan will be different for each situation:

• If you are starting a new business you will require a plan to clearly assess every aspect of the business and show how it will succeed.
• If you are buying an already established business you will need to identify the strengths and weaknesses of the business to decide if you will be able to make it a success.
• If you are already up and running and in need of extra finance you will need a plan to convince those putting capital into your business that you can and will succeed.
• If you are applying for one of the many grants available.
• (In my case) If you need to sit back and reasses your business and figure out just where it is you want to go and what you need to do to get there.

I am currently "trying" to work on my plan. It's not fun, but it is necessary so I am making myself do as much as I can on my own then I am getting help with the areas that I'm weak in. There are a lot of resources out there for free where you can go for help with your business plan. There are even good templates you can find online that you can print off to help you on your way. I recommend checking them out and I definitely recommend getting help with your plan if you can. But most of all I recommend writing one in the first place. Those with an clear end goal are more likely to succeed then those who aren't sure where they are going.

Here are some great places you can go for help with your plan:

Business Development Bank Of Canada
Canada Business
Small Business Finance Centre
The Business Link
Alberta Women Entrepreneurs

Bottom line if you fail to plan, you plan to fail. This old saying has great merit and I encourage all business owners to write a business plan. It is an invaluable tool and usually directly relates to the success of your business.

If you don't hear from me for awhile...that's what I'll be doing!

Kristina
Bouncing Off The Walls

Marketing Training in Calgary Just for You Women Entrepreneurs!

Helping women in their own small businesses, women just like me, has become my career passion. I have just opened for business with my new marketing training and events company called MPowered Marketing. M is for marketing, mentoring, and motivation of course! Unlike traditional marketing services, my focus really is on training women in business to be better marketers. This is for two reasons. The first is that women entrepreneurs need to be practical, they need to save money, and they need to do the most for themselves they can when they are first building their business. Thus, I want to use my career experience in a positive way to train women to be the best marketers they can be for their own businesses. The second is that women in business WANT to know how to be better marketers. Training is through services and events. The first event was just last week. It was so well received with 16 women in attendance who were excited, sharing and told me they all learned something new to apply to their business. I can hardly wait for the second event and participate in another motivating session. Seats are limited to 30 people, and you are all invited!

Tuesday, March 24th
SE Calgary, Copperfield Community Hall
Score! The Recession Opportunity for Small Businesses
- Find the full event listing and registration information on my website. It's only $25, includes 30-45 minutes training by me on the things you HAVE to do to set your business apart to make it grow during this particular recession year; useful networking session; and guest speaker Amy Perzan Merrill of Meringue 3.14 Graphic Design.

Event details: www.mpoweredmarketing.com
More about me: www.marketingmomblog.ca
Email: kim@mpoweredmarketing.com

If you are in Calgary and area, please consider coming to our events or contact me if you are interested in my business. If you are a like-minded marketer anywhere in the west, I want to expand and need mom marketing professionals to help! I need speakers for the next series, so if you are in Calgary area and wish to share your story at an upcoming event, please let me know! I need speakers for the next series.