Tuesday, December 22, 2009

New Year…New Opportunities

Clearly the recession that we are now exiting has been a severe test for all of us, from business owners to their consumers. The country and the economy are still in recovery, but various factors over the last months from a slowing job loss rate to increased consumer confidence demonstrate that the road to recovery will be continuing in 2010. Throughout history we have had recessions and even depressions of varied scope and severity. They are always followed by opportunities in a boom from bust economy.

In business as in life, timing is everything. When do we jump back in as owners/entrepreneurs to pursue our goals? When do we decide to expand our business? When do we decide to move forward after stepping back in our business pursuits? All different questions but all with a similar answer: the time is now or soon approaching! Will we achieve our goals if we jump in after the battle is won or do we accelerate our efforts when the tide of battle has turned our way? The answer is clear. Now and the near future is the time to achieve.

We remain available to help and to see if timing is indeed just right for your particular business. Timing is everything and different markets and different businesses have different opportunities and timing. The New Year is the time to reflect on those opportunities to seek guidance from those close to you and new voices to determine if worthy opportunities exist.

Thursday, December 3, 2009

Avoid Do-it-yourself Business Plans!

I have blogged previously about the built-in flaws with templates and software that consumers and business owners alike use when Googling “business plans.” These lead the writer to adding so much unnecessary information, yet fail to complete a true Executive Summary needed to get in the door with 95% of investors. I review at least 5-6 of these plans each week, and they are almost always missing the detailed competitive analysis, market analysis, and market penetration to support what are also incomplete forecasts to begin with. Again, these are common pitfalls using software and templates, let alone inexperienced professionals.

A second major related issue arises when those close at hand, namely principals or key employees, complete the business plan. The old saying that “you can’t see the forest for the trees” usually applies here. In addition, an insider typically writes with over confidence and a lack of needed transparency that is often a result of that overconfdence. Lastly, a professional team that interacts with investors, venture capital firms, angels and the SBA knows what the appropriate expectations are and prepares the plan accordingly.

Use extreme caution in using templates or software, let alone completing your own plan using other business plans as a guide. Custom business plans raise capital and accomplish your goals.