Business Planning and Visioning – the Key to Success

Business Planning

Business Planning and Visioning – the Key to Success

Article by Andrew McCombe

One of the biggest problems that many would be entrepreneurs face is that they do not believe that they can start, and run, a successful business on their own. They believe that only those with high level degrees in business or related fields have the skill and talent to create a company, and that they’re stuck in the day to day drudgery of their jobs forever.

The truth is that whether you have a degree, or whether you never even finished high school, the key to business success is often in the business planning and visioning you do, rather than the certificates and diplomas you hold.

But what is business planning and visioning?

I like to think of business planning and visioning a little bit like a road map to success. The process involves a series of exercises that are designed to help you decide how to get your business from the idea stage, to the point where you break even, and start making a profit, and beyond.

There are many ways to go about business planning and visioning, and, contrary to popular belief, your business plan does not have to be written in any kind of formal language – unless you plan to use it to apply for financing.

The simplest way to get started on your business plan, is to sit down with a piece of paper and a pen, and start jotting down whatever ideas you have that relate to the business you’d like to run.

Once you’ve assembled a healthy amount of information on what your business will be about, it’s time to begin the process of creating a structured business plan, but again, this need not be a difficult or technical process. It is simply a means of organising your thoughts about your business into a logical and easy to follow document that will grow with your business, and help you to decide what your next step will be along the way.

Typically, a business plan is made up of several different sections. These include the executive summary, a general description of your business, your products or services, a marketing plan, an operations plan, a section on the management and organisation of your new business, your personal financial statement, start up and operational expenses, a financial plan and any appendices you may want to add to the document.

If all that sounds like a lot of technical mumbo jumbo that you are never going to be able to finish, do not worry. Business planning and visioning is not supposed to be a task that you dread, or that makes you want to run away! Take it one step at a time, and take your time to write down everything you believe will be relevant to the start up and running of your business.

Include the form of company you are planning to start, whether you will have partners in your business, and who your target market will be in the general description section. Figure out how you are going to market your business and to whom and write down where you may find such people(s), and your products and services, and write those methods down in your marketing plan. When it comes to operations, will you be running a cash only business, or accepting credit applications? Will you operate from premises, or from your home? When it comes to financial matters, decide what you will need to start your business, and what it will cost. Think about what it will cost to run your business, including salaries or wages, premises rental, stock and utilities.

Ideally, your business planning process should take several weeks or even months, and you will add to the plan as you go along, writing down everything you can think of that will take your business from start up to success. That document will also accompany you as you work on your business, changing and evolving with your business.

The main benefit of formal business planning and visioning to the business owner is that it forces you to think about all the different factors that will determine the success of your business venture. It also helps you to create a logical ‘road map’ for your company, and gives you something to refer to during the often frantic and tumultuous process of launching a company.

One trick that I’ve found works quite well when you’re in the throes of the business planning and visioning phase of a start up is to think about where you would like your business to be in two or even five years. Then work backwards, through each of the steps that you would have to take in order to get from where you are now, to where you would like to be.

Business planning and visioning is a combination of imagination and planning, which allows you to see past what you have now, to what you would like to have in your company. It focuses your mind, and gives you an opportunity to think about the steps that will be needed to make a success of your company, but it is not something that requires you to have a degree! All you need is a passion for your chosen business, a little business knowledge (that you can find in any small business book), and a logical method of planning.

The old saying goes: those who fail to plan, plan to fail, and that is particularly true of starting a business. So spend some time on your business planning and visioning now, and launch your business with a clear road map in mind, and a good idea of the direction you are heading in, and how you will get there.

Business Planning

WallMonkeys wall graphics are printed on the highest quality re-positionable, self-adhesive fabric paper. Each order is printed in-house and on-demand. WallMonkeys uses premium materials & state-of-the-art production technologies. Our white fabric material is superior to vinyl decals. You can literally see and feel the difference. Our wall graphics apply in minutes and won’t damage your paint or leave any mess. PLEASE double check the size of the image you are ordering prior to clicking the ‘ADD

Wallmonkeys Peel and Stick Wall Decals – Image of Two Business People Planning a New Project – 48″H x 32″W Removable Graphic

Click on the button for more Business Planning information and reviews.

Amerigroup Among Companies Planning Bond Sales: New Issue Alert
Business Planning
… the biotechnology company founded by billionaire investor Alfred Mann, plans to raise $ 370 million by selling senior secured discount notes due 2017, the Valencia, California-based firm said in a Sept. 23 statement distributed by Business Wire. …

Business Planning question by vela110808: How do I go about starting a small event planning business?
I now work in the entertainment industry working as the Facilities Assistant. When it comes to planning parties and company events everyone in the office loves how the events turn out. I always get compliments on the dinner parties my husband and I have and everyone thinks I need to do a career change. I love planning social events and could really see myself planning small wedding, dinner parties, retirement dinner, anniversaries etc. but I have no idea how to start a business. If there are any entrepreneurs out there please lend some advice. Thanks in advance!

Business Planning best answer:

Answer by G-Stone
A working plan that you specifically design explores your market and your business structure. Many people skip this step, yet if you haven’t surveyed all your options, you may miss out! We like to plan and organize social events, yet the first thing to organize is your business operations. Sound unexciting? Well, perhaps—-yet put your “creative nature” aside for a minute and assume a “business” stance.

For example, do you limit it to only small events? Only parties? Will you branch out to all-occasion events? You may only want to target one service area, yet branching out into other avenues (i.e. sales) may assist in producing additional revenue for you. Does your targeted market call for a specialized coordination? Do you want to set up a small store front? Do you go into partnership with a friend or family member or go solo? How will your set up your business records? These are a few things I have on a very long list to consider when developing your working plan. Your “hobby turned business” must turn a profit or why do this? Thinking like a “business-minded” person, channels your goal which is – making money with your talents. Every town has a need and the trick is to find what is needed and be the best. Find your place in this growing market. The idea is to find the niche in the market for your area that has a gap. If children’s birthday parties are in need of someone to offer this as a service, then that might work best. Perhaps you desire to be the coordinator for Open House Celebrations, Ribbon Cutting Ceremonies for new businesses or even Note Burning Ceremonies when the debt is being paid off. You can work with the visitor’s bureau in your area and make contact with businesses and non-profit organizations. How about catering a chocolate fountain or “candy store” with several crystal bowls full of candy only be be scooped up with a silver scoop! But most important of all is look into a Solid business plan in that field from a book store like Borders and get tips from a mentor in the business and live the dream girl the only person standing in your way is you )