How to make a business plan and actually stick to it

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Whether you are a long-term small business owner or just starting in a complex market, then there’s no time like the present to start penning your latest business plan. However, writing a plan and sticking to it are two very different elements. No matter the size or nature of your business, it’s always good to get something down on paper to help drive your business decisions and check that you have all bases covered. From generating more sales, to getting those ideas off the ground, read on to find out why you should be making a business plan, and more importantly, how simple it is to stick to it.

Check out the competition

Whether you are opening a coffee shop, a new bookstore or even a consultancy, be sure to undertake a full and in-depth market analysis. Now, this doesn’t have to cost you too much – you can do the groundwork yourself if you know what you are looking for. Café owners will want to scope out competitors’ prices, unique selling points and even range of snacks and goodies on offer. Whereas if you are offering higher-end services or products, then you will want to make sure that your range has a serious wow factor. Be sure to include this step in your business plan to ensure that you are fully aware of how you want to direct the future of your company and roll with it – remember, it’s best to do your homework rather than blindly entering an established market.

Get your finances in order

Drawing up a business plan, no matter the size of your business, and actually sticking to it, is going to require having a solid financial base. Getting your application papers in order and lengthy approval times can spell disaster in today’s fast-paced market. However, times are changing. Companies such as Betterfunds offer a range of loans to meet your business requirements. Not to mention, you could be the happy recipient of some much-needed funding in a matter of hours. Having a solid cash income is key to getting your business plan off the ground – don’t cut any corners.

Marketing and sales

Be sure to include marketing and sales as key priorities for your business plan – after all, generating new leads and acquiring new clients is essential to you, and your business, to succeed. If you haven’t already considered it, then make sure to explore how digital marketing can help propel your company into the future. Social media is increasingly becoming essential to the success of companies worldwide, so don’t get left behind and do go digital. Secondly, you will want to check that your marketing and sales teams are working effectively together – just like two spokes in a wheel, these departments are key to helping you gain and keep new business opportunities. Finally, have another look at your business plan. If you’ve stuck to it – congratulations! You are well on the way to business success.

Freedom Financial Gives Five Financial Management Tips Every Successful Entrepreneur Follows

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To achieve and sustain success, entrepreneurs must be skilled in a variety of areas. One of the most important of these is financial management. The lack of proper financial management is one of the primary causes of early failure for entrepreneurs. Freedom Financial provides five key areas of finance that are critical for entrepreneurs to have a greater chance at success.

Proper preparation for lean months.

Entrepreneurial income typically fluctuates from month to month and even from year to year. Income can swing from high to low in a matter of weeks, without warning. It’s important for entrepreneurs to prepare for the lean months by setting aside money during higher earning months, according to Freedom Financial. While, it’s tempting to spend money to reap the benefits of your hard work, it’s wiser to put money away while it’s plentiful. Without a reserve of cash set aside, some business cannot survive.

Keep business and personal finances separate.

Many entrepreneurs fund their startups using money from personal savings or a personal credit card to get the business going. In the early stages of entrepreneurship, it’s often simpler to conduct all your transactions from a single account. Once your business starts growing, Freedom Financial recommends separating business and personal finances, is essential. Keeping funds separate funds simplifies accounting and gives your business credibility. Keep business funds in a business account and pay yourself as though you were an employee of the company.

Diversify your assets and your efforts.

Entrepreneurs have to maintain a delicate balance between focusing on their entrepreneurship efforts and diversifying their income and time. Statistically speaking, entrepreneurship has a high risk of failing. Freedom Financial recommends entrepreneurs to hedge against that risk by putting time into other ventures, putting money into other investments, or sometimes even maintaining full-time employment.

Get professional financial advice.

You may be able to do many things on your own, but you cannot do everything on your own. When it comes to matters of finance, it’s better to seek professional council. Getting professional advice from an accountant and tax professional can ensure your business is both operating legally and taking advantage of the possible tax deductions. It’s wise to shop around for the best fit for your business, but this isn’t an area where you should cut costs.

Minimize business expenses.

As your business begins to generate more revenue, owners may increase their business spending, justifying these expenses as necessary for business growth. Remember that the more you spend, the less profit your business makes. Always aim to minimize business expenses by negotiating lower prices, seeking lower-cost alternatives, and forgoing unnecessary expenses. Freedom Financial suggests having another person who has to sign off on business spending, to help keep the owner’s spending impulses in check.

To achieve and maintain success, entrepreneurs must always plan for the financial future and be careful not to take the present circumstances for granted. Spending time reviewing the business finances and constantly seeking ways to improve are two steps entrepreneurs can take for better financial management.

Assembling Individuals Into The Best Team

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No team comes together overnight; most people are so focused on doing their own job to the best of their abilities, that they often fail to consult their colleagues on what needs to be done. Just because they’re all doing different jobs, does not mean that they’re not all working towards the same goal. As a team leader, you now have the unenviable job of turning all these hard-working individuals into a strong team. Unfortunately, this is sometimes easier said than done; on an average workday, most people would rather focus on their own workload than think about the bigger picture and how their job affects someone else’s tasks. To help team leaders on the challenge ahead, here are a few tips to help them bring everyone together.


Team-building exercises

Whilst getting them to do trust-falls or play Blind Man’s Buff would probably cause them to resent you, team-building exercises gives you the chance to bring your employees together, and maybe even share a few jokes if the right opportunity presents itself. That way, there’s something social that they can all share, which helps them to bond and unite. Alternatively, try an exercise to get to know every team member on a personal level. That will help you get to know them, and allows the team to view one another as people, not just co-workers. Anything you can do to build trust between co-workers will develop team cohesiveness, and it will make it easier for everyone to think of themselves as part of a unit, instead of one of many employees.

Promote communication

Communication is key to making sure your business runs efficiently. Technology has provided companies of all sizes with a very efficient tool to improve team communication; while you should never underestimate the value of the phone or email, instant messaging apps such as Slack, Hipchat, or Campfire instantly pass work updates to your colleagues. You can also use them to share files, start conversations for group projects, and automate tasks. This is faster than typing an email and waiting for the recipient to type one back. Good communication also means that you have to be clear about goals, deadlines and expectations for each business term. Sometimes efficiency can drop because employees haven’t been updated about new company goals, or the communication about new business goals weren’t clear. As the team leader, you have a better idea of the company’s business goals, but you need to accurately communicate it to your employees if you expect productivity to remain high. If emails aren’t clear enough, arrange a meeting and encourage your employees to ask questions. It will go a long way to preventing further confusion.


Make sure everyone has support

As the team leader, whenever your team is at work they are under your care. This means that you have to provide them with enough support for them to do their jobs properly, whether it’s making sure the IT support is always on hand whenever the computers are down, providing them with further training, or just making sure you have a good open door policy. If someone on your team is having problems with a co-worker, their workload, or something personal that is affecting their work, then make sure they know they can come to you without any judgements. Encourage everyone to give you feedback on their work environment and policies, so that you can tell upper management what is working and what needs improvement. Productivity will improve as a result of a more positive office morale, and your team will work better for you if they feel supported.


Assemble the right individuals

When hiring someone to do a job, it’s also important that they know how to work well with others, and know to collaborate or work independently as necessary. Everyone has different strengths; your campaign strategist might have excellent ideas, but they might be terrible at communicating these ideas with the rest of the team. If someone on your team is consistently struggling to meet deadlines or contribute to team projects, find out what it is they need to get them on everyone else’s level. Chances are, they are just not the right fit for the rest of the team and they might be better off somewhere else.

Ultimately, a good team comes together when they have a leader that inspires them. Someone who knows how to give instructions, but doesn’t micromanage. Make sure you take on a few tips to become a great team leader.

3 Things To Know When Hiring A Web Hosting Firm

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There are many things to learn about operating in the online world, and some strategies are more successful than others. This doesn’t mean you should be any more or less hesitant to begin your time online because your customers will demand it long before you consider it a viable option. What matters is that you keep a solid understanding about how to best progress during this time. Not only will the following tips give you the best understanding of what to look for when hiring a web hosting firm, but they should also help you stop making bad choices when you’re unaware of all the implements a solid online strategy needs to work in the first place.

Reliability

Your firm simply needs to be as reliable as can be. Otherwise, there’s no doubt going to be plenty of issues regarding the way you firm looks to your audience. If you’re simply not online long enough for them to complete whatever they intended to on your website, you will look unprofessional, and worse, not worth doing business with. This will be all very well and good if your firm deserves this, as it can improve your service understanding. However, if this happens as a result of not being able to express your online medium because another service is failing you, that is a sad state of affairs. For this reason, reading reviews such as this A2 Hosting review before you buy can give you good insight into how well the service performs under pressure.

Support

How accessible are your web hosting agencies? Do they have 24/7 support, or are you reliant on their office times to help you out of a sticky spot if their services go down in the middle of the night? As you hope to be an engaging and wonderful platform for your customers to experience, you should also hope to be treated in the same way by the web hosting platform who are attempting to keep your good servicing upkeep by any methods they possibly can.

Advice

How much advice is the firm offering you? Are they happy to give you solid and practical solutions for problems you may be experiencing, or do they leave you in the dust to figure it all out yourself? Depending on the level of experience you have with websites, this might be better off in either intense or limited quantities. Only you will know what works best for your firm, but you must be ready to communicate it. If the advice is an option which is covered by the cost of your usage, you may be able to negotiate a better price if you forgo this service, but don’t worry if this proposal is rejected. Keeping on top and happy about your internet servicing requires that you feel satisfied with the methods being taken to keep you online, and if you feel like the first you’re using is happy to explain to you their methods, you are more likely to feel happy and able in your commission.

With these tips, you’re sure to experience customer satisfaction.