Archive for the ‘Business Planning’ Category
Wednesday, July 28th, 2010 |
July’s Business/News & Views® contains great information and resources for small businesses. David Weatherholt encourages your company to “Be the Best” and introduces you to the process that can lead your business to the top. With a similar intention, Amanda Cullen writes on implementation- tips to take your strategy to market.
David’s economic summary emphasizes the uncertainty businesses and consumers feel about the economic recovery. He describes this outlook with up-to-date analysis and data.
Finally, lighten things up a bit with “Four Common Errors on Social Media Strategy,” to help your business be smart about social media.
Read now: Business/News & Views® – July 2010
Posted in Business Planning, Business/News&Views®, Economy, Marketing, Small Business, Social Networking | No Comments »
Thursday, July 1st, 2010 |
This podcast is all about the Small Business Administration, a great resource for small businesses. The need for the SBA becomes apparent when you realize there are 26 million businesses in the United States – and most of them are small businesses. 36% of those employed in the US work for a company employing less than 100 people. David also gives a history of the SBA and an overview of how it has helped Alaska over the years.
The first special guest is the head of the Small Business Administration – Karen Mills, Administrator. She has a Harvard MBA and a background in venture capital. In her home state of Maine, she was instrumental in developing the “cluster approach” to grouping businesses together. David asked her some great questions.
David has the opportunity to interview a recipient of an SBA award – Marty Weisner, from Marty’s New York Bagel Deli. His funding was made possible by the American Reinvestment and Recovery Act (also known as the stimulus bill)
Listen or download below:
A Small Agency with a Big Mission
Posted in Business Planning, Finance, Government | 2 Comments »
Monday, June 14th, 2010 |
In this follow-up to my first article, Become a Peerless Competitor I, I continue explaining my Peerless Pyramid. I address the middle layers, Products/Services and Marketing/Sales, which are the center of every business.
As I explain in the article Become a Peerless Competitor II,
Becoming a “peerless competitor” means building a solid company modeled after a pyramid that is broad at the base and sharp at the apex. Providing great customer service will not go very far without the proper foundation. Financial resources must be sufficient to support the company, followed by putting in place the kind of financial controls and accounting systems that safe guard your financial resources.
Read the full article: Become a Peerless Competitor II
Posted in Business Planning, Finance, Marketing | No Comments »
Tuesday, June 8th, 2010 |
Gubernatorial candidate Ethan Berkowitz joins David Weatherholt to explain why he’s running for Alaska’s governorship. Ethan has an interesting business background in alternative energy and brings intellectual answers to David’s questions.
Small business marketing expert Amanda Cullen of Zoo in a Jungle Marketing joins the show later with her segment “Marketing Matters.” She strays a bit from the topic of marketing this week to ask businesses the question, “Where do you want to go?” Before implementing any marketing initiatives, businesses need to secure a solid business strategy. This strategy will make day-to-day decision making more simple and help your business reach success on time.
Listen or download below:
Business in Alaska V
Posted in Business Planning, Getting Down to Business, Government | No Comments »
Monday, June 7th, 2010 |
Do you know where you want your business to be in the next year? How about in the next five years? In this article from Business/News & Views®, I challenge small businesses to think about their future strategy. There is nothing more important to a small business than planning their future, but:
So many small business owners don’t have a solid idea of where they want to take their businesses. Other, more immediate issues demand your attention every day – like how to solve your biggest customers’ problem with shipping or approving a purchase order for new office chairs. These decisions seem (and are) so important.But you’ll never know if you’re making the right decision unless you have a strategic framework of where you want to be in the future.
In the article, you’ll find examples, learn about “your picture of success” and gain valuable information on filling in the details of your overall strategy.
Read the full article here: Know Where You Want to Go
Posted in Business Planning, Marketing | No Comments »
Friday, May 28th, 2010 |
May’s issue of Business/News & Views® brings a bevy of great advice – from how to be a peerless competitor to defining your business’ future to helping shape the futures of graduates.
David Weatherholt brings great economic news, as he says that Prosperity Returns. For businesses looking to find new markets, we have news of a free international and trade seminar sponsored by the SBA.
And lastly, don’t miss out on some helpful technology tips.
Read Now: May 2010 Business/News & Views®
Posted in Alaska, Business Planning, Business/News&Views®, Economy, Recession, Small Business, Technology | No Comments »
Wednesday, May 26th, 2010 |
Have you ever wondered what Six Sigma is? In this episode of “Getting Down to Business,” David’s guest Eric Britten will demystify the concept and explain how Six Sigma helps businesses cut costs and boost profits even in tough times. Eric is president of Britten & Associates.
David also brings some news for lending opportunities for small businesses and a short history of management science. Six Sigma is actually the culmination of the slow growth of management science.
Listen or download below:
Demystifying Six Sigma
Posted in Business Planning, Reducing Business Expenses | No Comments »
Wednesday, May 12th, 2010 |
David starts off this “Getting Down to Business” by celebrating his first year on the radio and providing listeners with some great borrowing advice – how to start and maintain a close relationship with a bank.
Later in the show, David brings in two special guests. Russell Ball, founder of ACB Solutions, talks about transitioning his business from Alaska Computer Brokers, a computer retail store, to ACB Solutions, a technology services provider. He and David talk about the evolving marketplace that necessitated this change and share valuable stories and advice for small business owners facing similar situations.
Amanda Cullen, president of Zoo in a Jungle Marketing for small business, elaborates on the importance of keeping your business strategy current with what your customers want. She advocates conducting qualitative research with your customers and gives helpful tips on how to do that.
Listen or download below:
A Matter of Survival
Posted in Business Planning, Getting Down to Business, Marketing, Small Business | No Comments »
Tuesday, April 20th, 2010 |
April’s Business/News & Views® carries articles concerning your business’ marketing communication, how to become a peerless competitor, the current economic state and some news about Wells Fargo.
David Weatherholt introduced his Peerless Competitor Pyramid, giving businesses solid advice on improving their competitive standpoint. Amanda Cullen focuses on communicating with customers in ways that are meaningful to them.
Read Now: April 2010 Business/News & Views®
Posted in Business Planning, Business/News&Views®, Customers, Marketing | No Comments »
Wednesday, March 10th, 2010 |
Sponsored by the CEO Club.
All small business people manage issues that are beyond their areas of expertise. Interior designers need to manage finances. A CPA firm needs marketing. But how can you know you’re making the right decisions? You need a mentor who can help you “Learn How to Fish.”
Learn the benefits of business mentoring for you and read the full article here: Learn How to Fish
Posted in Business Mentoring, Business Planning, Entrepreneurs, Small Business | No Comments »
Tuesday, February 16th, 2010 |
Non-profit organizations perform many necessary functions in our communities, but they face many unique business challenges, as well. Dave’s first guest is Candace Winkler, CEO of Thread, an Anchorage-based non-profit. They discuss some of the business aspects non-profits focus on more than other organizations, such as having a transparent accounting system, keeping administrative costs reasonable and keeping a strict budget. Candace also talks about her experience in rebranding Thread (formerly Child Care Connection), and the wide variety of non-profits that are in Alaska.
In the next segment, Dave brings in Jason Stralka to discuss taxes for non-profits and answer listener questions. Jason is a tax expert for Carter Tax, Inc. Dave discovers that he has a passion for taxes. Jason knows that taxes are more than just filling out the forms– he loves finding loopholes and saving his clients money. However, he realizes the importance of being accurate and paying all the taxes that are due to the IRS.
Listen or download below:
Non-Profits are Businesses
Posted in Alaska, Business Planning, Finance, Getting Down to Business, Marketing | No Comments »
Wednesday, January 27th, 2010 |
The diversification principle has long been accepted as an important investment strategy. Can the diversification principle be applied to your business as well?
In this article from the January 2010 Business/News & Views®, I advocate that businesses should start thinking differently about their business structure. It is dangerous to put all your financial eggs in one basket, just as it is dangerous to have only one stock in your investment portfolio.
For my recommendations on how to start this analysis and implement the changes you need, read the full article: Diversify Your Business
Posted in Business Planning, Finance, Innovation | No Comments »
Monday, December 21st, 2009 |
The December issue of Business/News & Views® is chock full of useful news and great advice for small businesses. In the news, David sees growth in the economy’s future with his Economic News Update. Amanda Cullen writes an article about creating great customer experiences and how that grows your profits. David weighs in with the importance of tracking your business’s performance numbers. He provides an easy-to-use cash flow statement and walks readers through each step in this helpful article. Finally, Kevin Donnigan details the seven top social networking sites for businesses– and how you can use them for your business.
Read Now: Business/News & Views® - December 2009
Posted in Business Planning, Business/News&Views®, Customers, Economy, Marketing, Small Business, Technology | No Comments »
Wednesday, November 11th, 2009 |
How many of you have ever heard of a superhero needing a business plan? The reason you haven’t is not because they don’t need them. The real reason superheroes most often succeed with their entrepreneurial pursuits is because they hire business planning superhero consultants. They get and expect super results because they aren’t looking for the easiest or the cheapest ways. It’s because they know the nine essential personality traits of a business plan superhero consultant.
- Do they ask you about you and your business?
- Do they have a background in finance?
- Are they savvy with marketing?
- Do they have experience in business?
- What are their academic credentials?
- Do they have business writing skills?
- Are they reliable and ethical?
- Are they experienced and proficient at market research?
- Do they talk about success in business and have your best interest in mind?
These are the nine essential personality traits that are critical to success in business planning. The first is the ability of the consultant to look at you as an individual. Can they look you in the eye and meet you face-to-face? Are they able to be genuine when asking you questions about your desires, hopes and passion for your business? Make sure you are comfortable with your consultant and able to communicate effectively. Be sure your values and theirs are compatible.
Does the potential consultant superhero have a background in finance? When hiring someone to lead you in your business planning, you want a person who can develop meaningful financial projections. This means knowing what investors and lenders look for in solid business ventures. The financial section of your business plan provides the most critical data within your plan. It is necessary to hire someone who has the capacity to fulfill this need in your business plan. When you start with solid market projections and use this data to drive the pro forma financial projections and the breakeven analysis, you can begin to see the value of working with a person who has a solid financial background. The success of your plan hinges on the ability to link market data to strategic financial performance.
Has your potential superhero consultant had any business experience? It is so important for your consultant to have been involved in a start-up business in the past. Have they had any businesses themselves or been involved with other ventures which have grown into successful and thriving businesses? They must understand this as well as customer relations. Is your potential superhero consultant prepared to answer such questions as how the mind of your customers affects whether they will buy your product or service?
Another essential personality characteristic necessary is experience with quality goods and services. Has your potential consultant been involved in companies that have stood the test of time? And do they have experience with both large and small organizations?
What are their academic credentials? Real world experience is important but so is education. What degrees do they hold? Do they have a graduate degree and any professional certifications? Check them out and see what they have done with their education.
Largely a forgotten talent, it is important that your potential superhero consultant have experience with business plan writing. Can they write? Can they provide samples of plans they have written? What are some examples of other documents that they have written?
Are they reliable and ethical? Do they understand the real world and deadlines? Get a feel for how down-to-earth and grounded in experience they are. Can they help implement the plan? Do they provide high quality work? Can they provide benchmarks that are practical and consistent?
The last and final talent separates many an amateur writer from a truly gifted business-planning consultant that is the ability to do competent and reliable market research. Does your potential consultant have knowledge and ability to conduct effective and accurate market research? Will they provide you with accurate data that will be critical in assessing the competition and aid in the growth of your business?
Success in business requires planning, focus, execution, hard work and a little luck. Business planning is a key component of any business’s success. For example a properly developed breakeven analysis will provide a visual picture of the risk and reward your idea or concept faces. This is why choosing the right consultant is so important. When you choose one that is a superhero, you know his skills are based on strong business philosophy, financial analysis, and projection experience. The real superheroes have an understanding of broad general business concepts and a rich array of industry specific knowledge. This alleviates the possibility of industry-specific blind spots, and allows your superhero consultant to objectively analyze the industry and provide innovative solutions. Getting a high quality business plan starts with hiring a business planning superhero consultant!
Posted in Business Planning, Entrepreneurs, Finance | No Comments »
Tuesday, November 3rd, 2009 |
Many of you know that starting a business takes hard work, long hours, low pay, and a lot of sacrifice. In fact, only five of every ten businesses will survive their first five years. It’s easy to look around and see examples of dying businesses and even ones that are thriving. However, these are extremes and easy to notice. What the public (and new business owners) don’t get a chance to see are the business owners who are plodding along, making small inroads, and making their dreams happen because they had a fantastic business plan.
Most successful entrepreneurs are highly motivated, focused and full of intention. Having a thoughtful and professionally written business plan will tip the odds in your favor. There are fifteen “must haves” for a good business plan. Each one takes time and thoughtful reflection to be done well. The first is a qualified business-planning consultant. When you hire a fully qualified business-planning consultant much of the stress of wondering whether you are fully informed about your market, product and future earnings will be alleviated as you turn over that task to a professional.
The second “must have” for a business plan is an executive summary and business concept. The executive summary is a statement of purpose and general overview of your plan: concept, product/service, market, operations, management, your company and the industry. Your business concept includes your mission statement, your background, current status, and future plans.
When describing the industry your business calls home, it is important for you to look for the characteristics, the participants and the trends that make your business unique.
The product or service you provide is often the focal point of any business. What is needed is a simple
explanation of the product features, the customer benefits, the stages of development, and future products and/or services.
Next describe the facilities in where your business will be located. You will describe the business location, any special transportation routes or vehicles needed, what the labor pool or employees consists of, and the availabilities of utilities to meet your needs.
Marketing is a key component to business success. Analysis of target markets will bring many important insights. When you profile target customers to understand the total person and their motivation for wanting a product or service like yours, you begin to understand how you can best serve that customer’s needs. Looking at market share, trends, and growth potential is an important part of the process.
A large portion of a thorough marketing summary includes the competition analysis for your business. What is your competitor’s profile? How does your product or service compare with that of your competition? Do you occupy a particular market niche? Is it possible that you share a segment of the market with another company or business? Finally, what are your strengths and weaknesses in relation to those of your competition? When working on the marketing piece of your business plan, a good one will have market penetration goals. It will cover pricing and packaging of your product or service. In addition it will include advertising, public relations, and promotions.
When planning the business structure and organization of your business, the management and ownership of the business are crucial. What type of business structure will you work from? Will you be an LLC, S-Corp, C-Corp, partnership, or sole proprietorship? The list goes on and is worthy of some investigation. Who will manage your company? Is there a board of directors? Who owns the business? Are you or your business a member of any supporting professional assistance programs? Answering these questions will give you a clear picture of how your business will run.
Financial data and projections of your company are critical for assessing the outcome of your business. What is the source of funding for a start-up? Does it come from an owner, partners, stockholders, loans, or venture capital?
What do you plan to do with the money that is allocated? What are your business’s needs for start-up costs? Does the money you plan to have from the beginning cover your plans for expansion of the business? Will there be new construction? It’s also important to think about what equipment you need to successfully begin running your business. Do you have a budget set aside for your needed marketing campaign? Do you have enough working capital to draw from for any of these scenarios? For projected or pro forma financial performance, do you have detailed assumptions, a pro forma balance sheet, a pro forma income statement, or measures of performance?
In the final section of your business plan you will include supporting documentation which will add support to your plan. There are four areas to this: company and product/service support material, legal support materials, market support materials, and business structure and organization. When providing the company and product/service support material, the product and equipment specifications sheets may be helpful. In addition, photos of product, equipment, or facilities can be included.
This article has provided a template for creating a great business plan. Now start evaluating your mission, purpose, values, and motivation for launching or expanding a business. Then begin writing. Once it is complete, your business will have a schedule and plan, strategy and road map to the future. This will enable the plan to grow and change with your business as it becomes more successful.
Posted in Business Planning, Entrepreneurs, Small Business | No Comments »
Saturday, October 17th, 2009 |
Having a great strategy is only the first step of a successful business. Dave’s show this week is about putting legs on your strategy and giving you tips for effective implementation.
Dave’s guest is Dwain DeVille, author of The Biker’s Guide to Business. Dwain is an entrepreneur coach and asks, “What do entrepreneurs and business leaders have in common with bikers?” The answer? More thank you think!
In the news, Dave alerts small businesses to the opportunity of applying for grants and stimulus money. Someone has to get it. Why not you?
Listen or download here:
The Tragedy of Strategy
Posted in Business Planning, Entrepreneurs, Getting Down to Business, Small Business | No Comments »
Saturday, August 29th, 2009 |
Dave calls on all “Getting Down to Business” listeners to devote some time to long-term business planning. And, of course, he gives them advice and tools to plan effectively. Gerhard Vierthaler with Value Strategy Group explains the SWOT analysis to Dave’s listeners. SWOT stands for Strengths, Weaknesses, Opportunities and Threats and is a long-term planning analysis tool.
Long term planning becomes especially important during a recession. So, pull up a chair and let Dave give you Advice You Can Use.
Listen or download below:
Long Term Business Planning
Posted in Business Planning, Getting Down to Business, Recession, Small Business | No Comments »
Saturday, July 25th, 2009 |
When you borrow money, there is a risk involved. Dave evaluates the risk to you and to the bank– and how these risks will affect your business. Everyone knows the cost of interest involved, but there are other costs and risks associated with borrowing that all businesses need to be aware of. He reminds businesses they need to, “Buy low. Sell high, and Keep the difference.”
Dave’s guest on “Getting Down to Business” is Mitch Jacobs, founder and CEO of On Deck Capital.
And in the news, Dave talks about the issues around mandating small businesses to provide health insurance for their employees.
Listen or download below:
Alternative Lending Sources
Posted in Business Planning, Finance, Getting Down to Business | No Comments »
Sunday, July 19th, 2009 |
Financial ratios sound intimidating, but Dave reassures listeners that it’s just, “Looking at the story behind the numbers.” After his regular news update, Dave helps Sunburst Coffee learn the importance of industry standards, ratios and other financial concepts. Dave makes these tools easy to understand and apply to your business.
Listen or download below:
Financial Rations: The story behind the numbers
Posted in Business Planning, Finance, Getting Down to Business | No Comments »
Saturday, July 18th, 2009 |
Dave believes the market analysis is the most important part of the business plan. He tells listeners what they need to include, what banks are looking for and what they need to know to ensure success.
Dave’s guest is Amanda Cullen of Zoo in a Jungle Marketing. This marketing firm specializes in small business marketing, and Amanda has a unique marketing philosophy for small business.
Listen or download below:
Market Analysis for your business plan
Posted in Business Planning, Getting Down to Business, Marketing | No Comments »
Saturday, July 18th, 2009 |
Banks aren’t the enemy of small business, as Dave proves in this “Getting Down to Business” podcast. Dave takes listeners through the history of banking and how you can negotiate with them successfully for your business.
Relevant to today’s topic, Dave interviews Andrew Riddell, Vice President Business Banking Manager at Wells Fargo.
Listen or download below:
Creating a Loan Package
Posted in Business Planning, Finance, Getting Down to Business | No Comments »
Saturday, July 11th, 2009 |
In this wrap-up of the “Getting Down to Business” series on crafting a business plan, Dave Weatherholt gives listeners his final advice and tips for an effective business plan.
Listen and download and below:
The Do’s and Don’ts of Business Planning
Posted in Business Planning, Getting Down to Business, Small Business | No Comments »
Saturday, July 11th, 2009 |
Dave’s guest on “Getting Down to Business” is Sam Dickey, Deputy District Director for the U.S. Small Business Administration (SBA) who informs Dave’s listeners of the changes (some of them extensive) to the SBA. Some changes make it easier for small businesses to refinance loans.
And to help small businesses get their loans, Dave delves even deeper into the business plan for Sunburst Coffee. This podcast, he details the needs for the management team section and why it matters.
Listen or download below:
Business Plan: Management Team
Posted in Business Planning, Getting Down to Business, Small Business | No Comments »
Saturday, June 6th, 2009 |
Dave’s guest on today’s “Getting Down to Business” is Elizabeth Happel, Vice President of the First National Bank of Alaska.
Preparing financial projections is often a difficult of scary process for new businesses. However, if you’re serious about your business venture, it is time well spent. While 95% of startup businesses fail in the first 5 years, Dave will walk you through the steps needed to plan ahead and be successful.
Listen or download below:
Business Plan: Projected Financial Statements
Posted in Business Planning, Getting Down to Business, Small Business | No Comments »
Saturday, May 30th, 2009 |
During his KABA radio show, “Getting Down to Business,” David Weatherholt interviews Lynn Klassert, Senior Relationship Manager for Key Bank.
The bulk of the show is devoted to the financial projections of fictional Sunburst Coffee, Limited. The scenario: Dave is Anchorage’s best barista and wants to bring his blends to the city. But there are so many questions. How many customers do we need? When will we break even? Where will the money come from? Where should we locate the business?
Listen or download below:
Business Plan: Financial Projections
Posted in Business Planning, Finance, Getting Down to Business, Small Business | No Comments »
