You’ve developed a strategy that informs where you want your company to go. You’ve involved your team in developing and planning for this strategy. Together, you’ve made sure this strategy communicates with customers in ways that are meaningful to them and ensures your company is easy to do business with. You’re probably feeling pretty satisfied with your progress. But your work has only just begun.

Read the full article: Implementation Means “Keep at It”

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Do you ever wonder what it is like to be on a world championship team? How would it feel to be part of the Los Angeles Lakers, New Orleans Saints, New York Yankees, Chicago Blackhawks, or “The Red Fury” Spanish National Football team? To know that you are the best at your level is an awesome feeling. It also means better than average profits.

I introduce the 7-step the process to get to the top of my Peerless Competitor Pyramid:

Read the full article: Be the Best

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In the news, David informs of a business that started with the intent to sell and how planning succession early on can make the transition smooth and pain-free.

Listen or download below:

Business for Sale

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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

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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

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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

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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

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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

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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®

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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

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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

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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®

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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

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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

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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

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Read Now: Business/News & Views® - December 2009

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1. Do they ask you about you and your business?
2. Do they have a background in finance?
3. Are they savvy with marketing?
4. Do they have experience in business?
5. What are their academic credentials?
6. Do they have business writing skills?
7. Are they reliable and ethical?
8. Are they experienced and proficient at market research?
9. 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!

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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.

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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

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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

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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

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Financial Rations: The story behind the numbers

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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

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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

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The Do’s and Don’ts of Business Planning

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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

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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

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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

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Dave also talks about the entrepreneurial spirit, the need for a business plan and the importance of balancing the free spirit of the former with the orderliness and planning of the latter.

Listen to the podcast now, or download it:

Nuts and Bolts of Business Planning

Dave also tells us about the seven critical areas a business plan needs to address:

1. Executive Summary
2. Define the business concept
3. Market Analysis
4. Employment and Management Planning
5. Financial Analysis
6. Benchmarks
7. Appedices

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After the regular news update, Dave dives right in to the breakeven analysis portion of the business plan in this “Getting Down to Business” show.

Dave’s guest, Paul Foutz, is the CMA of the Institute of Management Accountants.

Listen or download below:

Business Plan: Breakeven Analysis

As a bonus, in this podcast you’ll learn what motivates Dave to keep doing this show, week after week. (Hint: it’s all about you, the listener.)

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Read Now: Business/News & Views® – January 2009

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What is a cash flow statement?

Does my business need a check up?

What is LinkedIn and how can I use it for my business?

Read Now: Business/News & Views® – December 2008

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