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Friday, April 15, 2011
Tuesday, April 5, 2011
small business plan research
Posted by The business coach on 9:29 AM
Correct small business plan research is vital to the long-term survival of any small business. The more comprehensive the small business plan research, the more accurate the decision making will be.
Does this mean you need to pay someone to do your small business plan research? Well that depends on the complexity involved in the small business plan research. I suggest you do your own initial research for your small business plan. With a bit of research into the topic you can probably come up with a very comprehensive small business plan. At least this research will give you a good understanding as to what information you need to research, should you have to pay someone to research your small business plan.
Crucial to any small business plan is market research. I'm going to show you a free yet innovative method to determine your market potential for your small business.
In order to use this method to research your small business plan, you first need to sign up for a Gmail account. Once you have this Google “Adwords signup”. Get yourself an Adwords account.
Once you've signed up go to Adwords/ reporting and tools/Keyword tool. If you want the less powerful version, just Google “Google keyword tool” and start to use - both are free.
Now under “Find keywords” type in the word or phrase you want for your small business plan research. If you intend to make party chocolates in your small business, type in the phrase. Next part of the research is to select your country under the “advanced options”. Hit search and Google will tell you how many times people have searched on this term (As well as suggesting other searches). This is excellent information for your small business plan research, as it will give you an indication of how many times people are likely to search the web for your small business.
If you're happy that there seems to be enough business in this niche, the next step in you small business plan research is to see how big a need you're satisfying. Go to Google and search on the same term you entered previously but add "forums" to this. Now your small business plan research will take you to various forums where people are discussing this product or service. You may have to do a bit of research to find a good forum on your small business. Read the forums and see what questions are being asked. The research you're doing for your small business plan here, is to see if you can identify a need that you can satisfy.
Another tool you could use to do your small business plan market research, is to Google the keyword you think people would use. Have a look to see which companies appear on the first page. Have a look at their websites to gauge your small business compared to what they're offering.
All the time you're doing this small business plan research, bear in mind you're looking to differentiate your small business.
Read more »
Does this mean you need to pay someone to do your small business plan research? Well that depends on the complexity involved in the small business plan research. I suggest you do your own initial research for your small business plan. With a bit of research into the topic you can probably come up with a very comprehensive small business plan. At least this research will give you a good understanding as to what information you need to research, should you have to pay someone to research your small business plan.
Crucial to any small business plan is market research. I'm going to show you a free yet innovative method to determine your market potential for your small business.
In order to use this method to research your small business plan, you first need to sign up for a Gmail account. Once you have this Google “Adwords signup”. Get yourself an Adwords account.
Once you've signed up go to Adwords/ reporting and tools/Keyword tool. If you want the less powerful version, just Google “Google keyword tool” and start to use - both are free.
Now under “Find keywords” type in the word or phrase you want for your small business plan research. If you intend to make party chocolates in your small business, type in the phrase. Next part of the research is to select your country under the “advanced options”. Hit search and Google will tell you how many times people have searched on this term (As well as suggesting other searches). This is excellent information for your small business plan research, as it will give you an indication of how many times people are likely to search the web for your small business.
If you're happy that there seems to be enough business in this niche, the next step in you small business plan research is to see how big a need you're satisfying. Go to Google and search on the same term you entered previously but add "forums" to this. Now your small business plan research will take you to various forums where people are discussing this product or service. You may have to do a bit of research to find a good forum on your small business. Read the forums and see what questions are being asked. The research you're doing for your small business plan here, is to see if you can identify a need that you can satisfy.
Another tool you could use to do your small business plan market research, is to Google the keyword you think people would use. Have a look to see which companies appear on the first page. Have a look at their websites to gauge your small business compared to what they're offering.
All the time you're doing this small business plan research, bear in mind you're looking to differentiate your small business.
Tuesday, March 29, 2011
Planning a small business
Posted by The business coach on 3:42 PM
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Probably the most critical step in starting a small business is planning. Planning a small business has to be done in as much detail as you can, without delaying the process indefinitely. Remember indicision probably kills 80% of the businesses before they even start. You also don't need to hire someone to go about planning a small business, but if you do there are many freelancers that have experiance in planning a small business. To find someone just click here!
It's a good idea when planning a small business to do it the old fashioned way - pen and paper. This gives you time to think and somehow writing something down in ink is very decisive. Start with the concept: What product or service? In planning a small business you need to clearly define what sets you apart from everyone else in this sector. This will be your competitive advantage. Record all the aspects of this advantage, as seen from your customers perspective. This advantage should also form part of your mission statement, and be incorporated into your sales line.
That's the first step in planning a small business. Next you need to identify what form of ownership you'll need..
Read more »
Probably the most critical step in starting a small business is planning. Planning a small business has to be done in as much detail as you can, without delaying the process indefinitely. Remember indicision probably kills 80% of the businesses before they even start. You also don't need to hire someone to go about planning a small business, but if you do there are many freelancers that have experiance in planning a small business. To find someone just click here!
It's a good idea when planning a small business to do it the old fashioned way - pen and paper. This gives you time to think and somehow writing something down in ink is very decisive. Start with the concept: What product or service? In planning a small business you need to clearly define what sets you apart from everyone else in this sector. This will be your competitive advantage. Record all the aspects of this advantage, as seen from your customers perspective. This advantage should also form part of your mission statement, and be incorporated into your sales line.
That's the first step in planning a small business. Next you need to identify what form of ownership you'll need..
Friday, February 11, 2011
Save money; book cheap flights in the afternoon.
Posted by The business coach on 3:04 PM
Have you ever wondered when the best time is to book a flight. We all know to book well in advance and that prices are seasonal, but you might be surprised to find out that the time of day also influences the price of cheap flights - so save money on cheap seats - book cheap flights in the afternoon.
Here's a survey done by online travel engine TO. Conducted at various times through the day on 10 Feb 2010, it shows a definite trend indicating that you should be booking at 13:00 to save money on cheap seats.
A survey conducted by the Wall Street Journal also indicates that airfare is more expensive over weekends. Their research also shows cheap flight prices to be best when booked 8 weeks in advance ... and on a Tuesday.
I always use South Africa TO - http://www.southafrica.to/. Easy to compare prices and find open seats.
So save money; go ahead and book your cheap flights at 13:00 next Tuesday.
Read more »
Here's a survey done by online travel engine TO. Conducted at various times through the day on 10 Feb 2010, it shows a definite trend indicating that you should be booking at 13:00 to save money on cheap seats.
A survey conducted by the Wall Street Journal also indicates that airfare is more expensive over weekends. Their research also shows cheap flight prices to be best when booked 8 weeks in advance ... and on a Tuesday.
I always use South Africa TO - http://www.southafrica.to/. Easy to compare prices and find open seats.
So save money; go ahead and book your cheap flights at 13:00 next Tuesday.
Thursday, February 10, 2011
Succession planning
Posted by The business coach on 7:16 AM
The tragic events of Thursday afternoon, when a Pilatus belonging to Italtile crashed into the sea off Plettenburg Bay, highlights some of the not so obvious dangers of business and the consequences of a lack of succession planning.
I’m not sure whether Italtile have a succession plan in place, but having lost many of their Exco in the crash could have dire consequences for the company.
A tragedy such as this could have the following consequences, should there be no succession plan in place:
If the CEO and CFO are counter signatories to things such as payroll; this function could be frozen. The solution to this is to obviously have 3 to 4 nominated signatories, of which any 2 suffice.
The succession plan needs to be at least three levels deep within the structure. Obviously in such circumstances, temporary or permanent structures will be implemented in order to allow the business to continue. This will probably entail people assuming additional temporary functions, or even moving into new positions. For each move the ripple effect needs to be covered.
If no succession plan is in place, skills will probably be lacking, with no clear direction being possible. The solution to this is to have updated succession plans in place.
Starting at the top, the CEO should have a shadow identified to succeed him in such an event. It’s not good enough to merely identify someone – skills level needs to be evaluated, and training instituted. This planning must obviously filter down to middle management, so that the functionality of the business can be maintained in time of crisis. This plan should be evaluated twice a year, and updated both in regards of succession and skills.
A spinoff of this succession planning is that it also acts as an incentive for the team. How often have you heard people complaining that they’re in a dead-end job? This is because there’s no clear succession planning; no defined career-path planning; and therefore no co-ordinated skills development.
Succession planning is a well known necessity, but it’s time consuming and often seen as requiring too much input without direct measurable returns. However it is vital, and if correctly applied can effectively form part of the KPI process.
Saturday, February 5, 2011
Small business management
Posted by The business coach on 8:06 AM
When a small business owner draws up his business plan, he takes it as a given that he will have sufficient small business management skills to grow the business. But often he loses sight of best practice in his business. Here is some small business advice:
1. Provide spectacular customer service -- every time. Introduce a “mystery shopper”. Have a friend visit your business and provide feedback from a customer’s perspective. This person should be unknown to your staff and willing to provide a candid assessment.
2. Make sure your front and back office work like a well-oiled machine. Are the front line and the back office telling your customers the same thing? Part of good small business management, it’s a good idea to hold frequent staff meetings where the business’ vision is reinforced.
3. Manage your customer relationships -- return customers take the least amount of effort -- use that to your advantage. It’s best business practice to keep in touch often. Build a database of customers.
4. Review your strategic business plan monthly (weekly is even better). Make sure you’re managing your small business in accordance with your business plan.
5. Adjust your strategic plan as necessary. Always strive to be a best practice business in your niche. Your "smallness" makes you more flexible.
6. Communicate, communicate, communicate... with your employees and your customers. Nurture those relationships. Ask for feedback often.
These points, although obvious and simple are vital in effective small business management.
Read more »
1. Provide spectacular customer service -- every time. Introduce a “mystery shopper”. Have a friend visit your business and provide feedback from a customer’s perspective. This person should be unknown to your staff and willing to provide a candid assessment.
2. Make sure your front and back office work like a well-oiled machine. Are the front line and the back office telling your customers the same thing? Part of good small business management, it’s a good idea to hold frequent staff meetings where the business’ vision is reinforced.
3. Manage your customer relationships -- return customers take the least amount of effort -- use that to your advantage. It’s best business practice to keep in touch often. Build a database of customers.
4. Review your strategic business plan monthly (weekly is even better). Make sure you’re managing your small business in accordance with your business plan.
5. Adjust your strategic plan as necessary. Always strive to be a best practice business in your niche. Your "smallness" makes you more flexible.
6. Communicate, communicate, communicate... with your employees and your customers. Nurture those relationships. Ask for feedback often.
These points, although obvious and simple are vital in effective small business management.
Monday, January 31, 2011
Don't make these HR mistakes!
Posted by The business coach on 10:04 AM
The following HR practices in a small business should be guarded against. Never forget that all people want to feel valued, and part of achieving this, is sharing information. Company values, vision, mission statement, worker performance, company performance. All of this information is of interest to employees. You don't have to give detail, but rather share information that is pertinent to the worker and his level of involvement with the information being presented. It's important that this information is regularly updated.
Lack of policies and procedures.
need to feel they are being treated fairly and
consistently.
EmployeesMisunderstanding probationary
periods.
fail it should not be a surprise.If an employee is going toNo job description.
expectation of what they should be doing.
People need a clearNo contracts.
receive written terms and conditions of
employment.
Legally, all employees mustNo performance feedback.
employees need to know the goals of
the business, your expectations for their
performance, and if they are meeting them.
MotivatedAvoiding conflict.
become a major issue later.
A small problem couldUsing contract workers to circumvent
legislation.
employee has a reasonable expectation that
his/her contract will be renewed.
This may result in problems if anManagement attitude.
same team, working for the good of the
business.
You are all on theLack of communication.
your employees and build trust.
Share ideas, informHigh expectations.
doing things perfectly the first time.People don’t learn by
