I’ve had quite a few people ask me if I’ve thought about doing a Youtube channel, for various reasons and my answer has always been the same. I don’t know that I’m interesting enough for it a channel. I honestly just don’t think I am that interesting, but the deeper I get into the work from home journey and realise that at least until Siobhán starts school, this is what I will be doing, the more I realise I will need a hobby at least to keep loneliness and segregation from driving me crazy.
Would you believe me if I told you that in 2019, when most people hear the phrase ‘business plan’ they think of a frumpy old word document 50 pages long buried deep in a dark file room, with no other purpose but to collect dust?
I often mention the face that most brands nowadays compete on a global market. As the internet and communication technologies become more advanced, access to new markets and customer bases have become the norm. This access comes with it’s own set of challenges. More brands accessing more markets mean stiffer competition, more noise (communication) and inevitably smaller market shares.
One in three clients who first approach me regarding a business plan is uncertain whether they actually need a business plan, a business proposal or a business presentation or pitch deck. Most often, the consultation process begins with helping the client to identify their needs and my role in facilitating the business planning process. Indeed, there are times when the client’s needs are outside the sphere of niche services I offer, however, the exchange usually ends with the potential client being clarified regarding their needs. So, this article is designed to help the business owner decide which is the most suited to their needs.
Before we dive into the specifics, let me hasten to advise that the information I am about to provide is highly subjective. There are several factors that will determine, where your client leads come from. As a matter of fact, one piece of information the internet often fails to offer, is that leads also to a high degree depend on the individual knowing their strengths. Content is great, but there are so many content types out there, a person has no business neglecting areas of strength to follow the crowd. But, I digress.
The business model of your business is the structure that you plan to use to generate revenues. Choosing the right business model for your product or service is instrumental in capturing your business’ true revenue generation potential by extending product reach. It is important to also mention that many businesses employ several different business models, either separately or in unison to facilitate several revenue streams.
A communications’ strategy is as much a part of business planning as is developing one’s business model, and while messages and audiences differ vastly among industries and audiences, it is of equal, paramount significance.
Last June, my skin decided to really wild out. I had apparently developed two types of eczema and acne. Eventually, everything I used caused inflammation, and I had unprovoked waves of it every other day. Eventually, I was reduced to only using water, and even then, I still had breakouts in waves. As someone who never had to truly battle more than a few pimples at a time, this really put me in a tailspin.
One beautiful Sunday morning, I felt the need to get out of the house. After a few minutes, we settled for going to Cane River, St. Andrew, a hidden gem with a waterfall. We drove through St. Andrew rather than St. Thomas, and may have gotten a little bit lost before getting there. After a few twists and turns, we got there; realizing upon arrival that we had ventured there over a year ago, but wasn’t able to enjoy it then because there had been a downpour and the proprietor’s advised against braving the water. So, second time’s the charm.
Last night, for the longest time in ‘I don’t know how long’ I spent about three hours on Skype with two girlfriends. We talked. A lot. About many, many things including social media and perception. As the conversation grew wings and took on varying subject matters, I listened to how they felt about perception, online identity and what people thought about them when the conversation turned to social media and being who you ‘post’ to be.
A business plan is a strategic planning tool for entrepreneurs. A properly structured business plan not only helps entrepreneurs to focus on the specific steps necessary act on business ideas but also functions as a roadmap them to achieve both their short-term and long-term objectives. A business plan is imperative for a business to attract funding. Banks and other investors want to clearly make the connection between how the entrepreneur will be using capital and how that will translate into a return on their investment.
Although many entrepreneurs know the importance of a business plan, for most startups, funding is a challenge and business consultants are not cheap. The average cost for a business plan ranges between US$500-US$3000. This range is wide, however, it reflects the true variant levels of the needs entrepreneurs and businesses. Additionally, business plans are not static documents and should be reviewed and updated at least annually.
For serial entrepreneurs, these costs add up quickly.
Learn A Skill
By being equipped to write business plans, an entrepreneur positions their business and themselves to take advantage of more opportunities. In a competitive marketplace, self-development and learning are crucial.
For this reason, I have decided to offer a workshop. Repeatedly requested by clients of mine and other business professionals within my network, it’ scheduled to take place at the Council of Voluntary Services, 2D Camp Road Kingston 5, Jamaica on March 23, 2019.
This full-day Business Plan Writing workshop is a pre-registered event designed for business owners and entrepreneurs who are ready to acquire the necessary skills requires to create a business plan. The process is simplified and broken down into digestible sections. All the essential steps are covered, including drafting the original document; identifying the audience; gathering information; researching; describing product plans; and marketing, sales, and accounting terms. Participants will come away from the workshop confident and prepared to write a business plan.
The workshop aims to teach participants how to:
– Research and analyze the individual components needed for a business plan
– Apply skills to create a business plan for different audiences, including investors, banks, and other stakeholders
– Explain the purpose and future of their business in easy to understand terms
– Use accounting terms to describe the future for their business
– Describe their marketing, sales, and planning strategies