Small Business News: The Best Laid Plans

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Successful small businesses are based, in part, on good planning whether this involves a formal business plan, good financial planning, marketing plan, whatever. Never fail to adequately plan where your business is headed, no matter how formal that plan may be. The type of plan is less important than having the right plan  in place for your business.

The Basics

How a plan can help you gain funding. Obviously, one important use for a business plan is to gain financing from investors. To this end, creating a business plan, including details about your business model and earning projections will be imperative when it comes to interesting investors. Business Strategy Blog

Anatomy of a modern business plan.You know you need a business plan for your next small business venture. You may even have some idea of the kind of content you will need to include, but how do you get started. This how-to guide can get you started. Youngentrepreneur

Strategy

Small business strategic plans are also important.What is a small business strategic plan and how can it work to pilot your business through the many challenges ahead. Check out Constance Gustke’s basic overview and start figuring out how to create a strategic plan of your own. Business.com

Planning a link building strategy for online marketing.SEO and online marketing are other kinds of business planning ever more important since the arrival of the digital age. If you don’t know how online users will find your Website online, you don’t have an adequate marketing plan. B2C Marketing Insider

Marketing

Don’t follow your competitor’s marketing plan. Or his/her business plan or business model for that matter. While you don’t want to reinvent the wheel and may be able to get some good ideas from what a competitor or even a business in another industry is doing, it’s a bad move to start copying their marketing plan completely. B2B Marketing Smarts

Being ready for opportunity. Some planning and preparation is less about determining how to take advantage of an already existing opportunity than it is about being prepared for opportunities when they do emerge. Here are some pointers that will help you get ready to pounce on opportunity when it does show up. Internet Marketing

Taxes

Planning for your schedule C. Here in the U.S. as probably most other places in the world, the key to preparing your small business tax return correctly is planning ahead and keeping good records. In this video a tax preparer takes you through the process, but more importantly stresses the imperative of keeping good and accurate records and planning ahead. Finance Online

More tax planning for your small business. This kind of planning is just as important as marketing and other strategies because it determines how much of your company’s revenues can be reinvested to grow your business. Paying your fair share of the tax burden is one thing but not taking proper deductions for losses, especially when starting your business, will not the cash flow to audiences. About.com

Sale or Succession

Planning to sell your business? One of the last elements you will likely need to plan for as an entrepreneur, though arguably something you may wish to plan for as early as you can, is the ultimate sale of your company to someone else. If this sounds like an odd thing to have to do much planning for, consider watching this video chat with serial entrepreneur and author John Warrillo about the elements necessary to make a company sell-able. Inc.com

Small business succession planning.The other kind of planning that may need to be done toward the end of business ownership, particularly in the case of a family-held business, is planning for small business succession. Financial and other planning for a smooth transition of ownership may vary from country to country, but it is an issue that must be planned for a decided upon if your small business is something you eventually wish to pass on to family members. About.com

4 Comments ▼

4 Reactions

  1. On marketing plans, I agree about lifting plans wholesale. It just doesn’t work. I would like to add that you shouldn’t try and copy big, successful marketing plans either. Be inspired by something like Old Spice, but if you try something on that scale, you probably won’t see a good return.

  2. One other type of plan is one that a business owner uses daily to help them run their business and market better decisions. Could use the book, software or online managment system. But take a look at creating a vision, mission, objectives, strategies and an action plan.

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