Linda Prafke, CMC
President, BMG Business Management Group
"If you don't know where you are going, any road will do."
- Linda Prafke, President, BMG Business Management Group
To succeed, says Prafke, every business needs a plan that integrates these four elements:
- Yourself
How will you achieve your goals? Perform a personal audit to determine what skills you have and what additional skills you will need. Do you have a safety net? Do you have a network of supporters including mentors, advisors and family.
- Business Plan
A business plan is comprised of several critical components including the marketing plan (how will you get your product to market?), the management plan (do what you do best, then hire out the rest), operating plan (hours of operation, staffing, suppliers) and financial plan (do you have sufficient funding to make your plan work?).
- Action
Once your plan is mapped out, act on it. Do the things you said you'd do.
- Evaluation
Evaluate your business by measuring results - monthly at first, then quarterly or annually depending on your business. Is the plan working? Should your goals be revised? Use your monthly financial statements.
Suggested resources:
- Jim Lang: Making Your Own Breaks - for businesses starting out
- Jay Levinson/Seth Godin: Guerrilla Marketing - for marketing
- David K. Foote: Boom, Bust and Echo 2000 - for industry trends
- Joanne Thomas Yuccato: Raising Your Business
- Joanne Thomas Yuccato: Balancing Act
- Peter Urs Bender, who writes about leadership, marketing, and presentations, is easy to read and understand.
Recommended Websites:
- Guerrilla Marketing.com at www.gmarketing.com/
- Industry Canada at strategis.ic.gc.ca
- Lawsmart.com at http://lawsmart.lawinfo.com/
"Every bank has a business planning guide," says Prafke, and "Canada Saskatchewan Business Service Centre is a great resource for information, Women Entrepreneurs has information and a start-up kit. The Industry Canada web site is filled with information (strategis.ic.gc.ca). Lawsmart.com is also a good site. Last but not least, you can always use the resources of a good consultant."
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Shirley Collingridge