Building Your Blueprint
So do you think you’re ready to begin your journey to entrepreneurship? Have you thought of all the ingredients needed to deliver a successful business? As a business coach and marketing consultant, I’ve had the opportunity to pinpoint where the majority of most entrepreneurs make their first crucial mistakes that cause them to fail the first time round…. no business plan or sense of financial forecast. As the old saying goes, “If you fail to plan, you plan to fail.” We must realize that we can not eliminate the major components that have worked for years and turned small businesses into thriving corporations. So let’s close our eyes and imagine a pup running around in a circle chasing his tail, now tell yourself the outcome. Now ask yourself if this is how the outcome of building your dream business has been.
Let’s take this time to begin developing your blueprint and imagine it as a cookbook. You’ve discovered the dish (your business), now let’s get all the raw ingredients needed to prep the ultimate entree’.
Product (sample testing & comparison)
Legal business status
Now that we’ve figured out all of the ingredients it’s time to begin making this delicious meal for the world to discover. But, today we’re going to focus on the planning and development of your sales forecast.
Choose your approach.
Outline your approach by knowing the following, such as your financial summary. Exactly how much is this venture going to cost me? What are your competitions approaches? Discover how you will inform your audience that your product or services are better than your competition. What are your business strengths, weaknesses, opportunities, and threats? Have you narrowed your specific target audience? We all tend to think everyone is our ideal consumer but in actuality, every business must have a specific audience. Narrowing your target audience helps to narrow decisions such as location and more. What will your website and marketing materials deliver to your consumers to not only attract them but also to attain them? These are just some of the few things that we as entrepreneurs must consider when building our blueprint.
A business plan allows you to direct your path in order to attain your goal. A lot of times we find ourselves so inflamed with our passion to succeed that we develop what I call ADHD symptoms. We become so unorganized and unfocused on the original plan that everything we come in contact with seems to become a great opportunity for our business and we tend not to recognize until it’s too late.
So you ask, what exactly is the specific purpose of a business plan? Well, let me sum it up. To be exact, your business plans delivery is developed to help run your company with a more cohesive and consistent vision. It should allow you to analyze your plan for operation cost, marketing, product development, financials, timeline, and more. With the right guidance from a business coach and your business plan, you will improve your chances of eliminating some road blocks and achieve success.
Make every penny count
What is sales forecasting and why is it so important to my business? Well, sales forecasting (or financial forecasting) it is the process of predicting future sales within your business. Sales forecasting and financial summaries allow for a company to:
Make informed business decisions
Predict short-term & long term decisions
Decide on capital investment
Schedule manpower and allocate materials
Analyze patterns to maintain customer service and inventory
Knowing your initial investment is a key ingredient to any business and the first step in developing your business plan. Let’s begin to gather the components of a comprehensive financial forecast 1) projected income statement, 2) cash budget 3) projected balance sheet, and 4) projected use of funds statement.
So are you asking yourself what the heck is all this and why do I need this now? Well, let’s just say if you’re constantly buying materials after materials to develop a product or to build your service brand how would you know your exact ROI if you do not account for every direct cost or operating expense? You’re cheating yourself when you eliminate this step, you then become a thief within your own company. But, if you like losing money, by all means, do so, but I don’t think any of us are in business to lose money. In my opinion, as a business owner, you should always account for every penny spent within your business. As my mentor once told me, if you ever get too busy to not check your business finances then that’s when you know it is time to retire as a business owner.
One last thing.
Happy to help.
For more information on business coaching or services in brand or marketing strategy or a creative director please contact us at 404-566-7497 or email firstname.lastname@example.org. Gordon Branding Group is a full-service business development & marketing consulting firm and our goal is to achieve profitable strategies that will allow for how clients to maximize its companies potential return on investment.