Evaluate and Plan


Providing business education to children, and young adults.

Business Education Quotes


"Sow an act, and you reap a habit; sow a habit, and you reap a character; sow a character, and you reap a destiny."

by: George Dana Boardman., World-renown Burmese Missionary

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Business Planning

The following business plan frameworks is a general guideline. We recommend that anyone using this business plan guideline to make modifications to account for differences in each individual business.

1. Name of your business - First focus on creating a name or re-think the name you have in mind for your business. Take a survey ask others what they think about when they hear the name. This helps you create the image of what you sell to your consumer. Is it easy to spell as well as being memorable? If you think about your business name do you see it as a label to be branded once your established?

2. Vision - Take a moment to think about what you can offer as a service or how your product will change in 5 years from now. Are you willing to take risks to keep your image fresh and part of what consumers want to purchase? How will you develop new branches of your company and will you expand your staff? How will these dynamics change as you grow?

3. Mission statement - This defines what your business actually does, the activities it performs, and what is unique about it
that stands out from your competitors. 

4. Goals and objectives - Accurately define what you will do within your business. The key is accountability. Create a clear business plan and a timeline of when specific tasks or goals need to be accomplished. Focus on keeping organized to meet deadlines and ensure all necessary paperwork is completed. Clearly define what you want to achieve with your business. Break down the process in smaller steps to complete.

5. Strengths, weaknesses, opportunities, threats (SWOT) - Through carefully analyzing these characteristics in your business, you will get a clearer idea of what is required to not only to survive but also prosper. 

This could include such factors as: 

- your companies own changing industry
- the marketplace which may change due to social and economic conditions.
- competition which may create new threats and/or opportunities.
- new technologies which may cause you to change products or the process
in how you do things. 

Evaluating your SWOT will help you to: 

- build on your strengths
- resolve your weaknesses
- exploit opportunities
- avoid threats 

Doing this analysis will help you create a more realistic
strategic action plan. 

6. Strategic action plan - this is the most critical step of your business plan, because without it, your business will not
get off the ground. This should include your sales and marketing strategies.

7. Financial plan - a business can operate without budgets, but it is clearly good business practice to include it. With budgets, you will be more likely to achieve your business objectives, you will make more-reasoned decisions and you will have better control of your cash flow. 

For any period, a cash flow statement would include: 
- The cash and credit sales (or accounts receivable) expected to be
received during the period.
- The anticipated cash payments (for example, expenses for purchases,
salaries, utility charges, taxes, office expenses etc.) 
- A description of other incoming and outgoing cash, with a calculation
of the overall cash balance. 

This will assess available money to meet financial obligations - what cash has been received (accounts receiveable) and what has been paid out (accounts payable). This is the basis for the cash flow cycle.

8. Measuring and evaluation - The intent of writing a business plan is to set achievable goals. So now break them down into measurable pieces and monitor the results regularly. A plan that cannot be measured is almost always destined for failure. Celebrate your wins and recharge yourself to accomplish your next goal.

Decide in advance what constitutes a real serious loss, and what loss will be acceptable.

If you find your goals are unrealistic and unattainable, adjust them, but realize that it takes hard work to achieve them, so do not give up easily.

Now that you have a business plan, review it periodically to ensure you are meeting your goals. A business plan is a living document, continuously build upon it, refer to it often, so you remain on track to building a profitable business.

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