7 Reasons Why a Business Plan is Important for Small Businesses Most small business owners are very busy and find it difficult to justify spending the time to write a business plan. However, success comes to those who plan for it. A business plan gives you as small business owner the best possible chance to succeed in business. In other words, a business plan reduces the probability that your small business will fail, like so many others do. Whether you’re starting a small business or running an existing one, a business plan is important for your businesses. It will help guide on your roadmap to
What is a Business Plan A business plan for small businesses is a set of documents that are prepared by/with the small business owner. The purpose of a business plan is to demonstrate the feasibility of a business idea, justification of expansion, or update strategic documents that are essential for small business success. It describes the nature of the small business and contains the business goals, reasons why they are attainable, and plans on how to reach them. A well thought-through business plan is one of the main components of your roadmap to small business success. It provides the foundation and serves as a blueprint
What is A SWOT Analysis? SWOT (strengths, weaknesses, opportunities and threats) analysis is a useful small business analysis and planning tool that allows owners to focus on their strengths, minimize their threats and exploit new opportunities. SWOT analysis is most successful during brainstorming sessions and identifies the internal and external factors/conditions that are favorable or unfavorable in achieving specific business or project goals/objectives. SWOT analysis helps small business owners to set realistic expectations by being aware of weaknesses and threats. It also helps them to discover new prospects that they are well-positioned to take advantage of based on their strengths and external opportunities. SWOT analysis
The Need for Small Business Training Contrary to what you might think as a business owner, small business training is a critical aspect for small business success. An effective small business training program helps you to attract and retain high-performing employees, which reduces recruitment cost. But more importantly, small business training avoids other even more acute operational, sales and sometimes client losses. Since small business have a relatively small workforce, they are more distressed by the departure of a key person. Furthermore, Small Business Training builds staff loyalty and stimulates creative, proactive thinking. With proper small business training employees grow professionally, become happier and are
Small Business HR Issues Today Whether you are starting a small business or running one, Human Resources impacts everything your company does. Sadly, Small Business Owners tend to ignore Human Resources matters when things go well. However, doing so is unwise, with serious consequences for your small business. You must master the Small Business HR issues to be a successful Small Business Owner. Today, more than ever, you as a Small Business Owner must recognize the fact that your employees have rights and requirements. Failing to address these can result in hefty fines and/or legal fees. Furthermore, not addressing Small Business HR issues lowers productivity,
What is Wellness? Your wellness is simply the condition of your physical and mental health. Furthermore, it is the result of all your lifestyle choices and the actions you take (or lack thereof) to be healthier. Wellness has several dimensions including emotional, environmental, financial, intellectual, occupational, physical, social and spiritual wellness. In other words, it is how healthy and happy you are with all aspects of your life. A Successful small business wellness program addresses and improves these wellness dimensions for everyone within the organization. To read more about small business owner well-being – click here What is the Purpose of a Workplace Wellness Program?
About Small Business Owner Development Small business owner development is essential for small business success. Many small businesses fail due to lack in the business savvy and leadership skills of their owners. That includes areas such as strategic planning, organizational structuring, marketing, selling, finance, accounting, human resources and production. Without business know-how and the ability to spread risk across several managers and/or high-level employees, you make your small business vulnerable and noncompetitive. Successful small business entrepreneurs do research and learn. Besides this, they reach out to small business coaches, mentors and consultants to help develop their skills in running, improving, growing and expanding their small businesses.
Do you have what it takes to be a small business owner? As a small business owner, you must fulfill many roles, which continuously change between entrepreneurial, decision making, informative and interpersonal. You must also wear many hats, including being the business strategist, marketing expert, sales person, product/service specialist, bookkeeper and human resources specialist. There are specific characteristics of a successful small business owner that make this possible. You need the right attitude and personality. It also takes perseverance and a strong character. It is unlikely that you possess all the individual characteristics and attributes required to be a successful small business owner. Therefore, surround
By nature, you as a small-business owner are optimistic. This means that you may not be detecting the signs that your business is failing. You should be vigilant and realize that the odds of small business success are stacked against you. Every small business goes through turbulent times. However, you need to identify the symptoms of business failure before it is too late. Fortunately, the danger signs that your business is failing regularly show up long before your small business is in serious trouble. This provides you as a small business owner sufficient time to act and remedy the situation. The 10 Signs that Your
As a small business owner, you face many challenges and pitfalls today. Sadly, many small business owners do not know that small business failure is imminent until it is too late. The important question is: Why Do Small Businesses Fail? By knowing the main causes a small business fails, you can be prepared and avoid these pitfalls. Starting a small business is always a risky venture for the entrepreneur. Regardless of the type of business, I believe that small businesses fail because they fail to plan. With no business plan, succession plan, or exit plan, you are destined to have significant problems in running, funding and