A feasibility study or a feasibility plan, is an assessment into the viability of an idea. In business, we use feasibility studies to decide whether to proceed with a proposed venture. They are used by all types of businesses. Feasibility plans get used as a way to account for and mitigate some of the risks… Continue reading Do I need a feasibility study?
Category: business plan
Is the Business Plan Dead? Not necessarily….
Is the Business Plan Dead? Think again. We keep hearing that the the business plan is dead. We have moved to business model canvasses, pitch deck and other tools. Try telling this to a banker! For the majority of businesses who are looking for financing, a business plan is still a relevant document. Even if… Continue reading Is the Business Plan Dead? Not necessarily….
Do I Need a Business Plan? The answer may surprise you…
Do I need a business plan? I cannot tell you how often I get this question. Early in my career, I was an avid supporter of Business Plans. Not the business plan itself per se, but the planning process. Planning in itself is crucial to the success of a business-or so I thought. However, over… Continue reading Do I Need a Business Plan? The answer may surprise you…
Business in a Slump? It’s time to Growth Plan
Develop A Business Growth Plan It seems like all we do is plan. We write business plans, strategic plans, marketing plans, and disaster recovery plans. We plan our businesses to death. In the early days of your business, your need to plan less. Personally, I am a planner by nature. Planning is how I organize… Continue reading Business in a Slump? It’s time to Growth Plan
Business Plans for Newcomers – Part 1
I cannot tell you how many times, I have heard of newcomers turned down for loans simply because they could not produce a business plan. In our lending systems, as covered in a past blog, it is customary to ask for a business plan. In many cases, lenders will not even look at your business… Continue reading Business Plans for Newcomers – Part 1
Demographics for Small Business: market segmentation and counting customers
The last couple of entries have focused on stories of entrepreneurs who have either not cared about customers or who believed that the entire world was a prospective client base. While these strategies may work for some entrepreneurs, generally speaking, we need to have some understanding of the size of the market and what we… Continue reading Demographics for Small Business: market segmentation and counting customers
The Customer is always right….Except when he isn’t…
As part of my continuing series on markets and customers, I would like to tell you about another entrepreneur who was determined to change his customer. Unlike Bob from the last blog who was content to live with his books, this entrepreneur, Luis, has been fighting to convince customers that he was right and they… Continue reading The Customer is always right….Except when he isn’t…
Demographics Part II: The Battle Between the Customer and the Entrepreneur
I promised in the last blog post to guide you through the demographic research component of your business plan. Before we get into it, just understand that knowing demographics is really nothing more than thinking about your customers and every business must have customers. The Story of Sylvan’s Foremost Bookstore I would like to tell… Continue reading Demographics Part II: The Battle Between the Customer and the Entrepreneur
Demographics and Your Business Plan
The term for some of you may conjure up images of university classrooms and painful modelling excercises. For others, the term might imply some kind if research to do with population, but most certainly nothing to do with your business plan. What if I told you that demographics should form the basis of your ENTIRE… Continue reading Demographics and Your Business Plan
Part III: So Who Needs a Business Plan?
So Who needs a business plan? These days, if you are seeking financing of any form, you probably require one. Do you need a business plan to ensure the success of your business? I would say no. Don’t get me wrong, business planning can be a very valuable exercise. For some personality types (you know… Continue reading Part III: So Who Needs a Business Plan?