5 Components Of A Successful Business Plan

A business plan is a documentation of a business’ future. It contains strategies, goals and solutions to potential challenges in a business. It can also contain important information about the structure of a business, business concepts and finance. In other words, a business plan is a blueprint of a business.  The success of a business depends on how successfully an entrepreneur puts this plan together. There are a few things that find special mention in a business plan and upon which the success of a business is largely dependent. In this post today, we will try to take a quick look at some of them and try to formulate an ideal strategy for the success of a business:

License: Creative Commons image source
License: Creative Commons image source

Communication

Communication is an indispensable part of a business. You need to communicate with customers, vendors, partners, investors, your colleagues and employees for various business reasons. Building a proper channel of communication is therefore imperative for the success of your business. A phone system can prove to be expensive for a new entrepreneur or for a small business. Moreover, in today’s time, when business can happen anytime and anywhere, it is important for an entrepreneur to use advanced features that ensure business always and at any place.

Solution to try: Try using a virtual phone system. According to Carol Wasserman, Online Marketing Executive at iTeleCenter, “a virtual phone provides entrepreneurs all the benefits of a traditional phone system and a few advanced features that keep them connected and encourage business 24×7. Features including advanced call forwarding, auto attendant, voicemail and virtual fax deserve special mention.”

Website

Website performs dual functions – it acts as the gateway to the online business world and also brands a business – businesses invest hefty amounts of money in developing their corporate website. But investing heavily may not ensure an effective website. There are other things to consider as well. Content of course is important. But it is not the only component necessary for building effective websites. In today’s world, where people use a variety of browsers and devices to access a website, developing an effective website can be a challenge.

Solution to try: While developing your website, remember to check its browser compatibility. There are tons of browser with a variety of versions available – make sure to check the compatibility with each one. Also, check your website using devices including desktops, laptops, smart phones and tablets. Change the pattern and layout of a website if necessary to suit each of these devices.

Marketing and sales

Building a healthy communications channel or developing a responsive website – the ultimate goal for any of these is to make people aware about your products/services and ultimately successful sales. How does an entrepreneur ensure effective marketing and successful sales?

Solution to try: Use toll free numbers. Research shows that these numbers are successful in generating response from a marketing campaign. These numbers do not charge callers instead it charges the recipient for the cost of the call. This is an important reason for attracting people to call a business.  A business can also try using vanity or a sequential toll free numbers.

A webinar is also successful in attracting, retaining and finally converting a lead. This is because a webinar is an audio-visual aid and hence more efficient than simple text on web page.

Brand

How do people recognize you? The question might sound funny but it’s important to answer this question. You’ll say by your name. Exactly! How do you know a business? The answer is the same – by its name. Every business has a name but that is not its brand. A brand involves more than just a name – it involves your customers’ trust and your brand shows your professionalism and credibility.

A brand is often compared to a magnet that draws in people’s attention and interest. Developing a brand is not easy.

Solutions to try: Accordingto Ken Carbone of Carbone Smolan Agency says, a “brand is the magnet that draws consumers to…products or service.”  While planning for your brand, closely follow your marketing strategy and marketing plans. Also understand your customers’ behavior. Importantly, keep space for any future growth. You can depict your corporate ethics and beliefs through your brand or you can focus solely on your product/services.

Online presence

Online presence is important for each and every business. It’s important for individuals and for businesses it is even more so. But creating an online presence is not easy. Entrepreneurs need to develop a different strategy to approach the virtual world. Creating a presence on social networking sites including Facebook, Twitter, LinkedIn or YouTube needs a different style.

Solution to try: Quality content can help to get you noticed on social networking platforms. The content need not always have a sales tone but it should be informative. Simultaneously, you should also decide the matter of discussion on these platforms – should it be general or you would like to create a niche corner of your conversation. Every networking site has characteristics of its own. It is important to formulate a strategy compatible with the characteristics of the site.

About the Author: Alex Christopher is an Online Marketer. For years he has been monitoring and advising the implementation of online marketing strategies for small businesses and start-ups. He is responsible for the success of quite a few online marketing companies. 

Four Simple Ways To Keep Your Employees Happy

When running a business, it is important to keep team morale high in order to create a successful, productive workplace. There are lots of factors that can make an employee feel unhappy in their job, so as a business owner, it is important that your company is constantly making the effort to ensure that every member of their team feels confident and happy in their working life. Regardless of industry, there are a number of ways that every business can improve employee happiness and almost guarantee that they have a satisfied workforce-

License: Creative Commons image source
License: Creative Commons image source

Offer Regulated Breaks

Make sure that your employees are alert whilst sat at their desks working, or helping customers on the shop floor, by giving them an appropriate amount of breaks throughout their shift, or working day. Depending on how long they work during a day or week, and what type of work they do, depends on what kind of break your staff need. The law states that employees are legally entitled to a 20 minute break for every six hours of work, but this the minimum you should offer.

Giving your staff regulated breaks at spaced out intervals throughout the working day will have a positive effect on both their focus and happiness in regards to their job, so is ultimately beneficial to your company.

Make their working Environment Comfortable

If your staff are regularly on their feet in their job, make sure that you are providing a break room, or area, that has plenty of comfortable seats so they can properly relax before and after their shifts, and during breaks. Having a break room that contains basic kitchen utensils allows staff can prepare refreshments throughout the day.

Businesses that utilise an office space will also benefit from a break area, but it also important that their workspace is a comfortable working environment. Replacing old, worn office furniture with items that are specialised in comfort and functionality will benefit your staff. Ergonomic chairs will help reduce issues with health and stress, and clean office spaces with natural lighting and positive colour schemes will help promote productivity as well as help to improve an individual’s working happiness.

Focus on Pay

It is indisputable that the main reasons people work is to earn money, so making sure that your staff are paid correctly and regularly each month, or week, is essential to maintaining a happy workforce. When it comes to organising payroll, whatever the company size, it is best to keep control of outgoings, and stay within the law by outsourcing to a professional payroll bureau that offers complete payroll management.

A complete payroll service will work out employees’ tax and National Insurance contributions, but as a business owner, you may want to stay up to date with rising minimum wages and social factors to make sure that you are paying your staff a good salary.

Reward Excellence

Employee of the Month has become a cheesy, antiquated way of recognising excellence within a business, but is still one of the best ways to celebrate an individual’s hard work, and encourage members of staff to maintain or increase their levels of productivity. Providing an extra monetary reward, or even a gift item, can be a great monthly incentive for staff to put extra effort into their daily work.

At the end of the year, businesses may want to reward every member of staff for their continual focus by gifting them with an annual bonus and implementing clear pay schemes and promotional structure that will give staff a working incentive, whilst increasing their happiness.

About the Author: Beth Stubbings works for Trace Payroll. She thinks that ensuring that your workforce are happy will mean that your workplace is more productive.

5 Most Important Legal Issues To Consider When Setting Up A Business

Setting up your own business will take a lot of hard work and determination. You need to ensure your finances are in order and there is a lot of paperwork to take care of as well.

License: Creative Commons image source
License: Creative Commons image source

To make this process easier here are five of the most important legal issues you need to consider when you are setting up a business.

1. Choosing Your Business Structure

The most important thing you decide when setting up your business involves your business structure. There are many different structures to choose from and picking out one will have legal and financial implications.

You can get to know all of your options at the comprehensive guide by the Entrepreneur. It is really important to understand the implications of each of these options and thus talking them through with a professional is a really good idea.

2. Protecting Your Ideas And Products

You also need to consider taking care of patents and copyrights. These are really important in order to keep your products and ideas safe from copycats. If you have really good and innovative products you want to make sure you will have the market advantage of not having to worry about other businesses copying your products directly.

This also means you need to look into trademarking your business name. It might not be possible in some cases but if you can, trademarking is a really viable option to consider. Make sure your business name is also not already in use to ensure you don’t get any problems later on.

3. Ensuring You Are Licenced

Depending on the area your business works in it is really important to make sure your business is appropriately licenced. This can save you from a lot of hassle later on and is also very important to keep your business up and running.

Having legal certificates can also increase your credibility among your customers and thus you should look into this area as early as possible.

4. Non-Disclosure Agreements And Contracts

When you are setting up a business you will start hiring staff as well as drawing up business contracts with other companies. Thus it is essential to take care of non-disclosure agreements to guarantee you are protected in case someone would give away important business information.

It is really important to have these ready so that whenever you are getting a new client or hiring a new person you can quickly get these issues out of the way. When you make a legal agreement and a contract it is essential to get it professionally photocopied to ensure you all have the document in multiple copies. Look at Silver Fox Legal and their colour photocopying services.

5. Getting A Solicitor

Hiring your own solicitor won’t be a viable option for small businesses but it is a good idea to get an outside company to help you out when you are setting up, as well as being available in the future. Build a good relationship with the company to ensure you have a reliable legal advisor you can turn to if you ever have any issues.

About the Author: Peter in interested in corporate law and wants to make all the legal hurdles seem a little bit easier for small business owners. When he needs to get his mind away from legal issues he likes to enjoy some time with his family and is especially keen on playing board games with them.

7 Small Steps that Can Help You Create a Big Impact on Your Brand

Establishing your brand isn’t about creating the best logo or coming up with the catchiest slogan, though they are important too. The brand of a business is essentially the image it has, for you, for your employees and business associates and for your customers.

License: Creative Commons image source
License: Creative Commons image source

If you think building a brand is only for the ‘big’ businesses, you are mistaken. It is equally, if not more, important that a small business carves an identity for itself in today’s competitive market.

However, that doesn’t mean you have to put in loads of money into it. Fancy things can get you customers initially. But if you fail to identify your goals, understand your customers, and deliver the right experience, it wouldn’t hold good for long.

Let’s try to find ways that can help you create a distinct image for your business.

Understand your brand

If you try to be a ‘Jack of all trades’, you would end up to be a ‘master of none’. Don’t do it. Instead, focus on something you are really good at. Make it the core of your business.

The visual image is just an element of your brand. Focus on what you do, how you do it, what message you convey, what experience you provide and so on. Every little thing that makes up the customer experience counts when it comes to brand essence.

Focus on quality

Your products and services are what make the customers come to you. You may put up a great store or design an attractive online shop and customers may visit it for the first time. And even buy from you.

However, they would come back, or recommend you to a friend, only if they are satisfied with the products or services you delivered. If the products aren’t great or the services aren’t superb, they wouldn’t even bother to visit you a second time.

Know what you do best

Every good brand makes a promise it keeps. For example, Subway stands out for its ‘Eat Fresh’ tagline. It conveys their promise- of delivering fresh food. You need to know what you excel at and transform it into your brand promise.

The only way to be in focus is to specialize in what you do. Whether you offer a specific type or product or service for customers, make sure you are the best in what you do and how you do it. This speeds up the brand establishment process.

Identify target customers

You cannot serve everyone. Every business has a target customer. For example, if you have a small business selling children’s books and toys, your target customers are families, especially parents.

After you have identified the target customers, include them in your online and offline network. Converse when they visit your store, share information and photos on Facebook, organize fun contests – create a dialogue between them and your business.

Be honest and reliable

You make a promise when you create your brand slogan. You increase your customers’ expectations. If you fail to deliver what you promise, you would lose the trust and credibility.

Make sure you keep your promises. Whether you have promised to deliver an order within a day or finish a job within a week, make sure you do it. Unfeasible promises may give you some business initially; but they won’t provide long-term sustenance.

Create a visual identity

Well, the name and logo of your business does matter when it comes to establishing your brand. Get them right; you may change it later, but that would be costly. Moreover, it would also affect the image of your business.

Before you decide on a name, make sure it reflects the nature of your business and resonates with your customers. If possible, appoint an expert to create your business logo and slogan to add the right touch of professionalism.

Ensure a great experience

What matters most for your business is how you treat your customers. And it isn’t about how ‘you’ treat customers. It’s about how everyone involved in your business treats customers at every level.

Do they have pleasant, helpful assistance at your shop? Or do they meet someone sullen? Do you have people to receive calls or is it automated? Make sure the experience is the same throughout your business.

Little things contribute to create the big experience; and it is these little things that matter when it comes to creating your brand. With adequate attention to these details, it is possible to create a distinctive image of your business for all.

About the Author: Evans is a content marketer and blogger. He is currently working for a leading UK based organization GasStorageDepot that offers free delivery of its products to UK Mainland.