Saturday, October 23, 2010

Entrepreneurs' Live Business Plan 6

Today's To Do List 

Write Down Key Objective 1 - Financial Goal
List the Services/Products You Will Offer
Allocate a Value to Each of These Items
Decide on a Name for your Business

By now you will have set your first Goal - financial turnover - if you haven't and are struggling with what to put down I suggest the following.  Of course, your first financial budget will be a "bit hit and miss" and especially in today's tense economic environment.  A good starting point is: a) to calculate what your current monthly expenses are; b) add on what extra expenses you will incur in your new business; c) add on 20% for contingency expenses; d) the total amount per month x 12 becomes your financial goal for your first year in business.

Now that you have set your Financial Goal/Financial Objective you need to break down the services/products that you will offer to reach this target.  If you offer multiple items list these in the template provided and allocate a realistic annual financial target for each of these.  This is the beginning of the "how to" reach your annual turnover, we refer to these as the tasks.  The tasks need to be listed, dated, allocated to the person responsible and measured.  The template provided allows you to do this in a very simple format. I find that once your ideas are on paper it's easier to analyse them as they become more tangible.

Once you have identified your service offering it is time to start thinking about a name for your business.  Keep it simple, short, memorable and specific. The above article will help you to choose the name for your business.  Put it down on paper, in your business plan and "feel" how it feels.        

If you missed our previous tutorials check out the Programme Recap for a very speedy catch up.


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