With unemployment continuing to rise, home prices falling due to a surplus of inventory, and small business lending at a standstill, this recession doesn't seem likely to end soon. The recovery will be slow and Americans will certainly not enjoy the prosperity of a few years ago for a long time to come. It's not just economists who think this way. "Half the population in [a] new ABC News poll thinks both job security and retirement prospects in the years ahead will remain worse than their pre-recession levels." ("Poll: Less Job Security is the 'New Normal,'" ABC News The Polling Unit, June 15, 2009, analysis by Gary Langer) This confidence, or lack thereof, is an integral part of an economic cycle. The analysis goes on to say, "Those diminished expectations - plus the pain of the current downturn - are fueling retrenchments in consumer behavior that could fundamentally reshape the economy."
Basically, consumers are hunkering down to limit spending, save money, conserve resources, and change the way they've been living. The major influence on the health of an economy is the psychological state of its consumers. When there exists a broad belief that spending beyond necessity is unwise, people will change their habits and as a result, some businesses will have to close their doors. The economy is molting into a new, leaner animal. Rather than react in desperation to avoid doom, firms should interact with the current situation with innovative and forward thinking actions.
Solo Entrepreneur Reality: Software can be helpful-but it's not required. Software is more likely to help if you have a more traditional type business, like a restaurant or a typical consulting business.I need to hire a consultant to write my business plan. Consultants are expensive and don't really know as much about your business as you do! Solo Entrepreneur Reality: Your business IS you-and you need to be intimately involved with the creation of your business plan. A better strategy, if you think you need professional help, is to hire a coach or mentor-someone who can guide you in what you need to do, not do it for you.
The business plan is a long range "map" to guide your business to the goal you've set for it. The plan details the what, why, where, how and when, of your business--the success planning of your company.Your financial proposal is a request for money based upon your business plan--your business history and objectives.Understand the differences. They are closely related, but they are not interchangeable.Writing and putting together a "winning" business plan takes study, research and time, so don't try to do it all in just one or two days.
I have to do everything I say I'm going to do in my business plan, or I'm a failure. Many Solo Entrepreneurs never start because of this myth-which leaves them feeling that the success of their future business suddenly rides on each stroke of the pen or click of the keyboard!Solo Entrepreneur Reality: Think of your business plan as a roadmap for a trip. Expect to take some detours for road construction. Be flexible enough to take some exciting, unplanned side trips. And don't be surprised if instead of visiting Mount Rushmore, you decide to go to Yellowstone, if that turns out to meet your vacation goals better!
Right now, growth may sound like an unattainable goal as businesses are grappling just to survive, but hey, "flat is the new up." If a business can keep its doors open and lights on, then it's doing better than many others. But lights and open doors don't make sales, so making changes that attract business is in a sense, striving for growth. It won't be this tough forever, but for now, putting some growth strategies into action may be what keeps your business alive, if not thriving.
Every Business Needs a Plan Without a plan, there is little hope for growth, let alone survival. As my small business development counselor, Terry Chambers says, "If it's not written, it's not real." That doesn't mean it's unchangeable, but it does show that you mean business. In order to accomplish your strategies of improving efficiency, increasing volume, and reorganizing your business, you've got to examine what you have, what you want, and how you plan to get there.
Sometimes it takes a significant event or change in existing conditions for a business to create a written plan. I think it's safe to say that the state of the economy is a significant change that should prompt business owners to alter the way they've been doing things. If you already have a business plan, it's time to get it out and revise it. Make sure your plan includes answers to these questions:What do I want to accomplish?,What do I have to work with?,How have I done in the past?,What might I do in the future?,What will I do now?,How will I do it?,Is it working?
Read More About [Business Plan Examples]
Basically, consumers are hunkering down to limit spending, save money, conserve resources, and change the way they've been living. The major influence on the health of an economy is the psychological state of its consumers. When there exists a broad belief that spending beyond necessity is unwise, people will change their habits and as a result, some businesses will have to close their doors. The economy is molting into a new, leaner animal. Rather than react in desperation to avoid doom, firms should interact with the current situation with innovative and forward thinking actions.
Solo Entrepreneur Reality: Software can be helpful-but it's not required. Software is more likely to help if you have a more traditional type business, like a restaurant or a typical consulting business.I need to hire a consultant to write my business plan. Consultants are expensive and don't really know as much about your business as you do! Solo Entrepreneur Reality: Your business IS you-and you need to be intimately involved with the creation of your business plan. A better strategy, if you think you need professional help, is to hire a coach or mentor-someone who can guide you in what you need to do, not do it for you.
The business plan is a long range "map" to guide your business to the goal you've set for it. The plan details the what, why, where, how and when, of your business--the success planning of your company.Your financial proposal is a request for money based upon your business plan--your business history and objectives.Understand the differences. They are closely related, but they are not interchangeable.Writing and putting together a "winning" business plan takes study, research and time, so don't try to do it all in just one or two days.
I have to do everything I say I'm going to do in my business plan, or I'm a failure. Many Solo Entrepreneurs never start because of this myth-which leaves them feeling that the success of their future business suddenly rides on each stroke of the pen or click of the keyboard!Solo Entrepreneur Reality: Think of your business plan as a roadmap for a trip. Expect to take some detours for road construction. Be flexible enough to take some exciting, unplanned side trips. And don't be surprised if instead of visiting Mount Rushmore, you decide to go to Yellowstone, if that turns out to meet your vacation goals better!
Right now, growth may sound like an unattainable goal as businesses are grappling just to survive, but hey, "flat is the new up." If a business can keep its doors open and lights on, then it's doing better than many others. But lights and open doors don't make sales, so making changes that attract business is in a sense, striving for growth. It won't be this tough forever, but for now, putting some growth strategies into action may be what keeps your business alive, if not thriving.
Every Business Needs a Plan Without a plan, there is little hope for growth, let alone survival. As my small business development counselor, Terry Chambers says, "If it's not written, it's not real." That doesn't mean it's unchangeable, but it does show that you mean business. In order to accomplish your strategies of improving efficiency, increasing volume, and reorganizing your business, you've got to examine what you have, what you want, and how you plan to get there.
Sometimes it takes a significant event or change in existing conditions for a business to create a written plan. I think it's safe to say that the state of the economy is a significant change that should prompt business owners to alter the way they've been doing things. If you already have a business plan, it's time to get it out and revise it. Make sure your plan includes answers to these questions:What do I want to accomplish?,What do I have to work with?,How have I done in the past?,What might I do in the future?,What will I do now?,How will I do it?,Is it working?
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