Because business planning is such an integral part of business management, we’ve dedicated a special area for planning topics on Bright Hub’s Entrepreneurship Channel.
In this area, we’ll cover all the different means you can use to write a business plan, whether the plan is for a new startup or an existing business. Our expert writers will also give detailed advice on the different aspects of budget planning and how to prepare charts and exhibits that will increase your chances of getting funding. In addition, we’ll take a look at software products like Business Plan Pro and other tools that can help make the planning process go a little easier.
The secret to a small business with the aims of dominating an industry are apparent when observing some of start ups that have gone on to revolutionize markets and profitability. These start ups all have three things in common: a vision, a business plan, and flexibility.
Here’s a challenge: Go to a trade show for any industry. Walk around until you find a booth in which the company doesn’t describe itself as innovative. If and when you discover one, stay there and order yourself a drink: You’re at the concessions stand.
How can you make sure your business plan fully encapsulates all the relevant information? The solution may be easier than you think. Think outside the box by drawing parts of your business plan. The results may surprise you.
How would it change your profit bottom line if your customers could make contactless payments? The easier it is for people to purchase from you, the more likely you are to become their go-to source. Learn other ways you can benefit from mobile commerce.
Who likes writing business plans? No one, really, because the content they must contain is vast and lengthy. Here, Bright Hub wants to make the whole process much easier for our readers in this collection of articles all focused on business plan writing tips with templates!
Although performance based budgeting (PBB) is harder to enact than line-item budgeting, it provides a better picture of what is accomplished rather than what is spent. This method of budgeting increases accountability and is used mostly in the public sector.
Both budgeting and forecasting are financial projections. Looking at the differences between forecasting and budgeting, forecasting is broad in scope and part of strategic planning whereas a budget is more specific and detailed, with expenditure heads specifically matched to sources of income.
Ensuring that the name of your business is free to be used is one of the most important steps a business owner should take. Researching the availability of your business name will save you time, money and frustration, so be sure to have several options available to research.
Opening a restaurant is not as simple as choosing a name and deciding on a menu. With a number of vital decisions to be made, planning your restaurant design does not have to be a chore. These sample restaurant floor plans allow you to express your creativity while making design decisions fun.
There are various ways to track a business budget from traditional methods such as pen and pencil, to spreadsheets such as Excel or OpenOffice. There is of course traditional accounting software you can use, such as Peachtree. Knowing about these methods may help you pick which is best for you.
In an increasingly competitive and highly sensitive pricing environment, businesses that cut expenditures often thrive. The key to success lies in reviewing every single line item of expenditures and making the necessary adjustments.
Business plans are daunting documents most companies write once and forget about. However, there are several important components to a business plan you should update on a yearly basis. Not sure how to do it? Read on to ensure you get it right.
Every entrepreneur needs to develop a plan for his or her business. It’s essential for obtaining loans or investors: For existing businesses, the lack of a plan means you have no direction; and forecasting and analyzing revenues and expenses need to be included in your plan. Learn top mistakes here.
Simply shutting the doors is not enough to wind up a business. You need to plan your exit, so here we have some strategies to help you make a graceful exit. Some of these ideas may be perfect for you depending upon the position of your company.
When disaster strikes in your business, how prepared are you? Do you have a plan in place that can ensure the business will keep operating? Business continuity plans can be difficult and costly to implement, but if something should happen to disrupt your business, they will be a real life saver.
Writing a business proposal that is organized, and hits on the hot buttons for the reader, closes more business than any other approach. The format you use should be designed exclusively to sell your proposal of your products, services and recommendations. Everything else is secondary.
Planning an office on a budget can be tricky, but if you know how to get started and what the most important elements of office planning are, then you’ll know what areas you can spend money on, and where you need to save!