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Rehab Leads News

March 16th, 2010 | Author: wlomvy

Property Developers Paralimni Cyprus

The Following Blog Post is from Associated Content and sponsored by media lead generation

If you go online, you will be able to learn a lot of marketing tips and strategies. These can help you become successful in generating leads for your business.

Offline, there are hundreds of books and how-to articles in magazines, as well as seminars to help anyone speak, keep, and treat clients and prospects alike. There is indeed a lot of information to be had just about anywhere. The only thing that you have to do, as a marketer is to make sure that the information you get is valid as well as valuable to your type of business.

Marketing is certainly one of the most important processes in any business. In order for your marketing campaign such as your poster printing to be effective, you need to have both or even one of these qualities – exclusivity and uniqueness.

If you are an exclusive, this means that you are the only business operating in your locality or community. You do not have any competition at all that you dominate the market in your industry. Unique, on the other hand, helps you to stand out because you are the only business or company that have that distinct quality that your target market is looking for. No one among your competition can give the benefits that only you can give your target client that is why they choose you from among the rest.

These two principles provide the direction of your business, particularly your marketing campaign of printing posters. Hence, it is best for you to recognize these ideas and ensure that you use them to make yourself stand out.

Let us talk about exclusivity first. Can you say that your business has exclusive rights to a particular service or benefit? Do you offer something that no one else does, say, free shipping that you advertise in your poster printing? If this is the case then you found yourself the means to make people go to you. Despite few competitions, you can get ahead of the pack because whatever competition you might have is not enough to change the numbers.

In addition, being exclusive also means that you get to have a solid base of referrals from your client base. Your clients will definitely be sending prospects your way because they know that they can rely on you for the solution to their particular problem.

Unique, on the other hand, helps you provide your target clients with a better offer that makes you stand out. Your poster printing for example is a cut above the rest because the design is very much different from what your competitors have created.

The key therefore to a successful marketing campaign, or even a business for that matter, is to provide your clients and prospects with the reason to choose you. Is printing posters a popular method of advertising in your industry? If so, then make bookmark hangtags instead to send out to your target market. Always remember that being unique and exclusive is the best way to get a head start in any industry.

Katie Marcus writes about printing posters or poster printing.

Be sure to visitmedia lead generation at the main site!

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Rehab Leads News

March 16th, 2010 | Author: wlomvy

The Following Story is sponsored by lead generation

Buying a home is a long process that takes a lot out of you mentally. And as you can imagine, this often times leads to people missing out on some of the finer details. The majority of buyers know to check on things such as what stays, what goes, the age of the furnace and air conditioner, and other main points of interest. But when it comes to the small details, this is what usually gets left in the dust.

Here are five overlooked details to consider when buying a home. After all, just because everybody else is overlooking these things does not mean that you have to.

1. Get information on the age and condition of the hot water heater. It is a shame to think that so many buyers look carefully at the furnace and air conditioner, but forget about the hot water heater. This can be a costly replacement, and one that you do not want to have to make early on in your ownership.

2. Check out the parking situation. For many people this is a no-brainer, but this is not always the case. If you are moving into a condo or townhouse with shared parking, make sure that this situation suits your needs.

3. Will there be enough storage space for all your items? If you are moving into a smaller home this is something that may determine whether or not you make a move. Not only should you consider your furniture, but also other items that you may have stored in a basement, garage, or storage shed.

4. Don't forget that there is more to a home than the inside. The landscaping is also something that you should take into consideration. Is the grass burnt out? Is the yard nice enough to leave as is? If not, how much work will you have to put into it? These are all questions that you need to ask yourself.

5. The cost of furnishing a home. Are you going to take furniture with you to your new home? Or do you need to buy more? Remember, you do not want to buy a home just to find out that it is going to be bare until you can afford more furniture.

These are five of the most overlooked details among home buyers. If you can keep these in mind when shopping for a new home, it will most definitely make the buying process more enjoyable for you.

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Lead Modification Leads News

March 16th, 2010 | Author: wlomvy

The Following Story is sponsored by garybobel.com

Has this ever happened to you?

You buy a list of double opt in leads, a good list. This time you got a good deal. Only $3.00 per lead and they were double opt in long survey leads. As much as it pains you to do it, you push yourself to sit down and start dialing. Dialing for dollars… it's a number's game… sooner or later you're going to hit the jackpot! You psyche yourself out for a good calling session. A couple hours later, that pumped up optimistic feeling is replaced with feelings of hopelessness and devastation. Your bank account is sinking right along with your spirits, and while you're trying to keep up a positive attitude, little sneaky nagging doubts pop up. How long can you continue on this path of failure?

Without a steady stream of leads into your funnel you have no business. Lead brokers know this, and that is what keeps them in business. You either have to learn how to generate your own targeted leads, or pay someone to do it for you. I bolded the word targeted for a reason. Not all leads are created equal. Wherever you get your leads, they are targeted to something. For the most part, “business” leads that you purchase from a broker – double opt in, short form survey, long form survey… it doesn't matter, are opportunity seeker leads.

The professional marketer knows that to market his product or service, he has to identify his target market. Once you identify who is actively looking for your product, you simply give them what they want. It sounds simple doesn't it? And it really is, but it requires us to do something that most people won't. Think. You must develop a strategy and that requires thought.

I don't care where you get your leads from – if you don't have what that particular lead wants or needs, your leads suck. Think about this for just a minute. It's the selling ice cubes to Eskimos principle. It doesn't matter how good you are, you will not sell kitty litter to a dog owner. And you won't turn a dream seeker into a business builder.

Our business attracts two types of people. Dream seekers and business builders. Those who are buying dreams don't want to do what it takes. They have a lottery mindset and they are spending their time and money moving from slot machine to slot machine, hoping that they'll pull that lever on one and hit the jackpot. Of course they never do. So while dream seekers buy dreams, business builders buy businesses. Knowing who you are talking to makes all the difference.

More info here: garybobel.com

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Rehab Leads Announcements

March 16th, 2010 | Author: wlomvy

The Following Story is from Associated Content and sponsored by the lead source

Say the words “business plan” to a potential small business owner and watch them scramble to get away. For reasons I, as a former small business counselor, could never quite fathom, that was the inevitable result.

Business planning is an essential piece of the development of a successful small business. Please note that I said “successful.” Almost anyone can start a small business if they have a good idea, the appropriate skill, and enough money. However, developing a successful small business – - one that can withstand all the problems that will be thrown its way – - is something else altogether.

There are two basic reasons for writing a business plan. The most common reason is to provide a lender with detailed information on all of the aspects of the business. The plan gives a potential lender or investor insight into how the business will be conducted. It details how the funds sought will further the goals and objectives of the business. It also explains how the loan will improve the worth of the business and enable the loan to be repaid in a timely fashion. Finally, it details how the money will be used and it backs everything up with solid information.

All lenders and even the SBA will require a business plan from those seeking funds to start or expand a small business. The plan, if properly done, gives them enough insight into the potential business venture or business expansion to determine the payback viability of loan or investment funds.

The most important reason for business planning, however, is that the business plan actually serves as a blueprint for the business. When written with sufficient research and completed with feasible financial projections, the plan can tell the owner whether or not the new business (or expansion of an existing business) will work. Furthermore, with continuous update, the plan can be used throughout the life of the business to project its future movement.

Statistics compiled by the Small Business Administration (SBA) indicate that lack of business planning is the primary reason behind small business failure. It is estimated that somewhere between 95 and 98 percent of all business failures can be tracked back to poor planning. Therefore, it stands to reason that completing a business plan should – - and does – - increase the chances of small business success.

Another side benefit of business planning is that the thinking and research involved during the planning process forces the planner to look at the whole business rather than any single aspect of it. This is an essential component in good business management. By objectively reviewing and analyzing a business through the planning process it is possible to:

Identify its areas of strengths and weakness;
Pinpoint needs that might otherwise be overlooked;
Spot additional opportunities that might exist within the industry;
See problems before they can get out of control; and
Develop ways around any potential roadblocks.

Operating without a business plan often leads management to operate from a reactive rather than a proactive stance, which can be dangerous for a business. On the flip side, operating with a plan provides the business a continuous process of:

Visualization regarding where the business is going;
Decision Making based upon the plan;
Evaluation to compare the actual results against the written plan;
A System of Checks and Balances based on the usefulness of the plan, and
Revision or modification to update the plan.

Finally, the business plan also helps communicate the focus of the business, both short-term and long-term.

Once a determination has been made to actually do the business plan, the second step is to decide the type of information that should be included within the plan. The more thorough the plan, the more information provided for use by the business owner or for potential investors who must decide whether or not to loan the business money. Therefore, the more information provided the better the plan.

A business plan is generally divided into two major parts. The first part is called the Business Background. It is, in essence, the written description of how the business will operate. As such, it should contain key components including:

Product/Service description;
Marketing identification;
Competitive analysis;
Location analysis;
Pricing structure;
Marketing strategy;
Company needs; and
Financing requirements.

Each piece of the Business Background is crucial. A single piece, by itself, paints only a fragment of the overall picture. However, when combined with the other pieces, the background comes into focus to paint an entire picture of the business.

The amount of money required to get the business up and running (e.g., purchase of building, equipment operating expenses, etc.);
How initial funding will be spent;
How the funds will be secured or in other words what the collateral is;
Revenue projections for the business;
How revenue will be allocated across the business;
Projections for repayment of loans or investments; and
The length or terms requested.

The section of the business plan provides an opportunity to explain to potential investors, in detail, a company's financing requirements in terms of the amount of financing needed; specific term requests; and proposed repayment terms. For this reason, it is important to answer all of the following questions:

Any loan request, and its repayment, must be supported by the financials. This means that the finished plan must project sufficient sales and cash flow to pay back the funds, with interest, pay all of the operating expenses, purchase all of the necessary supplies, and still leave the business owner with enough money to continue.

Product/Service Description

One of the most important aspects of business development is the establishment of goods or services that the target market will want to purchase. While most businesses want to think that their products and services are somehow special or unique, their customers may not share that perception. The ultimate goal, therefore, is to convince customers that they want the products and services that the business provides.

Most businesses are built around products or services that are already available, in some form, within the marketplace. However, if the product or service happens to be unique, state-of-the-art, or otherwise notable, business can certainly take advantage of the situation. Such differentiation is extremely valuable.

Realistically, however, most products and services tend to be somewhat generic in nature. Therefore, distinguishing a product or service from that of the competition will take both a thorough knowledge of the industry and of the product or service. (Note: This type of knowledge is also imperative in order to convince investors – - public or private – - to invest in a business.)

Services tend to be even more abstract than products because there is nothing for the customer to see or feel. For this reason, most customers tend to choose the service based on their impression of the company itself. However, like products, services must have some attributes that will make the customer desire them. Therefore, the key to this part of the business plan is not just to identify the product or service, but more specifically to identify specifically what is being sold. To accomplish that, business must put themselves in their customer's position and answer the following questions:

What does the customer think they are buying? For example, a florist may think she is just selling flowers, but she is really selling beauty, love, forgiveness, and a variety of other intangible feelings. These are the things you must keep in mind when identifying your products and services.
What product or service does the business offer? Be specific in this description.
What problem does the product or service solve? Don't just think about tangible problems, but intangible ones as well. Using the flowers as an example. If a husband buys his wife flowers because of something negative he did, the problem being solved is one of obtaining forgiveness.
What makes the product or service unique? This is an opportunity to establish the difference between the product or service provided by one business from that of another.
Who are the product suppliers for the business? This is a list of vendors from whom raw product is supplied. It should never exist with a single vendor. It is important to have back-up suppliers for emergency situations that happen far more often than business wants to admit.
How will the products be distributed? This is a chance to explain the various ways that a business intends to sell product (e.g., in-store, route sales, web-site, etc.) Most businesses can no longer rely on a single point of distribution like in-store sales because competition is now global in nature.
Why will customers buy the product or service from your business rather than your competition? Here it is important to establish the reason a customer might choose to do business with one company over another. It lends credibility to financial projections that must be made later on in the plan.
What costs are associated with the product or service? This doesn't just mean the cost of the raw product. It also includes the percentage of overhead cost (e.g., for rent, electricity, advertising, etc.) allocated to the product or service. It should also include any intangible costs.
What level of inventory will the business need to carry? Some businesses can obtain raw product quickly while others must deal with transportation issues. Therefore, while some businesses can simply order raw product as needed, others must carry a certain amount of product on the shelf at all times. Product inventory is a tricky matter and must be nailed down as effectively as possible in order to avoid excess inventory costs.
What is the shelf life of the product? Perishable products should be kept to a minimum to avoid cost over-run.

Product and service knowledge is of primary concern in business development. There simply is no shortcut around this area. Knowledge is power.

Market Identification

A business cannot survive without customers, although this seems to be something that today's businesses are intent upon challenging by providing poor customer service. The reality of it is that in order for a small business to survive and, better yet, grow everything it does must revolve around customer needs.

Products and services must be tailored around the customer's wants and needs as well as their perceived idea of value. A business's location must be convenient to the customer's normal traffic pattern. Prices must fit the customer's budget. Hours of operation must fit the customer's availability to shop. Even management decisions and personnel training must be accomplished with one singular goal in mind – - satisfying the customer so that he or she will keep coming back.

A good business plan can help define, understand, and satisfy the business's customer base. Defining a target market is achieved by determining which customers need the goods or services that the business intends to provide and then learning as much about those customers as possible. Most businesses will have more than a single customer base.

In order to get a handle on a target market; it is essential to answer the following questions:

Is the customer more often male or female?
How old is the “typical” customer? Yes, it is possible that customers of all ages will purchase from a business, however, every business has a”typical” customer as well; one that purchases more of the product or service or buys more often. This “typical” customer is the one that the business must know inside and out in order to survive its competition.
Where does the typical customer live? Believe it or not, it does make difference. Human beings are creatures of habit. We tend to shop around areas where we live. Therefore, locating a business some 30 miles away from our location is business suicide. On the flip side, locating a business within our normal daily traffic pattern ensures customer attention.
Does that typical customer fall within a particular race or ethnic group? I know this sounds racist. Trust me, it is not meant to be. However, the reality of it is that for advertising purposes this information is crucial. Caucasians and Hispanics simply don't shop the same way. If you want to reach the Hispanic customer, then you have to know how he or she does shop.
What is the typical customer's lifestyle in terms of education level, marital status, occupation, income level, religion, social class, hobbies, etc.? This information is also crucial for advertising purposes. People with more education are reached by different mechanisms than those with little education. It's a fact; not a slam.

Additional valuable information that would further strengthen the plan includes:

How far might customers be willing to travel to buy from your business?
What distance is your business willing to serve in order to sell to the customer?
How many projected customers reside within the area the business has agreed to serve?
How many customers are likely to purchase the product/service that the business provides?
What is the average amount each customer is likely to spend during each visit?

By answering these questions and then examining the numbers involved, it is possible to determine whether or not the customer base, as originally identified, is large enough to sustain the business in question. If not, then it may be necessary to take another look at additional products or services that can be added in order to expand the target of potential customers or examine the distance that the business is willing to serve in order to encompass a larger cross-section of potential customers.

The purpose of this section of the business plan is to make certain that the target market is sufficiently large enough to sustain the business over the long haul. If that cannot be accomplished, then the business will most assuredly fail.

Competitive Analysis

The reality is that few business ideas are unique. Most businesses are going to enter into a market knowing that competition already exists for their product and/or service. When entering into an existing market, a business already has one strike against them because chances are good that the competition knows more about the market based on experience alone.

Most businesses understand and can identify their direct competitors. Those are the ones that do the same, or almost the same thing, as they do. However, a lot of businesses tend to ignore their indirect competition. Those are competitors that fall within the same consumer category but may not have the exact same product or service.

Let me use an example to explain the difference between a direct and indirect competitor. As a consumer, I generally set aside a certain amount of money each month for “entertainment.” Within the overall entertainment industry, I must then decide how to spend my entertainment dollar. I could spend it on movies, music, sports, dinner and dancing or a myriad of other forms of entertainment.

Once my decision is made – - let's say that I choose “movies” – - then I must decide whether to go to a theater, rent a movie to watch at home, or buy a movie to add to my collection. That makes movie theaters, movie rental businesses, and retail stores that sell movies indirect competitors for my entertainment dollar.

Indirect competitors exist in every industry. They are those businesses that do pieces of the same thing but do not directly duplicate the product or service of a given business. For example, a small town convenience store may carry beer and wine, making them indirect competitors to liquor stores. They are not direct competitors, however, because they do not go head to head with the liquor stores.

In developing a business plan, it is not enough for a business to identify just their direct competitors – -those that do exactly the same thing. It is imperative that they also identify indirect competition. Failure to do so is tantamount to condemning a business to failure.

Whenever entering into an existing market, it is advisable to look for a “niche” or an unusual angle to use in building the business. Those businesses that can somehow set themselves apart from the competition always have a distinct advantage.

It is also important to keep in mind that new competition often comes from old rivals as well as new ones. Strong existing businesses are constantly doing their research and coming up with new ideas and ways to market their product and services. Therefore, ongoing monitoring of the competition is necessary for those businesses that want to be successful over the long haul.

As a small business counselor for 10 years, the number of small businesses who underestimated their competition amazed me. New businesses, in particular, tend to be guilty of this crime. A key point to remember about the competition is this: They are doing something right or they wouldn't still be in business. Any business wishing to compete against them, therefore, must not only fix what they do poorly but also match what they do correctly. Failure to achieve both will likely result in business failure.

It is imperative for business to be able to answer the following questions about their competition at all times:

Who are your five toughest competitors and why?
How is your business different and how is it similar?
What is the status of the competition's business? (e.g., steady, increasing, decreasing)
What are their weaknesses?
What are their strengths?
What have you learned from watching their operation and how will you use what you have learned?
What market is the competition not serving?

The objective of this section of the business plan is to get business to think in terms of good competitive

practices. A new business should not want to open in a market that is already adequately served, or worse yet, in a market that is steadily decreasing. By the same token, an existing business should not expand into an area where competition is already strong.

Careful viewing of the competition can help a business alter strategy and change existing operations to compete more effectively.

Location Analysis

While location is an important factor for every business, different types of businesses have inherently different needs. For example, in the retail industry, as well as certain types of small service businesses, location can be critical to success. For these businesses, customer access is extremely important and must be given due consideration when evaluating any location.

Manufacturers and wholesalers tend to value low rent costs and good access to transit routes over exposure to, and accessibility by, the general public. Additionally, most wholesale and manufacturing businesses are dependent upon the availability of resources such as labor, materials, transportation, and utilities. Any location choice for these types of businesses must take these factors into consideration.

It is important to answer the following questions with regard to business location:

What is its physical address?
What features make it a good location?
Why will this location help attract customers?
What are the physical features of the building?
What is the appearance of nearby businesses?
What are the terms of lease or purchase agreement(s)?
What are the typical annual costs associated with this location?
What renovations will be needed, at what costs?
Is there room for business growth?
If there is no room for growth on site, where and how will the business relocate?

It is important to identify both the benefits and the drawbacks of any selected location in as much detail as possible. Make a list of positives and negatives and then compare the list. With regard to location, there must always be more positives than negatives. Sometimes it is better to spend a few more dollars in rent if it means extra customers are likely to come.

For example, I once had a client who wanted to open a craft and fabric shop in our town. My ears perked up immediately because I'm a crafter. However, the location that she had already signed a lease on was a major stumbling block. She assured me that her prices would be so good that I wouldn't be able to resist coming to her shop. I, however, knew differently. She was located way off my beaten path. To travel to her shop with any kind of regularity, I would have had to alter my schedule significantly. I knew I didn't have time – - nor the inclination – - to do that. The end result was that I continued to frequent a shop with higher prices that was more conveniently located.

Pricing Structure

Price, quality, service, and profitability are inextricably tied together in a complex web. While there are no magic formulas for establishing a good pricing structure that will cut across all different types of businesses, there are guidelines that any business can use to ensure a safe price range. One such guideline is:

PRICE = Product + Service + Image + Expenses + Profit.

There are, of course, many others to choose from as well. Business must choose the one that is right for them.

Some businesses base their prices on that of their competition. This process, while common, can backfire. A business's pricing structure should be based upon their expense base and the required profit margin. That may, or may not, be the same as that of the competition.

Ultimately, whatever pricing strategy used, business must be able to explain its choice in detail to any potential investors so that they can gage whether or not it is based within reality. With regard to pricing structure, it is important to answer these questions:

How is the product or service price calculated?
Which products or services are sensitive to price changes?
Which products or services will attract customers at regular prices?
Which products or services will attract customers at sale prices only?
How important is pricing to the overall sales strategy?
What are the business's discount policies?
What pricing policy will be used for slow-moving inventory?
What payment options will be provided to customers?
What are the business's credit policies (if any)?
How will bad debts be handled?

Another important part of pricing is its relationship to projected sales. Business must be able to explain how it calculated the sales projections that will be included in the financial portion of the business plan.

For example, using a restaurant business as an example: If I own a restaurant that is open from 6:00 a.m. until 9:00 p.m. daily, then I know I am going to serve three meals a day: Breakfast, lunch, and dinner. Now, let's say, based on my target customer base, I estimate that I will likely have 50 customers for breakfast that will spend, on the average, $5. By multiplying those two numbers together, that calculates to breakfast sales of $250.

Continuing on, let's say that I have estimated 150 customers for lunch that will spend, on the average, $7.50 per person. That calculates to $1125 in lunch sales. Finally, let's calculate 98 people for dinner,

spending on the average, $11 each. That calculates to $1078 in dinner sales.

By adding $250, $1125, and $1078 together, I estimate that my restaurant will make $2,453 per day. If I am

open 22 days per month that calculates to $53,966. That figure would be my estimated monthly sales “base”; keeping in mind that some months are shorter than others and that some months are likely to have better sales than others.

Such projections are necessary in order to convince potential investors that the business is viable. Additionally, even if a business owner is self-funding the business, it is important to know whether or not the money is likely to be recouped.

Marketing Strategy

Marketing, in essence, is the creation and retention of customers. The challenge in developing marketing strategies, therefore, is to define the target market, which hopefully has already been done. Using this information a business can begin to identify ways of reaching these target groups through promotional activities, advertising, and customer service.

These are, by no means, the only marketing strategies available but they are the three most common:

Promotionsare special activities like grand openings, give aways, sales, and gimmicks (e.g., coupons or games) that are short-term in nature. The key purpose of promotions is generally to gain quick attention and action and then allow the business to go back to “business as normal.”
Advertising, on the other hand, is geared toward obtaining a more long term commitment from the potential customer base or to continually “remind” the customer about the business and its products or services. Ultimately, advertising's purpose is to convince customers to trade with a business on a regular basis. For this reason, careful thought should be given to the forms of advertising chosen, as they will drive the marketing and advertising budget.
Customer Servicecan literally make or break just about any business. However, good customer service has become quite an elusive commodity. Some businesses sincerely want to give it but have no idea exactly what it is. Other businesses don't even make an effort to define it and, even when they are told what it is, refuse to deliver it. If any business truly wants to stand out in a crowd of competitors, customer service might be just the place to make that happen.

With regard to customer service, it is important to answer the following questions:

What special or unique customer services you will offer?
What types of payment options will you offer?
How will you deal with customer problems?
How will you deal with customer suggestions or requests?
How will you handle customer returns?

Marketing strategy is key to business development and expansion. Businesses who refuse to recognize that fact are limiting and possibly even destroying their chance for success.

Needs of the Business

This section of the business plan outlines the company's physical needs in terms of things like land, building(s), equipment (including vehicles), inventory, human resources, and capital. Many businesses have specific types of needs in terms of space (land) and/or structure (building). These are things that potential investors may or may not understand. Therefore, it is important to translate that information into understandable terms that makes such physical needs clear. Answer questions like:

Does the business have specific land or building requirements? Be specific in terms of square footage requirements, remodeling needs, special features (e.g., display windows, warehouse space, etc.)
Do you plan to lease or purchase space for your business? If you are leasing, include the lease terms for the first three years. Another important factor to many businesses is equipment and/or inventory. Again, depending upon the knowledge of potential investors, they may or may not understand these items. Just like with “space” above, you must explain the business's requirements in these areas.
What equipment will the business require; will the equipment be purchased or leased; and will it be new or used? Be sure to give each piece of equipment's expected “life” (how long it should last before needing replacement).
What are the business's other requirements (e.g., human resources, inventory, supplies, etc.)?
Will you need operating capital for a period of time and, if so, for how long? Most new businesses need anywhere from three to six months operating capital before their business can even begin to think about profit. This must be built into the business plan.

Areas of management weakness must be taken into consideration during the planning stages of business development. This is particularly important if you are using your business plan as a financial proposal. Banks, and even private investors, will want to know what steps you intend to take to overcome any management weaknesses that might exist.

There are ways to overcome most weaknesses, including lack of experience. It is possible to obtain the experience before going into business, to hire someone who has the necessary skill, or to develop a list of business advisors who possess expertise in the required areas. There are, however, no known methods to overcome incompetence. Business owners who do not take management weakness into account – - and come up with ways of overcoming them – - are suffering from gross incompetence and deserve to fail.

A business resume for each principal player of the management team must be included as a part of a business plan. As a minimum, the information in this section should cover each of the following areas:

Personal History. Sole proprietors should describe their own capabilities. Partnerships should explain how partners were chosen and how duties are divided and decisions made; including who has final say. Corporations should explain how the corporation is structured and give detailed information on each officer – - who they are, why they were chosen, what they bring to the corporation, and what, if any, their duties are. In every instance – - no matter the legal entity of the business – - business must explain the duties and responsibilities of all principals in terms of who will do what; who will report to whom; and who makes which decisions. Also included here should be information on projected salaries. Caution: Realism is called for in setting wages. Deals won't happen if lenders feel the salaries are too high. Others will self-destruct when low salaries have to be increased, throwing the budget into chaos.

Other Resources Available to the Business – All businesses should list an accountant, lawyer, banker, and insurance agent. Other resources might include agencies like the SBA, SCORE, OSBDC, Chamber of Commerce, and business, trade or civic organizations.

Employees can be a major stumbling block for a small business. Unfortunately many business owners assume that handling employees is the least of their worries. Not true! With the ever-changing labor laws and the number of law suits currently in the courts, employment management must be given careful consideration in developing a business. After all, businesses stand or fall on the strength of their employees.

Strong employees can make a deal successful; weak ones can destroy the entire business. Employees should be hired only when it will result in added profitability for business. Carefully consider before hiring whether or not the job is necessary. If it is, give maximum attention to hiring the right person. Weigh whether hiring an experienced person (at a higher wage) might be cheaper than an inexperienced person (at a lower wage) that you have to spend extra time training. Training can be a major hidden personnel cost, particularly in terms of time and patience.

If hiring employees is necessary, complete the following personnel outline:

How many employees do you need?
What are the job titles and skills needed?
What sources will you use to obtain needed employees?
What problems do you anticipate in finding competent employees?
How will you train employees?
By what date will you have an established set of personnel policies and procedures?

Financing Needs

The final section of the business plan provides an opportunity to explain to potential investors, in detail, a company's financing requirements in terms of the amount of financing needed; specific term requests; and proposed repayment terms. For this reason, it is important to answer all of the following questions:

How much money is needed?
What is the money to be used for? (e.g., purchase of building, equipment, operating expenses, etc.)
How will the funds be secured? Or in other words what is your collateral)? It is possible to use some or all business purchases collateral. However, be aware that it may be insufficient. Be prepared to answer the question: What other collateral do you have to offer and what equity is the business owner bringing to the deal? (They will be requesting around 20%.)
What lengths of terms are requested? Ask for what you want but be prepared to negotiate.
How will the funds be repaid?

Any loan request, and its repayment, must be supported by the financials. This means that the finished plan must project sufficient sales and cash flow to pay back the funds, with interest, pay all of the operating expenses, purchase all of the necessary supplies, and still leave the business owner with enough money to continue.

In the Financial Projections section of a business plan, information from the Background Section is translated into actual numbers. This allows a business to look realistically at its potential profitability. This section is often the first section examined by potential lenders or investors. Because of this, many people consider it to be the most important part of the overall plan. This is a fallacy.

Both business plan sections – - Background and Financials – - must be used in harmony. The Background represents the company “policy,” so to speak. It explains how the company will be run. The Financials represent the control system, or how the business will measure itself. Together, policy and control help build a successful business venture. Apart, they accomplish little or nothing at all.

The information gathered and contained in this section should never be prepared just to satisfy a potential lender or investor. It must present a clear picture of how the business intends to operate. While every investor knows, and understands, that projections are merely a “best guess,” they expect them to be realistic and within reach.

It the business in question already exists in some form, then it is important to provide the following information as part of the plan:

Financial projections should include:

Financials for three years of business (or however many years in business, if less than three);

Income tax returns for the same amount of time;

A list of everything being sold with the business and its replacement value;

If leasing space, an informal written agreement spelling out lease terms for three years or is being purchased, an informal appraisal of the site's value; and

A copy of the buy/sell agreement for the business.

If the business is brand new, the three year's financials will actually be projections based upon estimated income and expenses. Income tax returns will still be necessary, but rather than being business returns, they will be the personal returns of the principal owner(s). The list of equipment, supplies, etc. will also be projections based upon the company needs as outlined in the Background section of the plan under Needs of the Business.

For existing businesses, a business financial statement will be required that lists all of the business's current assets that will be sold as a part of the business as well as any outstanding debts that the new ownership will acquire. The purpose of the financial statement is to ascertain the “net worth” (assets minus liabilities equals net worth) of the business in question. Net worth will have a major impact on how much the business is valued for at the time of sale.

All financial institutions, as well as many investors, will also require information about the potential business owner's personal financial resources. A personal financial statement will list all of the owner's assets and liabilities, again to determine the individual's net worth. These two statement, used in tandem, will help potential financing institutions or investors determine the amount of money they will be willing to lend the business.

Capital equipment is defined as assets, which have useful lives of more than one year and cost more than $250 per piece. Examples include machines, equipment, office furniture, and computers. Every business, whether existing or new, will require some kind of equipment.

Depreciation is defined as the original cost of the equipment divided by the useful life of the equipment, calculated in months. For example, a truck might cost $6,000 and have a useful life of five years (or 60 months). The truck's monthly depreciation would be $100 per month ($600 divided by 60 months).

For business plan purposes each piece of equipment needed to start the business must be listed along with its projected cost. Then it is necessary to estimate the useful life of each piece and calculate the monthly depreciation, which is cost divided by useful life. Both new and used equipment for either existing or new businesses are treated the same way for the purposes of this section of the Financials.

Start-up expenses are those expenses it takes to get ready to open the doors for business. These generally include things like: renovation to the building (if necessary), purchase of equipment, furnishings, and supplies, as well as other expenses encumbered in getting ready for business. Some will be onetime expenditures while others may occur once or twice a year – - generally within the first two to three months of the business year – - that will not be routine monthly expenses after that.

Cash flow is the most critical financial projection for any business. It projects when cash is expected to be received and when it must be spent to pay off debts. For a new business, cash flow can make the difference between success and failure. For an ongoing business, it can make the difference between growth and stagnation. Cash flow projections typically show:

How much cash the business will need;
When the cash will be needed;
If the business needs to look for equity, debt, operating profits, or sale of fixed assets; and
Where the cash will come from.

For business planning purposes, cash flow should be projected for a minimum of three years. These projections can typically be approached one of two ways. The first is to begin by calculating the number of customers the business is expected to have each month (as identified in your Market Identification section), multiplied by the average expenditure anticipated per visit.

Example, if it is anticipated that a business will generate approximately 1000 customers per month, each spending an average of $10 per visit, your typical projected monthly revenue would be 1000 x $10 or $10,000.

Another way of calculating cash flow is through the “back door.” This method can be particularly useful for certain types of service oriented businesses. In this method, begin by establishing the business's standard monthly expenses (for rent, phone, travel, cost of goods, etc.) and then project any additional expenses that may exist. Next compare that against the needed revenue.

For example, if the business will typically spend $7,500 per month in expenses, it then knows the amount of revenue required to cover that amount in order to just break even. Using the same revenue formula above (1000 customers per month at $10 per visit) it is possible to guess that the business can both make expenses and a profit.

If, however, the formula was 850 customers at $8 per visit, revenue would be short by at least $700; signaling a red flag. At that point the business would have to determine if there was a way to cut expenses or increase revenue in order to ensure some form of cash flow within the business.

The balance sheet is a picture of the business's financial condition, which includes a list of:

Assets – - what the business owns that is of monetary value,
Liabilities – - what the business owes its creditors, and
Equity – - or the business's net worth.

It, therefore, shows whether the business's financial position is strong or weak.

Businesses that intend to apply for a small business loan should be aware that different lenders will have additional forms and applications for to be completed for their individual institutions. It is neither practical, nor feasible, to include all such documents as a part of any standardized business plan.

It is also advisable to include a copy of all principal owner's credit reports in the business plan. These reports will always be reviewed at some point, so including them from the outset will save time and effort as well as speed up the process.

Additional pieces of information that can be helpful to a business plan include:

Contracts or letters of intent from landlords, vendors, suppliers, etc.;
Additional background information on the industry within which the business falls;
Photos of property, equipment, inventory, or products; and
Letters of reference.

The business plan process is long and arduous, but anything work having is worth doing correctly. That tenant applies to business as well.

Finally, businesses should never fail to seek counsel that may be available to them either through their local Chambers of Commerce, Small Business Development Centers, the federal SBA or others. Most of these agencies provide free services, which are design to help make the business development process easier. Take advantage of their expertise and counsel.

The amount of money required to get the business up and running (e.g., purchase of building, equipment operating expenses, etc.);
How initial funding will be spent;
How the funds will be secured or in other words what the collateral is;
Revenue projections for the business;
How revenue will be allocated across the business;
Projections for repayment of loans or investments; and
The length or terms requested.

The business plan process is long and arduous, but anything work having is worth doing correctly. That tenant applies to business as well.

Finally, businesses should never fail to seek counsel that may be available to them either through their local Chambers of Commerce, Small Business Development Centers, the federal SBA or others. Most of these agencies provide free services, which are design to help make the business development process easier. Take advantage of their expertise and counsel.

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Exclusive Leads News

March 16th, 2010 | Author: wlomvy

The Following Story is from Associated Content and sponsored by 1st american law centerr

So the choice is yours now! You're ready to start making money and have a sales force staring at a phone, waiting for it to ring. Then it starts. Ringing off the hook as customers respond to your first TV ad and you're off!

That's, obviously, a pretty idyllic viewpoint on advertising, but it would be nice. More reasonably, your sales force is out there, trying to reach new customers by calling people cold. You've trained a group of four people on your product and they know it inside and out. If they have the opportunity to speak to someone whose interested in your product, they'll close one in four and can handle four calls an hour since it takes them about 15 minutes per person to explain the benefits in detail. Since they're making outbound calls “cold”, however, they are only gaining minimal interest levels every fifteenth call and nailing a sale every one in sixty. Suddenly, instead of one sale an hour each, your trained sales team is only making one sale every three hours and becoming more and more frustrated. Your sale projections have plummeted from thirty two sales per day to around ten per day — 31.25% of your expected numbers.

How can you increase your level of success?

Well, there's a couple of ways. The one I'm going to focus on is outsourcing lead/referral generation. Many people call it lead generation, but I, personally, consider it to be referral generation. See my earlier posts for why I do so.

Outsourcing has a lot of advantages, not the least of which is the simple fact that your sales team doesn't need to be focused on spending time finding people that are interested.

Expense: The cost involved in outsourcing is, in the long run, usually a cheaper investment than having your in house sales team do the work.

Training: Training sales people to make cold calls and qualify people without going into their detailed pitches at the wrong times is difficult.

Training x2: Your sales team has expertise on a product that is not necessary for referral generation. Bringing you contacts for sales can be done by people who know the basics of your product — enough to generate an interest, but not necessarily to gain a new customer.

Time: You simply can't make as many sales if you use your in house sales people to make cold contact with prospects.

Better Prospects: As the numbers above showed, without the right prospects, your company will not be able to make as many sales as they have the potential to, even with a perfect sales team. With an outsourced company generating referrals for you, the sales team can complete the sale and help you gain customers with greater success.

Obviously, there are disadvantages as well, but I believe that for many businesses these disadvantages are far outweighed by the above mentioned benefits as well as others that companies find to be true. The primary disadvantage that seems to weigh on management's mind is the loss of control. Although this is a definite concern, this can be addressed by finding the right company to work with.

Outsourcing referral generation can have a very positive impact on your business and its long term success. By chosing the right company to work with, understanding how to best manage the organization, and negotiating an equitable payment structure, all parties can be improved and each person along the chain will feel the increased capabilities.

A good referral generation company does not see you as “just a customer” — but as a partner. I'll address this more in my next detailed tip on how to chose a company.

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Trigger Data Information

March 16th, 2010 | Author: wlomvy

The Following Blog Post is from Associated Content and sponsored by leads

Say the words “business plan” to a potential small business owner and watch them scramble to get away. For reasons I, as a former small business counselor, could never quite fathom, that was the inevitable result.

Business planning is an essential piece of the development of a successful small business. Please note that I said “successful.” Almost anyone can start a small business if they have a good idea, the appropriate skill, and enough money. However, developing a successful small business – - one that can withstand all the problems that will be thrown its way – - is something else altogether.

There are two basic reasons for writing a business plan. The most common reason is to provide a lender with detailed information on all of the aspects of the business. The plan gives a potential lender or investor insight into how the business will be conducted. It details how the funds sought will further the goals and objectives of the business. It also explains how the loan will improve the worth of the business and enable the loan to be repaid in a timely fashion. Finally, it details how the money will be used and it backs everything up with solid information.

All lenders and even the SBA will require a business plan from those seeking funds to start or expand a small business. The plan, if properly done, gives them enough insight into the potential business venture or business expansion to determine the payback viability of loan or investment funds.

The most important reason for business planning, however, is that the business plan actually serves as a blueprint for the business. When written with sufficient research and completed with feasible financial projections, the plan can tell the owner whether or not the new business (or expansion of an existing business) will work. Furthermore, with continuous update, the plan can be used throughout the life of the business to project its future movement.

Statistics compiled by the Small Business Administration (SBA) indicate that lack of business planning is the primary reason behind small business failure. It is estimated that somewhere between 95 and 98 percent of all business failures can be tracked back to poor planning. Therefore, it stands to reason that completing a business plan should – - and does – - increase the chances of small business success.

Another side benefit of business planning is that the thinking and research involved during the planning process forces the planner to look at the whole business rather than any single aspect of it. This is an essential component in good business management. By objectively reviewing and analyzing a business through the planning process it is possible to:

Identify its areas of strengths and weakness;
Pinpoint needs that might otherwise be overlooked;
Spot additional opportunities that might exist within the industry;
See problems before they can get out of control; and
Develop ways around any potential roadblocks.

Operating without a business plan often leads management to operate from a reactive rather than a proactive stance, which can be dangerous for a business. On the flip side, operating with a plan provides the business a continuous process of:

Visualization regarding where the business is going;
Decision Making based upon the plan;
Evaluation to compare the actual results against the written plan;
A System of Checks and Balances based on the usefulness of the plan, and
Revision or modification to update the plan.

Finally, the business plan also helps communicate the focus of the business, both short-term and long-term.

Once a determination has been made to actually do the business plan, the second step is to decide the type of information that should be included within the plan. The more thorough the plan, the more information provided for use by the business owner or for potential investors who must decide whether or not to loan the business money. Therefore, the more information provided the better the plan.

A business plan is generally divided into two major parts. The first part is called the Business Background. It is, in essence, the written description of how the business will operate. As such, it should contain key components including:

Product/Service description;
Marketing identification;
Competitive analysis;
Location analysis;
Pricing structure;
Marketing strategy;
Company needs; and
Financing requirements.

Each piece of the Business Background is crucial. A single piece, by itself, paints only a fragment of the overall picture. However, when combined with the other pieces, the background comes into focus to paint an entire picture of the business.

The amount of money required to get the business up and running (e.g., purchase of building, equipment operating expenses, etc.);
How initial funding will be spent;
How the funds will be secured or in other words what the collateral is;
Revenue projections for the business;
How revenue will be allocated across the business;
Projections for repayment of loans or investments; and
The length or terms requested.

The section of the business plan provides an opportunity to explain to potential investors, in detail, a company's financing requirements in terms of the amount of financing needed; specific term requests; and proposed repayment terms. For this reason, it is important to answer all of the following questions:

Any loan request, and its repayment, must be supported by the financials. This means that the finished plan must project sufficient sales and cash flow to pay back the funds, with interest, pay all of the operating expenses, purchase all of the necessary supplies, and still leave the business owner with enough money to continue.

Product/Service Description

One of the most important aspects of business development is the establishment of goods or services that the target market will want to purchase. While most businesses want to think that their products and services are somehow special or unique, their customers may not share that perception. The ultimate goal, therefore, is to convince customers that they want the products and services that the business provides.

Most businesses are built around products or services that are already available, in some form, within the marketplace. However, if the product or service happens to be unique, state-of-the-art, or otherwise notable, business can certainly take advantage of the situation. Such differentiation is extremely valuable.

Realistically, however, most products and services tend to be somewhat generic in nature. Therefore, distinguishing a product or service from that of the competition will take both a thorough knowledge of the industry and of the product or service. (Note: This type of knowledge is also imperative in order to convince investors – - public or private – - to invest in a business.)

Services tend to be even more abstract than products because there is nothing for the customer to see or feel. For this reason, most customers tend to choose the service based on their impression of the company itself. However, like products, services must have some attributes that will make the customer desire them. Therefore, the key to this part of the business plan is not just to identify the product or service, but more specifically to identify specifically what is being sold. To accomplish that, business must put themselves in their customer's position and answer the following questions:

What does the customer think they are buying? For example, a florist may think she is just selling flowers, but she is really selling beauty, love, forgiveness, and a variety of other intangible feelings. These are the things you must keep in mind when identifying your products and services.
What product or service does the business offer? Be specific in this description.
What problem does the product or service solve? Don't just think about tangible problems, but intangible ones as well. Using the flowers as an example. If a husband buys his wife flowers because of something negative he did, the problem being solved is one of obtaining forgiveness.
What makes the product or service unique? This is an opportunity to establish the difference between the product or service provided by one business from that of another.
Who are the product suppliers for the business? This is a list of vendors from whom raw product is supplied. It should never exist with a single vendor. It is important to have back-up suppliers for emergency situations that happen far more often than business wants to admit.
How will the products be distributed? This is a chance to explain the various ways that a business intends to sell product (e.g., in-store, route sales, web-site, etc.) Most businesses can no longer rely on a single point of distribution like in-store sales because competition is now global in nature.
Why will customers buy the product or service from your business rather than your competition? Here it is important to establish the reason a customer might choose to do business with one company over another. It lends credibility to financial projections that must be made later on in the plan.
What costs are associated with the product or service? This doesn't just mean the cost of the raw product. It also includes the percentage of overhead cost (e.g., for rent, electricity, advertising, etc.) allocated to the product or service. It should also include any intangible costs.
What level of inventory will the business need to carry? Some businesses can obtain raw product quickly while others must deal with transportation issues. Therefore, while some businesses can simply order raw product as needed, others must carry a certain amount of product on the shelf at all times. Product inventory is a tricky matter and must be nailed down as effectively as possible in order to avoid excess inventory costs.
What is the shelf life of the product? Perishable products should be kept to a minimum to avoid cost over-run.

Product and service knowledge is of primary concern in business development. There simply is no shortcut around this area. Knowledge is power.

Market Identification

A business cannot survive without customers, although this seems to be something that today's businesses are intent upon challenging by providing poor customer service. The reality of it is that in order for a small business to survive and, better yet, grow everything it does must revolve around customer needs.

Products and services must be tailored around the customer's wants and needs as well as their perceived idea of value. A business's location must be convenient to the customer's normal traffic pattern. Prices must fit the customer's budget. Hours of operation must fit the customer's availability to shop. Even management decisions and personnel training must be accomplished with one singular goal in mind – - satisfying the customer so that he or she will keep coming back.

A good business plan can help define, understand, and satisfy the business's customer base. Defining a target market is achieved by determining which customers need the goods or services that the business intends to provide and then learning as much about those customers as possible. Most businesses will have more than a single customer base.

In order to get a handle on a target market; it is essential to answer the following questions:

Is the customer more often male or female?
How old is the “typical” customer? Yes, it is possible that customers of all ages will purchase from a business, however, every business has a”typical” customer as well; one that purchases more of the product or service or buys more often. This “typical” customer is the one that the business must know inside and out in order to survive its competition.
Where does the typical customer live? Believe it or not, it does make difference. Human beings are creatures of habit. We tend to shop around areas where we live. Therefore, locating a business some 30 miles away from our location is business suicide. On the flip side, locating a business within our normal daily traffic pattern ensures customer attention.
Does that typical customer fall within a particular race or ethnic group? I know this sounds racist. Trust me, it is not meant to be. However, the reality of it is that for advertising purposes this information is crucial. Caucasians and Hispanics simply don't shop the same way. If you want to reach the Hispanic customer, then you have to know how he or she does shop.
What is the typical customer's lifestyle in terms of education level, marital status, occupation, income level, religion, social class, hobbies, etc.? This information is also crucial for advertising purposes. People with more education are reached by different mechanisms than those with little education. It's a fact; not a slam.

Additional valuable information that would further strengthen the plan includes:

How far might customers be willing to travel to buy from your business?
What distance is your business willing to serve in order to sell to the customer?
How many projected customers reside within the area the business has agreed to serve?
How many customers are likely to purchase the product/service that the business provides?
What is the average amount each customer is likely to spend during each visit?