When thinking about writing a business plan, the first thing you need to consider is: What is the purpose of this plan? Is this a document for your own edification to help grow your business and ensure there is an end result which will be profitable, is this for an investor meeting to raise capital, is this for the purpose of obtaining a loan, or is this simply something you’re doing because you heard it’s a good thing to have? If this is for the purpose of obtaining a loan or investor funding, then there is likely a template that they expect you to use when creating your business plan because there are specific things they want to see. In this case, you simply follow the template and explain the reason your business is going to succeed.
But if the reason for your business plan is to truly understand your business and to ensure you will succeed, or if there is no template to go on, then you need to create a template of sorts for yourself. Without some kind of a foundation, it will be impossible to stay focused and create an actionable plan.
Many new small businesses run into situations where they have to choose between taking on debt and slowing growth. For those businesses which decide to slow down, turn down orders, or reduce productivity, the choice may be difficult but the execution is easy. For those businesses which decide to continue to grow as Premier Factory Safety has, it can be a challenge to raise the necessary capital. One option is to take on an equity partner, assuming someone is willing to come on as a partner and the business owner is willing to give up equity. But for most, the answer is to use debt.
Unfortunately, getting a loan can be very difficult for a new small business owner. Many business owners first try to take out a loan in their name against a house, car, or simply as a personal loan or line of credit. The process is much easier, the rules much more straightforward, and this is a type of lending which they have dealt with before. Unfortunately, most also find they cannot get a loan in their personal names as they do not have consistent, documented income.
So they turn to business lending. Unfortunately, lenders are still …
Many Generation Xers are finding themselves in a situation where they are managing employees who are older than them. Whether receiving the promotion they have been chasing for 10 years or taking on a new career in retail, it is becoming a common occurrence for young people to be managing others whom they might have asked to mentor them only a few short years ago. This can, obviously, be a difficult situation.
So here are a few tips to help you as you transition into this new role:
Don’t be intimidated. Too often, a new manager will come in with fewer years on the job, less time at the company, or missing designations some members of the team might have, and the manager will be intimidated by the collective experience of the team. Instead, you need to remember why you were hired for this job and act accordingly. Similarly, if you make a decision, stand by it. You will quickly lose the respect of your employees if you question yourself.
Don’t Apologize. There is a good chance someone on your team wanted your job. There is also a good chance some of the older team members will not immediately respect