Category: Business Plans

Jun 02 2010

How to Implement Your Marketing Strategies



Researching the latest and greatest ways to implement effective marketing strategies is usually not the problem when it comes to failed marketing campaigns. The actual implementation itself is generally what holds people up.

Many small business owners take the time to do their research, but then when it comes time to try out a new marketing strategy, all of a sudden there are a million more important things to do. Then they whine when their marketing efforts are working.

Many marketers and small business owners are just scared of the effort and pain associated with trying something new. Of course, you’ve heard the saying “No pain, no gain,” which applies to marketing too.

You can search for kooky marketing ideas that will get your business noticed, but until you actually do one of those ideas, you won’t get any results. This may seem like common sense, but it seems as though some marketers think that knowledge is power – knowing how to do something is not the same as executing it.

Jay Levinson, the pioneer of guerrilla marketing, suggests people do three to five things related to marketing per day. Studies show it takes 3 weeks to develop a habit. So if you can incorporate a marketing action into your life for 3 weeks, you’ll make it a habit to implement marketing every day, and it won’t be so hard to try something new.

How to get started implementing
First, you need to manage your marketing activities. Write down what you want to do and when. Make a chart to keep track of your initiatives. You can also use your marketing plan as a reviewing tool to see how many marketing projects you’ve implemented. You could also use a checklist to keep track of what you need to do and by when to implement an activity.

For instance, if you plan on mailing out product catalogs every quarter to update your selection, plan on calling the catalog printing company to make sure they’ll be ready to print when you are.

Set up an accountability system. This can be part of your chart where you keep track of initiatives. Or you can set up a simple Excel spreadsheet that lists the date, action, cost, personnel used, target completion date, date completed and results.

By managing your activities and being accountable for them, you’re well on your way to actually putting the marketing strategies in motion.

It’s important to note that the planning isn’t actual implementation; it’s what happens before implementation. You can’t say “Well I wrote down my plan for next month, so I’m already implementing my strategy.” That’s not how it works! Nice try, though.

Successfully implementing a marketing activity requires:
o Focus – on the task at hand and the end results
o Attention to detail – you need to make sure you do everything that is planned and leave nothing out
o Managing – make sure everyone who has a task is working on that task
o Delegating – do what you know how to do best and outsource the rest

Implementation is key to your success. If you can implement some kind of marketing effort every day, no matter how small, you’ll be that much closer than your competitor to getting that new customer.

May 28 2010

Need to Write a Restaurant Business Plan Sample? Here’s What You Need to Include

If you’re about to open up a restaurant then you need to have a restaurant business plan properly written. You probably have a pretty good idea of some or perhaps most of the things you need to include in your plan, but there are probably some things you don’t know you should include. So let’s take a look at what you need to include when you write a restaurant business plan sample.

Overall you need to include five bigger topics in your plan. These five topics are an Executive Summary, History and Position to Date, Market Research, Business Strategy and Operations.

The first thing you need to do when you write a restaurant business plan sample is to write an Executive Summary. In the Executive Summary there are a few issues you need to address. These issues include: a description of the company, a mission statement, products and services you will offer, a financial forecast, and financing requirements. All of this information will help lay the foundation for what your restaurant will do and how you plan to do it.

The next issue you need to write about is History and Position to Date. This will take things a step further and lay even more of a foundation while including more details. While writing this part of your plan you should include: the company’s mission, the management teams and key personnel, services (more in depth), a company history, guarantees and warranties you’ll offer, and your business structure.

The third part of the business plan is arguably the most important. This will help you predict how successful your business will be and how you can make your restaurant as successful as possible. This part should include: economic and social factors, competitive environment, long-term opportunities, geographic area, customer description, target customers, market definition, market opportunities, competitive analysis, competitive advantages, competitive positions, and potential future competition. All of this information should be researched and then analyzed thoroughly. The answers you’ll get during this part will be invaluable to the future success of your restaurant.

The fourth topic you need to address while writing your restaurant business plan is your business strategy. This part should outline exactly how you will attract customers and how you plan to keep them coming back. The topics you should address during this part are: customer incentives, advertising and promotion, sales and marketing, and commission. The information you include in this part will directly lead to how well your restaurant is going to be doing.

Finally you want to outline your operations. This final part will include the specifics of how your business will be run on a daily basis. This part should include things like: how many employees you’ll have, what type of employees you’ll have, what you’ll serve, how you want your menus to look, etc. Basically anything that goes into the daily operation of your business needs to be addressed in this final part.

If you plan to open a restaurant then you need to have a restaurant business plan properly done. Your plan should include the broad topics of Executive Summary, History and Position to Date, Market Research, Business Strategy, and Operations.

May 21 2010

Beauty Salon Business Plans



Beauty salons have emerged as a competitive business. A good business plan, therefore, plays a key role in the success of a salon. Beauty salon business plans are necessary if a person wants to expand his beauty salon business or is going to start a new salon.

A good beauty salon business plan gives an appropriate idea regarding the plan for the business’s growth. Moreover, a well-formulated business plan helps a lot in seeking potential investors. A company with growth potential is always a safer investment than one that functions in a no-profit, no-loss situation.

Just planning the business is not enough; business plan writing is also an essential aspect. You should seek the help of a specialist to write a winning business plan that can give you that extra edge. A business plan must contain the market and competitor information. A good hair salon business plan must outline details such as scheduling color, nail, cut and styling appointments. It must take into account the latest trends in cutting, blowing, drying, and selling hair care products.

A beauty salon business plan is a stepping stone for the employees and management, as it provides a clear outlook of the company’s plans for the future. The beauty salon business plan also allows you to determine the budget needed for the daily operating costs. One can judge one’s company’s position in the market through this plan.

There are many firms offering software packages for a beauty salon business plan. Some even provide free gifts along with the package. One can easily download a fully completed beauty salon business plan from the Internet. A fully completed plan can easily prepare accountant-endorsed financial forecasts and plan, thereby eliminating potential errors. A few third-party software packages do not take responsibility for the content or accuracy of the software.

May 18 2010

Constructing a 30-60-90 Day Business Plan



As part of the interview process, many medical device companies will ask the candidate to construct a 30-60-90 day plan. Even if it is not required, doing so will demonstrate to the hiring authority the candidates’ serious intentions towards the particular position they are interviewing for. A well thought out plan will include a preliminary preparation plan in addition to a concise and detailed business plan that includes both tactical and strategic initiatives. I cannot emphasize how important it is to lay out a detailed and well thought out plan. An investment of maybe 3-4 hours will be more than worth the time and effort when the job offer is extended.

-Preliminary preparation-

Preliminary preparation includes initial company research and is more strategic than tactical. If the company is publicly traded, one would want to obtain the annual reports that are available for investors and potential investors and study them. Often, company information on private companies can be purchased through sources such as Hoovers, Zoom Info, or Dunn & Bradstreet. A candidate will also want to meet with the district manager to discuss market analysis and target market, territory, and features/benefits of the products and services offered by the company. For the business to business salesperson, it will be essential to familiarize oneself with the language and buzzwords of the medical and pharmaceutical field. For the medical sales rep, this would be the time to conduct further research on the products and services being offered by the company as well as construction of competitive analysis.

-30 days-

The first 30 days should not only include a thorough understanding of the internal workings of the company, but also include a plan to introduce oneself to all customer contacts. Learning the email system, customer retention management system (CRM), reading and understanding company policy and procedure, attending training programs, mastering product knowledge are all tactical initiatives. Most quality companies do train their sales staff extensively (whether for pharmaceutical sales positions, biotech sales jobs, clinical and research laboratory sales opportunities, or medical device sales). Strategic initiatives include broadening knowledge in the field of medicine, identifying trade groups, and thoroughly understanding the target market.

-60 days-

The next thirty days includes more field time, less training, and more customer interaction. Tactical initiatives would include fine tuning the driving route through the territory, detailed call plan, and fine tuning presentation style. Strategic plans would include studying additional material regarding sales style, meeting with the district manager to discuss progress, and joining industry specific professional groups.

-90 days-

The tactical part of the plan should contain development and implementation of a specific “game plan” which includes setting higher goals for six months and one year, developing target lists of accounts based on needs analysis, and creating and implementing a measurable results call plan. Strategic initiatives would include attending professional networking events, meeting with sales team to assess strengths and weaknesses of the territory, continual research in the medical industry as well as improving sales presentation skills.

May 16 2010

Business Intelligence Planning



Plan meticulously before launching a business intelligence (BI) project. Brief the senior managers while implementing a BI application project so they can back the information technology department’s plans. This way, the team remains cohesive and goal-oriented. In addition, the IT managers, MIS directors, and chief information officers should carefully assemble the right team for implementation and select the right business intelligence product.

Establish the Need

Management and business community must have a general understanding and appreciation of the value that business intelligence applications can provide. Create a compelling need for developing a business intelligence application within your organization. Company individuals can use it to access data to obtain specific information or use it to solve any type of business problems. Plan your project thoroughly before implementing it, and complete the project within the stipulated time frame.

Develop a Formal Project Plan

Your plan is a living document that must be updated continually through the life of the project. It is a reference document to all the project details and helps to manage the expectations and outcome of the final delivery. The plan should contain:

Business requirements

Scope and delivery

Critical success factors

User acceptance criteria

Tasks

Timeline

Roles and responsibilities

Proper planning leads to a successful BI project in which all of organization’s expectations are met or exceeded. Formally documenting and communicating the deliveries help to fulfill user expectations.

Checklist for BI Planning

To ensure the success of your business intelligence project planning and implementation, use the following checklist:

Define the project

Identify the users

Develop a formal project plan

Assemble the project team

Assess all information and technical needs

Select the software

Configure the business intelligence application

Deploy a support strategy

Train all users

Ensuring Success

Present your business intelligence strategy to someone you report to before implementation. Give a presentation to the executive committee on the expenditures, data restructuring, overhauls, incremental expenses, requirement of skilled manpower, ramifications and effect on the enterprise. This will provide a nucleus to work with and develop or implement a well-planned BI project. Follow the following checklist to ensure success:

Have a corporate BI mission statement.

Have a centralized managed approach.

End user and IT representatives should meet regularly.

Justify BI acquisitions with RFI/RFP, specific application, end-user surveys and requests, IT decisions with use input.

Evaluate criteria and measurement processes to track BI efforts in place.

Have a formal model of BI support structure in place.

For end-user input requirements, allow individual departments and functional areas to select and maintain their own BI strategies.

Publish an approved BI strategy document describing all selections in details for future references.
Review the necessary documents periodically.

Take steps and spend time to plan your business intelligence initiative to avoid business failure. Goals and organizational aspirations cannot be achieved without a plan. A proper plan enthuses the project team to aim for success within a given time frame and with an optimal use of resources.