Perhaps the most difficult part in any endeavour is the start-up phase. Indeed, this idea applies to any business venture. To reduce risk, a detailed plan must be prepared for proper guidance. This pre-opening strategy will help in defining goals and setting targets.A business plan contains information on company’s strategic actions, resources for financing and specific guidance in operations. Today, modern technology has offered variety of business plan software to serve individual business needs.

Free business plan software will help you create your plans easier by eliminating the tedious task of lay-outs and formats. The use of this systematize software will help you save time and resources. Step by step guidance is offered in many professional business plan software to avoid mistakes that are commonly committed in manual procedures. With its pre-formatted features, you can be assured of considerably low margin of error.

With built-in financial formulas, financial management will be stress-free. Instead of doing all the computation and dwelling with mathematics, you can just import your data and wait for the software to give out reports. Your need for statistical tables, graphs and charts will be conveniently catered since these are included in the software package. Various resources for industrial and business research are also available in detailed forms. So, you can get away with expensive research activities and outsourcing workforce to do the field-work.

An understandable and credible business plan will surely help attract prospective investors by giving them the exact information that they need. Business Plan software provides targeted internal and external investors avenue to effectively assess capital investment to find promising projects. Your software will surely be an effective funding tool to please venture capitalists.

Strategic planning will result to better and informed decisions. With advanced software features and tools, you can conveniently monitor your reports. In addition, you can efficiently track cash flows, evaluate variances and operating results. Variance analysis is also available so you can easily compare actual results versus company standards and take appropriate actions. With this feature, you can have better business management and efficient operating conditions.

When done with the planning, an awesome presentation is a must. The format, as part of the software package, will depend on the presentation style. For start-ups, common business plan presentation may include the so-called “elevator pitch” which serves as a teaser by introducing the executive summary. This style aims to stir up the interest of prospective investors, consumers or business partners. Some of the common presentation styles include slide shows with narrations and written presentation. With the use of business plan software, you can enter the presentation room with confidence. Presentation features will add professionalism to your plan. You will definitely impress your audience with an informative, complete and smart business plan.

Since a good plan dictates your venture’s future, you must choose the right business plan software for you. It’s high time to take your business to the next level and take a smart start for more promising rewards.

Whether you are writing your ideas and goals on a napkin at the corner cafe or hiring a professional writer to put your thoughts to paper, your online business plan is the lifeline to any entrepreneur’s success when leveraging the internet to promote and market your products and services. While business plans come in all shapes, sizes and formats the core elements should be the same. So make sure your online business plan is up to par by asking yourself these key questions. It can mean the difference between a successful home business and a failing one.

Key Questions Every Entrepreneur Should Ask When Writing An Online Business Plan

#1 Do you have what people want? What value do you have that people will be willing to pay for… is it a product, service, skill? You can have what YOU think is the brightest idea, but if no one if buying or no one needs what you’re selling, then you are out of luck. One of the main goals of your online business plan is to define what problems and challenges your target market needs and solve their problems with the knowledge and expertise your posses. This will help you outline the unique features and benefits of your product or service. Make sure you have them written out and use them as a reference when developing your sales and marketing materials.

Always remember this: If you are not solving problems you are not making money.

#2 What, who, and where is your target market? I know I know, this is more like three questions in one, but before you get to marketing your product to any and everyone, know your niche… health and wellness, internet marketing, social media, wine, motivational speaking, custom invitations, video marketing, etc. Next know who you are targeting… athletes, small business owners, corporations, the rich, the poor, college students, stay at home moms… I think you get my point here. Lastly, know where your target market hangs out both online and offline. For example does your ideal customer frequent the gym, the internet, Facebook, day cares, or church functions, small business seminars.

By answering these 3 questions you will define what your ideal customer looks like… what we like to call your AVATAR. Only when you have a crystal clear idea on who you are selling to and where you can find them can you focus the right time and energy into the most effective and profitable marketing and lead generation strategies.

#3 Who’s your competition? Unless you have invented a product that has never been seen before you will always have competition… and even if your novel invention is a first to market… if it’s a goldmine, the competition is not too far behind. You will always be competing with someone else. Other business owners, other marketers, other distributors, other entrepreneurs within your niche.

Once you know the other players in the game you can adjust your marketing plan and brand to be a cut-above the rest. If there is nothing unique about your offerings, mo perceived added value a customer gets from joining or buying from you, or if you are priced too high over your competition who is providing comparable products and services, then you’ll lose every time.

#4 What’s your intention statement? What the heck is an intention statement. Your intention statement is the core of your success map will communicate what you are trying to do and how you plan to do it. It can be one sentence or as long as a couple of paragraphs but keep it concise and to the point. The shorter, the better.

#5 What is your personal promise to your customers and business partners? Start with “I promise to… ” Offer a gourmet coffee experience at a decent price? Provide step by step tutorials on building a brand from home? This is something you have to know. I promise to provide online marketers cutting-edge access to the most effective Facebook marketing strategies.

#6 What are my greatest challenges or obstacles? Identify what might keep you from being successful. Inferior resources, limited knowledge, lack of strategic partnerships, fear, the wrong attitude (yes your mindset if the greatest obstacle of them all). It’s important to identify these things, so that you can come up with solutions. The better PROBLEM SOLVER you become the better plan of action you will have for dealing with these road blocks.

#7 What are your marketing and sales plans? Develop a plan that will maximize your business exposure, help you generate targeted leads and then convert those leads into buying customers. Will you market online, using social media, Facebook, billboards, trade shows, at local meet ups. Do you have an elevator pitch (can you quickly tell someone what you do in 15 seconds or less) and create value while doing so? What are the price points for your products and services? Also, what are your sales goals?

#8 Do you need a staff or external support? While most of us are solo-entrepreneurs or small business owners, ask yourself can you achieve your marketing and sales goals by doing everything on your own? There may be some tasks you do not know how to do or even want to do yourself. If this is the case, you must account for future employees, the possibility of outsourcing or investing in learning the skills you need to run your ship if paying others is not an option.

The better prepared you are as an entrepreneur, whether you run a home based business or small retail shop, you must have a success map that will guide you along the way. The worst feeling you can have as an entrepreneur is to have your visions and dreams collapse because you failed to plan!

The immediate response to surviving an economic downturn involves battening down the hatches and simply weathering the impending storm, cutting whatever is necessary to make it through the chaos. Marketing usually falls to the wayside, workers are cut, and prime opportunities to position your company as a customer service or market leader pass by unnoticed.

You may be hearing some of the most promising news that’s come along in months, however. Yes, the bleak outlook that companies had just a few months ago is transforming into a positive, though cautious, attitude. While economic experts have noted a five percent growth in the economy, your segment may not fall within one of these industries. Regardless of whether your industry is included or not, Integrated Business Planning or Sales and Operations Planning (S&OP) remains a necessity not only to surviving an economic downturn but also succeeding, both now and in the future.

One of the few perks of a recession is that it eliminates under-performing players, practically wiping the slate clean for your company, helping it to gain a better foothold in the market, and effectively evaluate business initiatives and goals. This downtime is key to winning customers and ensuring you have systems robust enough to weather any other potential storm along the way. With a well-positioned Integrated Business Planning, or Sales and Operations Planning (S&OP) process in place, flare-ups can be dealt with immediately, and issues can be managed without constant monitoring. Not only are short-term solutions presented, but long-term tools for surviving another economic downturn are addressed as well.

Key Points to Remaining Successful

In terms of weathering this or any other recession, management is the glue that keeps the company together. When management spends excessive amounts of time addressing daily issues rather than focusing on the big picture, however, a lapse in meeting market and customer demand occurs. With so many factors in play, what can management do to ensure the company beats the competition and identifies ways to deal with the eventual uptick in business? Following are three key points to remaining successful:

1. One way to weather the storm is to make preparations that are specific to your business. Luxury items, for instance, are taking longer to rebound in the market; and while people are finally cracking open their wallets, these funds are usually spent on lower-priced items. How has the recession affected long-term consumer expectations? Part of Integrated Business Planning involves an in-depth evaluation of your business model, including asking:

• What are our differentiators? Should they be streamlined to meet the changing business landscape?
• Why do we sell this product? Are we known for our prices? Are we fooling ourselves if we think we can make money on this particular item?
• What are our strengths? Do we focus on higher-quality products with lower prices?

Point blank, to succeed, you must always emphasize your strengths – even though the easiest answer may not be the best solution to your problem. The only way to gain an accurate picture of your current and future situation is to assess your strengths and weaknesses honestly and identify core competencies that set you apart from the crowd.

2. Another solution to surviving an economic downturn is to introduce stress through technology. Technology can provide data models that identify gaps in plans or aggregate data from multiple sources that save the company time and money. These are important tools for successfully surviving an economic downturn. During this period of introducing new technology and evaluating new processes, it’s possible that the company may either lose or gain market share. Over time, your Integrated Business Planning processes will mature, helping you and your team pinpoint supply and demand goals, understand financials in greater depth, identify acquisitions, and improve cash flow management.

3. It is the responsibility of executive management to take the time to challenge themselves to think differently about their business. Oftentimes, however, cultural factors within the work environment can prevent positive breakthroughs. It falls on the shoulders of the management team to challenge pre-existing notions and beliefs about the business. Sure, the economy will change, but nothing is guaranteed, which is why having the proper Integrated Business Planning tools in place ensures the company will continue to profit and push ahead. Strategic Integrated Business Planning, if implemented in every element of the company, should address the following:

• In terms of our competitors, leads, and sales, where are we?
• What are our future goals, and where do we go from here?
• How will we get to that point? What strategy do we have to address these goals?
• Who are our customers? In which market or region will our products/services fare best?
• What do we sell? Will our services and/or products change at any time?
• How will we triumph over our competitors? What makes us different?

Emerging Victorious from a Downturn

Winning (and, for the time being, surviving) in an economic downturn means that you must evaluate your bottom line with open eyes and honestly assess the situation. In many cases, the outlook may still prove bleak, but times are getting better. Integrated Business Planning and preparation ensure you have something to fall back on when the storm gets too rough. Addressing both the short- and long-term issues that plague your business in a downturn through various Integrated Business Planning tools also ensures you’ve evaluated all aspects with a mind responsive to change and growth.

Evolution of S&OP into Integrated Business Planning

Sales and Operations Planning is evolving into what many companies are now calling Integrated Business Planning. It is no longer just a process for aligning product portfolio plans, demand plans, and strategic plans. The key driver of this evolution is the benefits companies realize from integrating ALL company processes into an Integrated Business Planning process that the executive team uses to manage the business. The key differences between S&OP and Integrated Business Planning are:

• Greater financial integration across at least a 24-month planning horizon resulting in improved information for decision-making and greater accountability.
• Financial performance metrics.
• Inclusion of strategic initiatives and activities in the monthly IPC management process, reinforcing that one primary management process is used to run the business.
• Improved modeling and simulations to help develop contingency plans for changing operating and financial parameters.
• Easier translation from detail information to aggregate and aggregate to detail enabling more quicker, more timely simulations and greater granularity of information for operations and finance.
• Improved decision-making through an integrated reconciliation process to keep decisions at the lowest practical level.
• Improved trust throughout the management team with one process, clear accountability, and commitment to the behaviors required to ensure the Integrated Business Planning process is effective.