Business Plans For Small Business – 3 Compelling Reasons Why You Must Have One

Business plans for small business people is an interesting phenomenon. Most business owners know they should have one but various research indicates only about 56% of small business enterprises has a current one. This article discusses 3 compelling reasons why you should have one if business success is your prime motivation, which is must be for all of us with our own business.

Read on to uncover the myths of business planning and the easy solutions to create one.

MYTH NUMBER 1: Business Plans for Small Business People Seem Difficult to Construct

After personally completing over 146 business plans for many companies big and small, I have seen the difference it can make in a switched on organization. The most effective plans are those that only take about a day to fully construct. Any more than this the plan is likely to be too long, too complex and harder to implement.

So would you take one day a year or even each quarter to construct a relevant specific plan that will provide motivation to you and your team, strategic direction on what you need to implement, and to give you a much higher percentage chance of attaining business success?

Now there are some great resources and tools on the market that makes creating a new plan such an easy way to go. These are neither expensive nor time consuming so really there is no excuse for not doing one.

MYTH NUMBER 2: Business Plans Implementation is often neglected

Business plans for small business are easy to implement if you look at the following structure. The best way to implement your new plan is to complete a yearly one of only 5-12 pages depending on the complexity of your small business.

Then create a quarterly 90 day plan which is only 2 pages long every quarter. This makes planning a breeze.

The longer yearly plan sets the goals and gives more detail but the shorter plan is just as powerful as it is the action plan needed for implementation.

The best results in implementing strategy is when you look at your 90 day plan of action each week and put time aside of about 3 hours a week to plan and take action.

This means you have a yearly focus broken down to quarters but implementation is done weekly. A sure fire rapid way to achieve maximum business success.

MYTH NUMBER 3: To Start Planning Seems Difficult

Planning is essential for success. Even the statistics shows over 70% of businesses that succeed over a 5 year period have a written plan. Conversely the 80% plus statistic of business failure shows a very low percentage of people in this category have a written plan.

Bottom line: You are absolutely more likely to succeed if you have a current written plan or you are more likely to fail if you have not.

To start planning just look for a business planning template online and get started. These days a better option is to purchase for a very small fee planning software that even has what others in your industry have completed before you. This makes it extremely easy to plan successfully as you use the example for a guideline and change it to suit your individual circumstances.

Business plans for small business are easy to implement if you use the right tools, cheap to construct and a vital skill for you to reach the heights of success you deserve. If the fruits of your labour are currently now what you desire, then I commend you for completing a powerful business plan of action so you can rightly reap the rewards of all of your hard work.

Business Loans For Small Business Owners

If you watched the third and final presidential debate, you are sure to have heard the candidates discuss the issues of small business and small business owners. You listened attentively as Obama spoke about his tax plan that would cut taxes for people making less than $250,000 a year, making it easier for those people to get to the position where they are able to buy and own small businesses. And you took note as

McCain spoke about his tax plan, that caters to those who have already succeeded as small business owners and would “give the largest cuts to the very wealthy,” as stated in a recent Washington Post article.

Regardless of whose plan you agree with, the fact remains: Small business owners can greatly benefit from business loans, and even in the current state of the economy, there are ways for small business owners to find sufficient business financing. One of these existing methods of business financing is a business cash advance.

The business cash advance is often viewed as a business loan alternative; typically because business owners who find themselves facing bank business loan denials are often able to acquire the funds they need through a business cash advance, due to the easy-to-meet requirements.

Applicants who have owned a business for a minimum of four months, have no unresolved bankruptcies, at least one year remaining on their business’s lease, and process at least $2,500 per month in credit card sales, can receive a business cash advance of up to 30 percent more than their business’s average monthly credit card sales.

The business cash advance can be used at the borrower’s discretion, with no restrictions. Therefore, instead of preparing a proposal and presentation, hoping your loan request will not be denied due to your inability to persuade the lender, you will simply be required to provide the four most recent months of your business’s credit card statements. Based on those numbers, business cash advance lenders will determine how much you qualify for, your total payback amount, and the percentage of your business’s future credit card sales that will go toward your business cash advance repayment.

The structure and availability of business cash advances make the possibility of business financing a reality for small business owners across the United States. So whether the newly famous “Joe the Plumber,” that we’ve all gotten to know so well, buys a business that makes over $250,000 a year and sees a tax increase, or a tax decrease, he can rest assured that if he needs fast funds for his business (and that business processes credit card sales), he can get a business cash advance, and have money funded into the account of his choice in as little as ten business days.

Entrepreneurs Getting Free Government Start Up Business Grants – What is the Truth?

It can be incredibly stressful to start your own business; particularly if your budget is running low as you get ready to launch. The last thing you want is to get information which raises your hopes, only to dash them upon discovering that this information was inaccurate.

There are a lot of young entrepreneurs who are under the impression that they can get money from the government to start up their business. This is a misconception; no one (except maybe your parents) will give you money no strings attached – so don’t be taken in by anyone who promises you this. There are a lot of people out there who will tell you that they can do this, but be careful – you’re starting a business to make money, not pay it out to these unscrupulous operators.

If you’re an entrepreneur trying to get your business off the ground and your hope is that the government will help finance your venture, you need to know the facts:

1 – Small business other than non-profits are rarely able to get government financing; these funds are generally set aside for non-profits and other businesses which provide jobs in economically disadvantaged areas.

2 – Businesses which are engaged in new technology research and development can often get financing. However, if you are opening a Laundromat, you will not be getting a government grant to do so. These funds are typically reserved for the best and brightest in the scientific and engineering fields -research projects can receive grants of up to $100,000 and an additional $1 million for production
stemming from this research.

3 – Even businesses which are qualified to receive these grants cannot get them simply for the asking at any time. There are specific application processes for these grants which are time sensitive. If you miss the application deadline, you may have to wait until the next year or until a call for applications is announced.

4 – There is some hope of receiving government funding, but keep in mind that not all of this money is in the form of grants. There are small business loans which can be either a traditional interest bearing loan or matching grants with 25% of the cost being granted – the other 75% must be raised by your business. You will generally have to submit detailed reports of your business operations for tracking purposes when receiving these grants.

There are business grants on the local, state and federal levels – a good business plan can help your business to secure one of these loans. Your business plan should include a detailed description of how you will produce your product; provide your service as well as how you will market your business, among other things.

Your business plan will also give you a clearer picture of the viability of your business. After looking it over, you can decide if your plan needs some revamping – or if it’s time to go back to the drawing board altogether. This can save you a lot of time when you start up your business.

With the right information, your business will have a much better chance of securing financing – and of course, being successful overall.