Every individual needs to have planner to organize their everyday lives. Even at a very young age students have an organizer for their assignments and homework. For adults they have an electronic organizer on their laptops and mobile phones in order to remind them of their scheduled meetings, delivery dates, and appointments for important clients. A planner makes everything in order and up to date.
In business, a planner is also required even for a small business plan. This monitors your business everyday operation and tracks down all things that could be easily forgotten. So before deciding with the small business plan you must have a mentor or at least a business model to follow. This is important so that your business can have specific goals and timetable.
Once you made up your plan you can now proceed with capitalization. You will need to know how much money your business will need to start its operation. Once you have a number and quotation you can decide on where to raise the money. Funds can be loan from banks and financial institution but also from immediate family and friends. The choice is yours.
You also need to think of a business name, the structure of the business, licenses and permits, location, and equipments needed. And now that you sort all of these things out you can now make a feasibility study for your small business. This is needed so that you will know where your business and investment stands 2-3 years from now.
You should have an assumption for the best and worst scenarios so that you won’t be surprised by the turn of events. You need to think of financial growth and expansion once your business is stabilized.
Remember the 4 P’s, Product, Price, Place and People. Treating people or employees well will do well for your business. If you give importance to them your business will grow rapidly as they grow financially. As you give more bonus, compensation and benefits to your employees they in return will be inspired to work more for your business giving quality work which will give more sales in your part.
The last is the exit plan which is the easiest. You either can sell it or make it public making you retire at an early age. Or you can transfer your ownership to your dependents giving them a brighter financial future. Either way it will do you good just because of following and practicing the small business plan.