Canadian Small Business Women

Connection, Synergy, Community

Standing Alone

yvonne

I was about to send some information I stumbled across to a friend that I thought would surely help them with a situation they were experiencing and lift their mood, and just before I hit the send button it occurred to me that I had been doing the same thing for the last couple of years… always quick to send unsolicited tidbits and give advice where I had not been asked even though it was with best intentions.

At the point of hesitation, I felt a nudge (what I call the spirit) say to me ‘sometimes you have to let people help themselves’. In that second I was reminded that if we continue to spoon-feed our kids, friends, colleagues and even clients with the answers and not let them find it for themselves, we rob them of the opportunity to build the required muscles that help them to stand strong and successfully move forward in finding lasting success.

When we take the bold step to find the way and answers we need, we empower ourselves to find true and lasting success. We may struggle, stumble and fall at the beginning, but every fall has the ability to make us stronger as we learn from our mistakes and fail forward!

How do you feel when given unsolicited help or advice? Do you help or give advice without being asked? How do you know when to give unsolicited help or advice or not?

Comment below. Would love to hear your thoughts.

To learn about Yvonne’s latest book on Changing your Mindset for greater results, visit http://www.oliveblue.com/changeyourmindset/

Yvonne is an Author, Speaker, Change Consultant & John Maxwell Leadership Coach who is passionate about working with Individuals, Entrepreneurs and Organisations to help implement change they want and achieve their goals.   

She can be reached at: www.oliveblue.com . www.facebook.com/oliveblueinc . www.twitter.com/oliveblueinc.www.youtube.com/ChangeYouWantTV

Honing your talent … What Bill Gates, Mother Theresa and Oprah have in common!

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Heard the saying “your gift will make a way for you”?

True or not? I dare say that is what the likes of Bill Gates, Mother Theresa and Oprah have in common; their gifts – and plenty of hard work – contributed to making a way for them.

Operating in our gifts can enable us perform at our optimum, perhaps it is because we are doing what we have been naturally gifted to do, and most importantly, we are touching and changing lives, be it in our community, the business world, or workplace.

We have each been given talent(s), and in order for it to be of value, for it to open doors for us or make an impact, we need to not only activate it, we also need to continuously  nurture and operate in it (using some elbow grease). I am reminded of the parable found in Matthew 25:14-28 where a man gives three of his servants five, three and one talent respectively, but only the servants with the five and two talents trade with their talents to bring about returns (ROI). On the other hand, the servant with one talent does nothing with his; giving the excuse of not wanting to lose it, he hides it away and the talent lays dormant. And this leads to his master taking away the talent and giving to the others who had the five and two talents! Wow … is it not interesting how the rich seem to keep getting richer, and sometimes the poor remain status quo?

Are we like the servant who has an excuse for hiding away their talent? Are we hiding behind one excuse or the other on why we are not doing anything with our God given talents? Are we scared of perhaps failing?

We have to be willing to take a chance even if it means failing, but like John Maxwell says in his book ‘failing forward’, we sometimes need to fail forward in order to succeed. We learn from our experiences, hone our talents, and prepare to take another leap forward again.

We have each been given one, two or more talents to make a difference, and the world or someone out there is waiting for you, so take a bold step today and do your thing! “…For unto whomsoever much is given, of him shall be much required”!

Yvonne loves and enjoys working with working with Individuals, Entrepreneurs, and Organizations to achieve desired results. She is a results driven High Performance Consultant & Coach, and straight shooting Speaker whose first objective is her client’s success.  She can be reached at:  www.facebook.com/oliveblueinc,www.twitter.com/oliveblueinc

Where is your business headed? How to set achievable business objectives

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As part of writing your business plan, you should have clearly defined business objectives. However, if this not the case, a question worth asking yourself is ‘Where is your business headed?’ and ‘How do you know when you have arrived at the designed point?’

It is your business objectives that provide direction on where your business is headed, and act as a benchmark against which performance and effectiveness can be measured. Whether written on the back of a napkin, on your smartphone, or within your business plan, you need well-defined business objectives. It is enough to have these objectives defined, you also need to ensure they are being acted upon. Having defined business objectives forms the foundation upon which you can strategise and achieve success for your business.

 

Simple approach to defining your business objectives

While setting business objectives may seem boring or theoretical, don’t allow it to be; it can be as simple or as complex as you make them. In fact, the simpler and clearer the objectives, the easier it is to focus on achieving them. The most common and simple approach to setting objectives – applies across personal, career and business objectives – is creating SMART objectives. This is the true test in validating if your objectives are clearly defined, and measurable.

SMART – Specific, Measurable, Achievable, Relevant, and Time-framed.

Specific: Steer away from setting objectives that are general, or ambiguous. Objectives should be very clear and pointed on what you intend to achieve. Tips on setting specific objectives include the 4 ‘W’s; What, Why, When, and How.

 

Example:

General ‘Grow my business to a multimillion dollar conglomerate’

Specific ‘Increase business sales by 50% in year two from $100,000 – $200,000’

More specific ‘Increase sales of product x by 50% or more in year two from $100,000 to $200,000, by opening more locations in the north and east regions’

 

Measurable: Objectives should be quantifiable to enable you measure progress on if it has been achieved, or on track to being achieved. With the above example, a specific amount is stated (50% or $200,000) that can be measured at a specific point in time (end of year two), and we also stated the planned locations to expand to. The objective is very specific, which enables progress to be measured at any given point. Tips on setting measurable objectives include; how long, how much, how many etc.

 

Achievable: Objectives should be attainable, and not be impossible to meet. While you want to set challenging (stretch) objectives that take your business to the next level, this is not the place to set objectives based on optimism or positivism. When setting your objectives, it should be based on understanding the environmental and market demands/trends, opportunities available to you, and your strategic and business capability. Looking at our example above, if the North regions are already saturated with the same types of products and services you provide, you need to determine if it is realistic to expect sales to double in the second year by entering these markets. You also need to understand how much capital you need to invest in order to achieve the expected sales and expansion, and if you have access to the required capital.

 

Relevant: Your objectives should align with the long term vision of where you want your business to be; your short term objectives should align with your medium term objectives, medium term objectives should align with long term objectives, and long term objectives should be aligned to your strategic business vision. If your medium term objective includes diversification and expansion to a broader market, but this objective will not contribute to your long term objective, as well as business vision to develop a niche market, then you need to revisit the objective to ensure overall alignment. Objectives should be built from your strategic vision, which includes desired sales growth, market penetration, new product development etc. and are in line with where your business is heading.

 

Time frame: Objectives need to have target dates for completion, and should not be open ended. In the example above, year two was set as the target completion date; this will facilitate planning and focus towards a specific time, as well as setting interim milestones to monitor progress and/or revisit objective as required. Having time bound objectives will enable you plan with a target end date in mind, as well as measure progress, and revisit the objectives were required.

With this simple approach, you are well on your way to having a definite course for which your business is headed, as well as increasing your odds for success.

Yvonne loves and enjoys working with working with Individuals, Entrepreneurs, and Organizations to achieve desired results. She is a results driven High Performance Consultant & Coach, and straight shooting Speaker whose first objective is her client’s success.  She can be reached at:  www.facebook.com/oliveblueinc,www.twitter.com/oliveblueinc

Business Plan Demystified… How to write your Businesss Plan once and for all.

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If I had to say in a few words what a business plan is, it would be “The blueprint for a successful business”.

Before a builder sets about building a house, he needs a set of architectural plans (blueprint), which guides and instructs him in the build. Without this, sooner or later he will most likely to run into problems such as; incorrect dimensions, unstable foundation to support the structure of the building, and delays. In other words, complete chaos!

The same thing goes for someone who starts a business without a business plan, this could lead to; insufficient understanding of the service/product market, insufficient funds to start and run the business, a lack of customers to sustain the business, and much more. These are issues that could been managed much better if adequately prepared with a tool such as a business plan.

Essentially a business plan is the detailed plan for your business that should be written to;

  • Enable plan the start and growth of the business.
  • Provide ongoing guidance and a benchmark that measures your efforts and keeps you on track to achieve set objectives.
  • Raise finances from external sources.
  • And attract successful partnerships and alliances.

Your business plan should be well thought through and contain pertinent information to enable you successfully kick-start and grow your  business. When approaching external sources for the purpose of raising money, your business plan is your written sales pitch. It should show a good return on investment, show there is a market for the product or service, and inspire confidence in the lender that you capable of successfully manage the business.

When it comes to the question of who should write the business plan? You, your business partner or team should be part of the business plan writing process, as you essentially have more knowledge about the vision for the business. Also, through the process of writing the business plan you will learn the what, why, where, when and how of the business and market.

Some people find it difficult to set out their ideas on paper; hence the availability of business coaches and consultants who can work with YOU in writing an effective plan, as they usually have more knowledge and experience in with Business Plans.

The length of a business plan will vary depending on its purpose. Take for instance, if the business plan is for the intention of raising funds to finance the business, and the more money you need to raise, the more comprehensive your business plan should be to show a detailed plan, analysis and strategy to convince the potential financiers of the viability of the business. And the less money you need to raise or no money at all the shorter the length containing only foundational items. The average business plan will include all the sections mentioned below.

Prior to writing your business plan, take a stab at developing your business idea, and then do some preliminary research of your market (product/service and target audience). The output of this effort feed in heavily into writing your business plan.

Your business plan should include the following sections:

Executive Summary – This is typically included when writing a formal business plan for external audiences to review. It should be written last to summarise the entire business plan. It provides an overview of each section of the plan and contains key information at glance.

Management – States who will be managing the business, their related experience management responsibility. Include qualifications and experience, and where there is a skill or experience gap, mention how this will be filled.

Purpose or Background of Business – This is typically included when writing a formal business plan for external audiences to review For a new business, this section includes business purpose; is it going to be a profit or not-for-profit venture, why has it been set up, what need is it going to meet etc. If it is an existing business the section should be titled ‘Background’, and provide information on when it start trading and a brief summary of performance to date.

Business Objectives – These are the objectives of the business, what it will be working towards achieving. The objectives can be grouped into short, medium and long term. Always endeavour to apply the SMART rule; Specific, Measurable, Achievable, Realistic and Time-framed

Product/Service – Describe the products or services that will be offered in more detail. What is the USP (Unique Selling Point/Proposition)? Mention any patents or trademarks that exist or have been applied for. Also mention complementary products that could be offered.

Market – The past, present and future of the market you plan on entering or that you are already operating within. This section should contain a SWOT analysis (Strength, Weaknesses, Opportunities & Threats). As well as how the business will fit into the present or future market, and what the major drivers for its success in the market.

Competitor Analysis – This describes who your competitors are, both direct and indirect. What they offer and how you plan on competing against them or even working with them.

Marketing Plan – Having worked out your marketing strategy, this will describe your plan to market your business. It will include the 4Ps; Pricing, Promotion, Product/Packaging and Place (distribution). It includes your social media strategy.

Operational Plan – Where you will be operating from, machinery/equipment required (will it be bought or leased), staffing requirements and logistics.

Financial Analysis – Very important section for you or external reviewers. It should contain; financial model, cash flow forecast and profit & loss forecast. Assumptions that have been made in reaching figures and even the risks that could affect figures. This ensures and demonstrates that you have thoroughly worked out your figures and are prepared for any eventualities.

Above is a bird’s eye view of what your business plan should contain. Depending on the type of business and the purpose for which of the business plan is being written, the content and structure will differ.

Don’t write your business plan for only the sake of raising finances or other reason, and end up not utilising it for its main purpose; implementing and managing a successful business. Your business plan is to ensure you build a solid foundation for your business that is able to withstand threats, grows, is profitable and most importantly, is fulfilling.

For a free Business Plan Template

Yvonne loves and enjoys working with working with Individuals, Entrepreneurs, and Organisations to achieve desired results. She is a results driven High Performance Consultant & Coach, and straight shooting Speaker whose first objective is her client’s success.  She can be reached at:  www.facebook.com/oliveblueinc, www.twitter.com/oliveblueinc