A Leadership Approach to Developing Your Business Plan

Have you ever heard of: “follow your dreams” – or – “don’t ever let anyone deny you from reaching your goals”. The central force behind designing a leadership business plan is the idea of uniqueness; in planning and convincing others to follow you, in a worthy, meaningful venture based on the merits of profits. It is rare that one gets on a business venture without the desire to accumulate profitable growth to the long hours of your labor. The reason I call this concept “Your Business Leadership Plan”, is because, the key figure whom will need to be in the forefront of convincing others to join your business leadership efforts; we be the leader of the “Business”. The leader of the Business plan will have to be the one early on, to scout for resources and think about developmental issues in all areas of conceptual organizational management planning designs.

The business leader/executive will be the one who will need to think of the issues of: aggregate business accountability that involves liability issues, human resources, financial systems analysis and financial forecasting, operations of performance and quantitative and qualitative systems evaluations, marketing that will include product image and perception strategies; and downright ongoing leadership teaching. Additionally, the business leader must guide and empower the executive team of the company and all employees of the organization. To serve in that role, the business leader must do all the thinking in advance on how he/she envisions the organizations, three, five and ten years goals and objectives, as part of the overall strategic plan of action. So often, business leaders and leaders in organizations flow along; not recognizing the business issues of the probabilities’. Business leadership planning is about bringing people together for the purpose of identifying roles and responsibilities in forming a strategic plan and put it into action. And, it needs to be done with the caveat of an emergency recovery plan that is available should matters not unfold as planned.

It is the responsibility of the business leader to set the standards for the rule of implementing process management practices that involve policy and procedural issues. It will necessitate the effort of identifying the right combination of individual roles and responsibilities: to assess people’s strengths, skills and expertise for the sole purpose of creating the TEAM. I have not seen in my thirty five years of leadership management experiences; a business leader form a business plan all alone; it just does not happen; it needs to be a TEAM. The executive business management TEAM must be the one who will be part of designing the company’s business leadership plan. They will be the ones who will carry out the strategic business leadership plan to action in efforts to create more leaders. Dr. Martin Luther King Jr. one said “in this movement we are all leaders”. And, that is what business leadership planners ought to be thinking as the planning is take place; – How do we create more leaders?

The same concept holds true for business leaders designing business leadership plans it needs to happen as a team to form agreements, to form the message of the plan and to display the plan to others in the organization as a united effort, which the organization will pursue. These concepts discussed are applicable in any setting of organizational leadership from small to large organizations; it’s just a matter of working as a TEAM in the formation of the Leadership Business Planning process.

Inventions – Combining Your Business Plan Development With Your Product Development to Minimize Risk

Introduction We have seen many people come up with an idea and then try to make a business out of it. Some people have failed and some of gone incredibly well. What’s the difference between those who succeed and those who fail? Well we can’t tell you that it is the basic idea. We have seen some strange product go well. We have also seen some products that we thought were pretty good do very poorly. Some of the projects that went poorly left people in debt up to $100 000.

Does that mean that it all about the ability to sell a product? Do you have to be able to sell ice to the Eskimos? We don’t think that’s the case either. Every product that went well had a strong, although sometimes surprising, demand. But we often thought that the failed products did too. So what was the difference?

The integrated development strategy The difference we noticed between those who went well and those who didn’t was in the way they developed their products. They didn’t come up with a completed design, start manufacture and then hope that someone would buy their product. Instead, they took a series of steps that were integrated with the rest of their business model development process.

They combined the product development process with their market research, business plan development, and sometimes their financing. This article will document this process so that if you follow it, then you should be able to do the same.

Step 1 Concepts The first step after coming up with the idea is to get a few pictures (or 2D renderings) of different concepts showing how the product might look. You could get this done for less than $1000 if you are prepared to scan the internet for small foreign design houses. They might be foreign, but they still understand the style and fashion of other parts of the world because they can use the internet to quickly research it. The key is to ensure that you communicate as much about the product’s requirements as possible: all the way from style to function. So for the kind of money that you would put on your credit card you will have some product concepts.

Step 2 More market research The next step is to now do some more market research. You should have already done a bit when you bounced your idea off a few people at the start. Now that you have some professional looking product concepts you will be able to get higher quality market data. With these documents you can do three things:

You can speak confidently with people who you plan to work with – distributors and such
You can get a more accurate indication of what people will pay
You can produce a more stimulating and understandable business plan, which can get you funding for the next stage(s)

Speaking with potential partners When you have professional concept drawings you are no longer relying solely on your ability to communicate your idea. You also now have a talking point so that the focus needn’t be on you all the time. This provides two advantages that you should fully exploit:

You don’t feel as stressed about speaking with strangers.
You can ask others for their opinion, and get some very informed feedback.

So take your concepts to possible partners, such as distributors and retailers, and feel confident that you have something serious to talk with them about. When you do talk with them, ask them to look at the concepts and tell you what issues they see and any ideas that they have. Note: People love to give their opinion so you will get plenty of good feedback. Even better, if they have given you some advice on how to improve your product, then people will have a sense of ownership. They will be very interested in seeing you succeed, because it is now partly their idea. Go back to these people as your business gets closer to starting; they will likely help you or want to work with you.

Accurate information on value It is much easier for people to gauge the value of something that they can see. Simply show the concepts to people from the target market and ask them what they would be prepared to pay for it (don’t give them some numbers to choose from; ask them to pick the number). This gives you some excellent data for your market research and your business plan.

The business plan A business plan for a product based business really comes to life when you have professionally drawn concepts included. It makes it clear to the potential investor what you plan on selling. It also makes it easier for the potential investor to understand the value of the product. This will increase your chances of getting further funding for the next stage. Especially if you have included your recent findings on what potential customers would pay. Remember at this time all you need is funding for the next step. This could mean money from friends or angels. It could also mean funding from a venture capitalist, but as an option to have the first right to invest in later stages. There are various ways you could do this. The key is to realise that by this stage the money need not be your own.

Step 3 3D rendering With advances in modern CAD systems it is possible to create near life like 3D images. These, like the concepts in step 1, allow you to better gauge the value of your market and speak more confidently with other people. They also allow you to produce an even better looking business plan.

Note 1. Before you get the 3D renderings done, you will need to choose a particular concept (if you were presented with a number of them). You will also need to communicate all of the recommendations that were given to you by the people you spoke with. Of course, that is only the recommendations that you think are worth acting upon.

Note 2. A good design house will do some preliminary engineering when they produce a 3D model for rendering. So ask before selecting the one that you will use.

Note 3. If it will help, then have the renderings include the environment in which the product will be used. Including a representation of a person also helps show size. This will better communicate the reality of the product to others.

Note 4. Some companies can also do animated 3D presentations. This might be your step 3. Or maybe step 3b if you find that the renderings do not communicate the function of your product well enough.

Step 4 Improved market research A rendering is so much better than the initial concepts for communicating the proposed nature of a product. Therefore, step 4 is the same as step 2, but more serious. This time when you speak to potential distributors, ask them how many units they think they could sell. Ask potential end users again about what they would pay; this time it should be more accurate and consistent. All this data can be used to update and improve the business plan, which can be used to get funding for the next step.

Step 5 Engineering design and prototyping Hopefully, some engineering design was done when the 3D renderings were done. Therefore, at this stage you only need to pay for finalisation of the engineering drawings and a prototype. At the end of this step you should have a fully functional prototype and quotation based on the engineering drawings for full manufacturing. Note. Some products will go through a middle stage where a sample (looks functional, but is not) is first produced. This is used to confirm the design before incurring the cost of a functional prototype, if such a prototype is very expensive.

Step 6 Acquire orders, complete your business plan and get your funding With a prototype you can show people a real life product. You can confirm orders and price. You might do this at trade shows and such or you might have made enough contacts in the earlier steps to find people to make the orders. In either case, if you followed the previous steps and altered the design based upon the feedback, then you will have no trouble getting orders. Once you have the orders and the quotations for production, you can complete your business plan. With such a well founded business plan funding is practically assured, and you will be able to start your product based business.

Closing The above strategy allows you to move steadily forward and to use the development process to optimise your design and business plan. It is these iterations, based on market feedback, that ensure you have a strong business plan and a saleable product. Therefore, you must ensure that you get as much feedback as possible, take all feedback seriously, and act upon it as required. Also, you must be prepared to drop an idea if the business plan doesn’t stack up. This is where external investors are ideal; they will be more pragmatic about your plan than you. Try to get such investors in as early as possible so that you don’t take a poor idea too far.

The Key to Business Success – Plan Your Work and Work Your Plan

Are you making the grave mistake by not treating your online business as seriously as you would treat an offline business? Even if you have an online business, you must make it a point to check your results at the month’s end and plan ahead for the next month. Planning and setting a goal at the end of each month and incorporating it from the beginning of each every month is very essential.

While planning, read your mind properly. Figure out what do you want and accordingly chalk out your plan. Include all the activities that are necessary for you to carry out in order to reach to your goal.

If you’re really serious about your business and want to take it to the next level, you must consider to set a goal each month. Record the performance of your business in the previous months as well. What you can do is, take your tracking sheets, date calendar and scheduler to the nearest cafe and analyze your business success and then accordingly set your goals.

While analyzing your business accomplishments, try to figure out what went wrong earlier or how could you have done a certain thing which would have given you a better output. Based on your proper analysis, your chalk out your business plan for the next month. Let me give you an example here: Say, you know that if you give 3 presentations, then you can make at least 1 sale and you aim to close one sale or enroll a new person every week, now do the math, 3 calls a week for 1 month (4 weeks) therefore, you will have to do at least twelve presentation in a month, at the rate of 3 presentations per week.

Based on your calculations and track record, if you need to give telephonic presentation to three people at least, then for attaining your aim of reaching to three people for giving presentations, you will need to speak to at least nine people.

In order to make your plan of telephonic presentation more effective and organized, do plan the date and time of making the calls in advance. What you can do is refer to your database and write down the names of those people who you intend to call during the week.

So first plan your work and work towards to sticking to your plan and executing it. With proper planning, you can indeed take your business a step ahead. Consider your past month’s experience and result and keeping them in mind move ahead and sketch your next month’s to do list. Be more innovative and work towards improving yourself. Keep yourself updated about the ongoings in your niche and develop new ways. However, organize yourself properly and put your ideas in to practice in a steady manner. That’s the key to success in any business.

Ready to start working from home? Download a copy of the FREE report “Thinking of Starting a New Career – Working from Home?” today. It is a concise report I created to to help you get started the right way so that you maximize your chances of business success and profitability. It will save you the hassle of having to stumble through trying to make money from home. Instead, it will set you on the right path from the start to ensure your business success.