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Growing a Business

Business planning is not just for startups! Growing businesses need a thorough business plan to take them to the next level be it to secure additional funding, to decide the future strategic direction or to launch a new product or service.

 

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Black Swans and Strategic Planning

Having written previously on ‘Planning in times of uncertainty’, I felt it necessary to revisit the subject given the continuing uncertainty we all face.
My core argument in that article was relatively straightforward: that planning becomes more important in times of uncertainty, rather than less so.
As The Economist proclaimed in a recent edition; “Precisely because [...]

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Planning in times of uncertainty

Business Planning Tips
In the past few weeks we have witnessed a period of unprecedented economic turbulence and instability. Of course this uncertainty is not just affecting us here in the U.K., but in a globalised economy it is affecting people right across the world. Years of consistent economic growth have given way to rising unemployment, [...]

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Bootstrapping your way to success

Getting started without external funding
Economic downturns tend to be self fulfilling. We all help to drive market conditions, so if we all decide to ‘batten down the hatches’, and become more risk averse we all contribute to prolonging a downturn. However though it may sound counterintuitive, an economic downturn is as good a time [...]

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Planning in times of extreme turbulence

Now Is the Time to Plan
September has witnessed a period of unprecedented economic turbulence and instability. Of course, this uncertainty is not just affecting us here in the U.K.; in a globalised economy it is affecting people all across the world. Years of consistent economic growth have given way to rising unemployment, increased costs, reduced [...]

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The Importance of Planning – Steps to recession-proof your business

Planning to Reduce the Impact
There is a lot of uncertainty at the moment (May 6, 2008) with much talk in the media of an ‘impending economic downturn’. While the phrase ‘recession’ seems to be close to many people’s lips, it is being muttered in hushed tones rather than being shouted from the rafters. In the [...]

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Why Business Planning Is Not Just for Startups

Small Business Planning
One of the greatest misconceptions about business planning is that a business plan is useful only for start-ups. While start-up companies are indeed one significant segment of business planners, business planning is being utilised by an increasing number of companies as a means to manage growth better, to ensure new ideas have been [...]

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New Years Resolutions for Entrepreneurs

The Top 6 Priorities
The New Year is synonymous with resolutions and promises of making changes. If you are an entrepreneur, this time of year offers you a perfect opportunity to take stock of your business, as emails are probably at an all-time low over the holiday period. Here is my checklist of priority resolutions for [...]

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Successful Budgeting Involves People

4 Important Budgeting Tips
Managing the budget numbers can be simple, but managing a budget takes people, not spreadsheets. While budget numbers are simple, budget management isn’t. To make a budget work, you need to add real management:

Understand that it’s about people: Successful budgeting depends on people management more than anything else. Every budgeted item must [...]

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Business Ratios

Ratios Defined
The illustration below shows a Business Ratios table. It includes dozens of standard business ratios calculated from business plan financials, and used and expected by bankers, financial analyists, and investors. It also includes a column of statistical indicators for the specific type of business. This industry information is classified and categorised by Standard Industrial [...]

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Cash is King

Cash Flow Planning
In a previous article I talked about business numbers and the critical difference between cash and profits. This article looks at how to plan for cash in a business plan, understanding the critical elements that affect cash flow. You don’t want to be one of those businesses that goes broke even while producing [...]

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