The Power of the “Question” in Business Planning

A thief was caught after stealing some paintings from the Louvre in Paris, when his getaway van ran out of fuel. Given bail at his first hearing, a reporter asked him on the steps of the courthouse, how he forgot such a vital part of his plan. “Simple,” said the thief, “I had no Monet for Degas to make the Van Gogh.”

Indeed, how did this bandit forget the most vital aspect of his planning? The runaway van is the most essential resource in his project’s management and preparation. Should he have been prudent by preparing a check list and asking himself questions like” What are the crucial aspects of my plan? What can go wrong? He would have had a successful enterprize! I am not condoning this crook’s actions, but certainly applaud the merits of the story.

Likewise, in business, excellent questions when applied to series of situations including business planning endeavors can help entrepreneurs focus their critical thinking and lead them to bright and new directions. Without a doubt, great questions once applied in a timely and proactive manner can uncover the reasons for unexpected successes or failures, and stimulate possible solutions.

Successful entrepreneurs keep a tool kit of effective questions in their arsenal. They call them “Killer Questions”. They have long realized that business’ strategic planning and development starts by prescribing to empowering questions that direct their management’s thinking and channel their energy towards actionable strategies, paving the way to a sustainable success. When they sense that their businesses may face some challenges, they solicit their proactive mode by asking; “What is the question we need to ask right now?” To determine where they are going, they need to know exactly where they stand, then establish where they want to go and how they will get there. These precise questions guide the organization in its quest towards attainable strategic objectives.

Conversely, some unsuspecting entrepreneurs ask toxic and unhelpful questions such as; What if we are wrong? What if we fail? What will our friends, associates and family think? Why do we always miss our targets? These questions are destructive and can dim the organization’s vision and its direction.

Instead, affirmative questions are the answer. They will lead the organization out of a quagmire and set the foundation for its effective business development. Some useful questions to ask before initiating any strategic business planning would be the following:

• What do we do, and for whom we do it?
• How can we make our business better?
• What are our goals?
• What are our risks?
• How can we beat, or avoid the competition?
• How can we verify that our strategies are working?
• Are there better tactics to accomplishing our outcomes?

The fascinating point in relation to a question is that it basically presupposes an answer; it also presupposes the validity of the question and sets the scene for engineering a believable solution, regardless of it being right or wrong. Furthermore, in the context of the strategic business development process, questions reveal the creative performance of the organization and open the door to its true knowledge and innovation.

The choice is yours. There are illuminating questions that enlighten your vision and move your business forward; and there are destructive questions that obscure your way and obliterate your future. When faced with a dilemma, or if your plans are not going your way, pay attention to the self chatter in your head, and ensure that you catch yourself asking constructive questions like” Am I asking the right question right now? Conquer your “demons” and become accustomed to asking yourself positive and enlightening questions and turn your life and your business into a spectacular success.

How to Create an Internet Business Plan

A trend that is growing in popularity is starting an online business. One of the first and most important things to get your business off to the right start is to make an effective and well thought out internet business plan. By creating a good plan, you can focus your efforts and in turn help grow your business and make it successful.

The following are some tips to help you create the best internet business plan for your business. These tips are applicable for both prior to starting your business and after it has been established.

  • Learn about your target market. Research is essential to find out what is your target market for your internet business plan for your online business. You need to find out what type and where your customers are for what you want to sell. You can do a thorough keyword search and analysis on the internet to see what keywords work the best so that you can position your business correctly. You can also contact online survey companies to conduct surveys that will give you this information as well. The more you know about your target market, the better and more successful your online business will be.
  • Learn about your competition. The more you know about your competitors the better you can position your online business. You can determine your business’ niche by finding a different angle to pursue than your competitors. Additionally, you can offer better pricing or services than those offered by competitors that will be more attractive to consumers which can translate into more sales for you.
  • Think about your advertising. Advertising is essential for any business and is an important element of your internet business plan. You can use email marketing tools to create emailing lists where you can send weekly specials or blast about special sales. You can also use networking to your advantage as well as ask for referrals. Business advertising basics such as a professional looking business card and print advertising can also work to drive consumers to your online business.
  • Think about the brand for your business. Many companies may offer the same products or services that your online business may offer. In this case, it is important to differentiate yourself from the competition. By creating a brand as a part of your internet business plan, you can do just that. Creating an effective and recognizable brand can include developing a logo, catch phrase and a consistent design and look to all of your marketing and advertising, both online and in print. The more recognizable you make your business, the more it will stand out in the minds of consumers which can give you the edge when they are making a purchasing decision.

After implementing all of the above points consistently in your internet business plan, your business will be on its way to success. By focusing your efforts, you will find that it will be very rewarding to you and your business.

10 Step Business Plan – Your Minimum Starting Point

Before you can began rolling on the fast track with your new business, it takes planning. Don’t skip any of the original 10 step business plan we’ve listed below. Some things are absolute necessities in advance of your opening date for business.

Let’s make it easy and simple. Listed below is a 10 step plan you need to undertake well in advance of your new business opening date. This is only the beginning list but you’ll discover and add more in coming days and weeks.

Your own business expertise and experiences will obviously come into play as you work on your complete business plan. For now, let’s get underway and begin to work through the following list of important business decisions…

1. Decide on Service and/or Product you plan to market/sell.

2. Select Accounting Firm or CPA if required

3. Hire Competent LEGAL COUNSEL

4. LOCATION is an important key to your success

5. Know your FINANCES, Money Source, before making any investments

6. Determine Employee Requirements – background; education; professional; etc.

7. Recruit a Mastermind Team

8. Is a new building required before you can open for business?

9. What licenses are required, certifications, etc.?

10. What is your opening Date for business?

Shooting from the “hip” or without a plan is a disaster waiting to happen. Even the smartest entrepreneurs are NOT willing to take such risks. Are you going “solo” or is this a franchise with a long-term history of success? 90% Vs 10% success rates may give you a reason to make the investment for a franchised business.

Weigh the odds. Research the history, do your due diligence. Don’t let anyone rush you into making a decision because someone else wants the same territory and is waiting with money in hand, ready to roll and cut you off at the pass. Don’t believe it without proof and then only if you are sure this is your choice.

Everyone dreams of owning their own business. Making BIG dollars, driving fine cars with all the goodies, BIG houses in beautiful places to vacation at will, club memberships at the finest golf courses, places for fine dining and meeting the upper crust of society.

Where’s the problem? For most of us, it takes 25 to 30 years of hard work without any guarantees that we’ll ever reach the pinnacle of success. Far too many businesses bite the dust than hit the big time. Taxes, employees, thieves, bankrupt customers are the main culprits of business disasters.

Not a pretty picture but awareness is extremely important. The more YOU know what can happen the better prepared you’ll be. Watch out for any employee with too much “power” in your business who likes to take charge.

Many services you need to run your business are better outsourced than handled internally. Hire reputable people in all areas whether in house or outsourced. Pride yourself on building a company with competent staff, well paid, good benefits simply because it’s your key to a successful business long-term.