Three Parts to Any Business Product or Service Financial Management/Accounting Marketing No Individual is Equally Good or Enjoys Doing All Three of Them
What Is Your Product or Service? What Are You Providing to the Market? Who is Your Competition? How Big Are They? Where Does Your Product Fit on the Product Life Cycle? If Looking at Exporting – What Makes Your Product Unique?????????
Do Not Kid Yourself When It Comes To Financial Forecasting If you do not have adequate start-up capital you will fail. Lack of Cash Flow can kill a business. Most start-ups take twice as much money and twice as much time as anticipated.
Marketing Why Has Someone Lived Their Life Without Your Product, But Now Life is Incomplete Without It? Who is Your Target Market? What Percentage of the Market Do you Need to Get in Order to Succeed? Product, Place, Price, Promotion
Strategic Planning Simple Definition: Figuring out how to get from where you are to where you want to be.
Strategic Planning Steps 1. Vision – reason and purpose for existing 2. Mission – major goals and performance objectives 3. Strategic Goals/Objectives – measureable and verifiable outcomes you intend to achieve 4. Action Plans - steps required to reach strategic goals/objectives – including who will do what, when and how. 5. Tactics - specific actions used to achieve the strategic goals and implement the strategic plan 6. Performance Measurement – how well did you do and how do you improve – Plan/Do/Check/Act
Why Do You Want A Business Plan? Forces you to objectively develop and evaluate your business idea. Helps you identify the opportunities and risks. Helps you understand the environment in which you operate, the strengths and weaknesses of your business, the competition, and the validity of your assumptions. You will understand who your customers are and how you can meet or exceed their needs and expectations.
Your Business Plan Should Be The Roadmap For Your Business
Tariffs Maybe Eliminated, But What About - Transport Costs Productivity Issues Infrastructure Costs – electricity, Internet, etc. Government Red-Tape Labor Laws General Cost of Doing Business in Your Country Compared to Other Countries Currency Fluctuation
You Need the Following to Export To the US Statistics - http://dataweb.usitc.gov/http://dataweb.usitc.gov/ Harmonized Tariff Schedule - http://hts.usitc.gov/http://hts.usitc.gov/ USDA Regulations – www.usda.govwww.usda.gov FDA Regulations – www.fda.govwww.fda.gov http://www.fda.gov/Food/LabelingNutrition/FoodAllergensL abeling/GuidanceComplianceRegulatoryInformation/ucm106 187.htm http://www.fda.gov/Food/LabelingNutrition/FoodAllergensL abeling/GuidanceComplianceRegulatoryInformation/ucm106 187.htm
Some Other Items You Will Probably Only Get One Chance To Get It Right the First Time – Cannot Blow It Can You Scale Up? Almost as bad as no orders is an order that you cannot realistically handle
A Few Things to Remember No Matter What the Conditions Are, Opportunities are Present Do Not Forget the Basics of Business Product/Financial Management/Marketing Know What You Know and Know What You Do Not Know Be Realistic