YOUR BUSINESS YOUR BUSINESS “ AN INVESTMENT IN YOUR OWN PERSONAL DESTINY” by Russ Petts Nobody said it would be easy. Getting the financing together, finding a location, hiring staff, marketing, advertising, accounting and bottom line, “making a good return on your investment.” You wanted to expand a little faster and keep and maintain good people, eventually working less in the business and enjoying more time for yourself outside the regular work world. So what has happened? Lots of business concerns and not enough time in the day. An inability to find the right people you were looking for? Maybe. Time management. Seem to be going in a lot of different directions all at the same time, getting nothing in particular accomplished? Maybe. Just the other day I spoke with partners who had been in business for thirteen years. It was a similar business to one that I had owned for a dozen years, and when I informed them of my present services, the first words uttered were, “ we are busy but we aren’t making any money.” Quite often when discussing issues confronting business owners, what is revealed is that there is no documented plan for the business, basically no written goals and objectives. A good business plan will take care of this, and as well provide other benefits of importance. · Serves as a map for bankers, venture capitalists and all potential sources of financing. · A good sales tool that will assist in getting top dollar if you were to sell the business. · Gives a focus on your business, the past, present and moving your business forward. · Gives you confidence as a business owner, and improves your chances of success. The format of a good business plan will include an overview of the industry, any research that has been undertaken, information about the company including legal, banking, accounting. Information about the product and/or service. A section could include the target market with relevant facts such as the marketing plan, niche, pricing, size, growth, aftermarket and competition. It is rewarding to know that when you are tracking your business, you can measure it. When you measure it, you can then address and fix problem areas. Having fixed the problem areas you have increased considerably your chances for success. I turned the key on a brand new retail business in 1994. To begin, I knew nothing about the product and services of this business. I had a track record as a successful business owner, so I took these same principles and applied them to the new business. I hired and surrounded myself with individuals that had experience in the industry. Above all I had a plan. Annual sales goals and objectives were set out. I shared the growth and success of my business with my employees. We became a team. We paid performance bonuses. We kept staff. The bottom line. A successful business and it continues that way today. “TAKE CARE OF YOUR INVESTMENT” The business that fails to plan---plans to fail Here in lies the message. If you don’t have all the expertise to run your business, acknowledge it, invest and surround yourself in the short or longer term with the right individuals. The return on your investment? Your success as an independent business owner. For more infomation about his services phone (403)-510-1218 or send an email to: russpetts@businessgrowth.ca