2. What we’ll cover in this seminar Business planning Goal setting Developing systems Hiring great people Using technology Legal stuff Creating a strong brand 2
3. Million $ Rules Develop excellent products and services You must persevere You must plan Never stop doing research about the market needs You need great systems to grow a business Hire the best possible people 3
4. Million $ Rules You must build a brand You must develop great relationships with your suppliers, customers and employees Setting goals is absolutely necessary if you want to be successful 4
5. Great Products and Services Develop products or services that satisfy your customers’ needs Find something somebody is doing and do it better Develop products and services that you can sell globally Develop products and services that you are proud of Keep improving your products and services 5
6. To Build a Successful Business You must persevere – never give up You must believe in yourself You must learn to trust your gut You must learn to focus You must be prepared to listen and learn Being passionate about your business is not enough 6
7. Know Your Industry Do market research Know your strengths and weaknesses Know who your competitors are Know their strengths and weaknesses 7
8. Get Good Advisors Accountant – find somebody that understands you and your industry Lawyer – use a lawyer for contracts and agreements Banker – find a banker you can communicate with Business advisors – find advisors that can give you specific advice for unique challenges you may have 8
9. To Succeed in Business You Need Mentors – find people that you can go to when you have business questions Inspiration – hang around with people that are positive and motivated Networking skills – learn to network with the right people Training – never stop learning and train your employees more than your competitors do 9
10. Set Goals Write down your goals – use a whiteboard so that you can regularly look at your goals Ensure that your goals are specific Ensure that your goals can be measured Put numbers to them Choose goals that stretch you but are attainable Commit to achieving your goals 10
11. Set Goals Set short, medium, and long term goals Set dates or time limits to all your goals Revise your goals regularly – every 90 days 11
12. 12 In preparing for battle I have always found that plans are useless, but planning is indispensable - Dwight D. Eisenhower, U.S. President
13. Business Plan Develop a business plan A business plan helps keep you on track and focussed A business plan answers the what, when, how and where It should be updated regularly It can help you raise finances 13
14. Develop a Business Plan What market research have you done? Market analysis What do you know about your industry? Industry analysis How are you going to market your products and services? Marketing plan How are you going sell your product or service? Sales strategy 14
15. Develop a Business Plan What tools are you going to use to promote and when? Promotional plan How much are you going to spend on marketing? Marketing budget How are you going to manage and operate the business? Operations plan How many people are you going to employ and what will they do? Employee plan 15
16. Develop a Business Plan Con’t How much will you charge for your products and services? Pricing How much do you need to sell every month to survive? Break-even sales How much money will you need to keep the business running? Cash flow forecast How much profit will you make each month? Income statement projections 16
17. Develop a Business Plan Con’t How much will the business be worth at the end of the year? Balance sheet forecast How would summarize this into 1 or 2 pages? Executive summary 17
18. Develop Business Systems Develop systems, policies, and procedures to help you manage your business on a daily basis Good systems help you ensure that your customers get consistent products and services Systems enable you to delegate better Systems enable you as the owner to focus on growing the business 18
19. Develop Business Systems Develop a proper operations manual that can be used by all employees. Include some of the following: How to handle incoming telephone orders How to pay invoices How to send emails How to deal with staff conflict Company vacation and holiday policy 19
20. Develop Business Systems Develop systems for the following Sales Marketing Administration Staff policies Delivery and distribution Accounting 20
21. Develop Business Systems Once you have implemented good systems: Your business can really grow as you can extricate yourself from the business and hand over your duties You can replicate your business model You can sell your business You need good people to manage and operate the systems 21
22. Employ the Right People To build a successful business you need good people Develop a list of the people you need to help you achieve your goals Find good people through networking, online resources, and other methods Develop a good interview process Check references 22
23. Employ the Right People Develop clear job descriptions Find people with a great attitude Don’t be afraid to employ people that are brighter than you Train your people regularly Develop a great working environment 23
24. Legal Protection Get legal advice on how to structure your business as it grows Trademarks - ensure that you register your company name and any other product brand names Legal agreements – as your business grows getting proper legal agreements makes business sense If you have unique products patent them 24
25. Technology Use technology to help you grow your business Use computers to increase your productivity and efficiency Use technology and software that is scalable Develop an internet strategy Use online resources 25
26. Build a Brand If you really want to build a successful business you need to build a great brand A brand is a promise of the value a customer will receive from your business Your branding includes Your logo Your slogan Your colours 26
27. Build a Brand Your brand is about: What makes your product or services unique Your customer service What benefits your customer gets by buying from your business Branding helps build trust and credibility Branding helps build value in your business 27
28. 28 Spend 80% of your time marketing and selling, it’s the only way to build a million $ business
29. Manage Customer Relationships Spend time with your customers Develop great relationships Turn customers from: Prospects To customers To raving fans 29
30. Monitor Your Cash Flow To build a successful business you need to monitor the inflow and outflow of cash in your business Develop annual expense budgets Develop annual sales budgets Develop annual departmental budgets 30
31. Grow Carefully Focus on business vision and goals Don’t grow your business too fast Learn from your mistakes Don’t give up Canada needs us to build successful businesses to create jobs 31
32. Please help us support this seminar program! Use your $5 STAPLES Gift Card Apply for a Citi STAPLES easyRewardsMasterCard Present your DIVIDENDS card when you buy Use your coupon within 30 days to save $30 off $150 Contact BizLaunch anytime for help! 32
33. Thank you for attending To register for the next BizLaunch seminar in your area go to www.BizLaunch.ca 33
