August 2014

Although business plans are a requirement for getting funding, this is not the only reason to plan. Savvy business owners develop a plan so they can plot their course, think through their business model, price out their offering, consider what staff they will need, examine their cash flow, plan out their marketing activities, and do 100 other things. Business plans are a clear and concise way to get your ideas down on paper to chart your course.

When considering your business plan, beware of the eight classic mistakes that most business owners make when it comes to business planning.

1. Not having a plan. Not having a plan is like flying a plane without navigation. You can do it, but why would you?

Tradeshows are an excellent source of new business and platform to touch base with clients and suppliers. Best practices dictate that tradeshows should be a complementary tool in your sales funnel. However, even those without a systematized sales process can experience compressed sales cycles, and deeper connections to clients.

First, determine which tradeshows to attend and of these, at which to exhibit. Critically examine the returns - both financial and non-financial - for your company.

It is generally well known that having a business plan is recommended for business success but what about small business owners and solopreneurs? Do they really need a business plan?

A business is like a building, a strong foundation determines whether or not the building will stay standing and for how long. Small business owners and solopreneurs are not exempt from this or the benefits of a solid business plan.

Defines your purpose

A business is more than the product or service it provides.

Writing a business plan involves delving into all aspects of how and what the business does but more importantly, it serves to define a clear purpose for that business.

Take your business to the next level by accessing new opportunities through Supplier Diversity. So….what is Supplier Diversity? In Canada, a business can qualify as a diverse supplier if they are 51% owned, operated, and controlled by one or more of the following:

  • Woman
  • Minority
  • Aboriginal
  • LGBT (Lesbian, Gay, Bi-Sexual or Transgender)
  • Veteran

Some of the reasons corporations engage in supplier diversity are: