Turn Your Dream Into A Business

We all have tons of great ideas, but it’s not that easy to take these ideas and turn them into a reality. Starting a new business is hard, but if you have a desire to create something new and take pride in things that you create, starting a business is very gratifying.  Successful entrepreneurs have the independence to be innovative and make bold decisions that can change the future.  They are passionate about what they do and being successful at it.  When you’re doing something you truly enjoy the work does not seem that hard.

Here are some of the things that go into making your dream into a business reality….

1: Know your vision. You must always know what your big picture is, and what you’re trying to accomplish. Your vision is separate from your mission.  The vision refers to the big picture of what you’re trying to accomplish.

2: Know your mission. Your mission is what you’re going to do; it is your purpose. You should use action words like “establish, build, sell.”

3: Know what you’re going to do. Your goals are important, and you need to set targets that also have deadlines associated with them.  You should not have more than three goals at any one time.

4: Know why you’re going to do it. For every goal you set, you should have a reason for why you want to accomplish that goal. If you don’t have a reason, then it shouldn’t be one of your goals!

5: Know how you’re going to do it. This is the step that makes a dream reality. You must create strategies related to your goals and objectives. This step is all about the approach and style you will take to what you’re trying to do.

The professional team at BizBuilding (www.bizbuildingstrategy.com) is available to help you develop a Business and/or Marketing Plan that will lead to your business success in 2012.  Call today for a complementary consultation (201 914-2737) or email ellen@bizbuildingstrategy.com

Transparency In Non-Profit Organizations

In today’s economic climate, donors want to know what their contributions will be used for.  When an organization provides transparency it fosters collaboration with staff, donors and volunteers that makes the donor feel as if they contribute more than money to the organization’s operation.  Transparency helps to develop a relationship with the donor that is long lasting and vital to the organization fulfilling its mission.

Achieving transparency is not easy. In the hectic world of nonprofit management, transparency and financial oversight are often relegated to non-urgent status as staffs and boards at times view these responsibilities as “chores” that do not advance the organization’s mission. But research and experience has shown, time well spent on creating and implementing financial oversight systems and a culture of openness are significantly beneficial in the long run. To maintain relevance, stability and  growth, nonprofits should develop systems that are open, compliant and diligent.

Here are some recommended steps an organization can take to achieve transparency:

1.            Nonprofit boards should institute formal policies and procedures to ensure that there is responsible management of all financial documents (e.g. budgets, audits, expense reports, compensation, petty cash and invoices).

2.            Board members and relevant staff should review, approve and track budget and organizational financials on a monthly basis.

3.            Accurate and complete financial records should be maintained at all times.

4.            Nonprofit organizations should undergo annual audits or reviews by an independent and qualified financial expert.

5.            Clear policies for reimbursement of documented business and travel expenses should be created.

6.            Board members should question patterns of spending that seem at odds with stated organizational policies and objectives.

7.            Boards should create or enhance their audit or finance committees and recruit directors or committee members with relevant professional experience.

8.            Charitable organizations should use the Internet and other electronic media (e.g. blogs, Twitter, Facebook, website, Flickr, YouTube, Linked In, e-newsletter) to disclose information such as annual reports, names of board members, as well as mission and vision statements.

Clearly, the nonprofit sector has come under increased scrutiny by the government and private contributors. Establishing consistent and transparent financial oversight systems will go a long way in maintaining the public trust and cultivating financial support.

NON-PROFIT DONORS DEMAND FINANCIAL OVERSIGHT

In today’s economic environment, non-profits that watch over finances and share financial, programmatic and other information with their constituents build stakeholder confidence and are far better capable of fulfilling their missions, delivering effective services and adequately addressing donor concerns.

Non-profit finances not only include fiduciary requirements, but also address reporting of capital, personnel and programmatic expenditures. In today’s fast-paced and regulated environment, it is essential that organizations establish a financial oversight committee – separate from the agency’s treasurer and CFO – for major campaign efforts and ongoing operations, especially to assure donors at all levels that the organization has proper procedures and practices.

It is vital that organizations promise donors and other types of public support that they have a special responsibility to maintain trust and utilize funding to fulfill their stated mission. Non-profits today must be diligent in setting policies and adhering to best practices to assure donors that they are in force and guide organizational decision making at all times.

Do You Have A Clear Vision For Your Business????

A common quality that all successful leaders have is  a clear and exciting vision for the future. This is something that only the leader of a business or organization can develop. Only the leader can envision the future and plan for it  each day.

Successful leaders take the time to think through and develop a clear picture of where they want their business or organization to be in one, three and five years. Leaders have the ability to communicate this vision in such a way that others "buy into it" and eventually share their common vision.

It is the vision of future possibilities, of what the business can achieve, that arouses emotion and motivates people to give their best. The most powerful vision is qualitative, aimed at and described in terms of values and mission  Then to put to put together a quantitative outlook that presents the vision in terms of money and numbers.

Financial forecasts for your business are vital, but the commitment to a common vision and to make that vision into a reality is far more exciting. Positive focus will create the business you envision. Negativity drains the energy from it and puts roadblocks in front of your efforts to achieve success. 

A positive leader who is calm and collected creates a business vision and makes it a reality.  A recent Stanford Business School study showed that the two most important qualities required for success in leading a business are, first,  the ability to put together a cohesive team and, as a leader, to be a functioning part of that team.  A key part of a leaders job is to select the members of this team, set objectives, delegate responsibility and be part of the process to get the job done.

The second quality key to a leader’s success was found to be the ability to function well under pressure, especially in a time of crisis. Keeping your cool in a crisis means to practice patience and self-control under difficult and/or disappointing circumstances.  The character and quality of a leader is often demonstrated in these critical moments when under fire.  It is at these times that everyone is watching, observing and privately taking notes about your performance.

To start the process of developing a clear vision of where you want your business to go and how you intend to get there is to develop a business plan.  Access where your business currently is, what has been successful and what has not.  Then think about what your business will look like in three to five years. 

The professional team at BizBuilding (www.bizbuildingstrategy.com) is available to help you develop a Business and/or Marketing Plan that will lead to your business success in 2012.  Call today for a complementary consultation (201 914-2737) or email ellen@bizbuildingstrategy.com

Jumpstart Your Business To Profitability

Jumpstart your business to profitability in 2012 with a new business, marketing and/or strategic plan. 

BizBuilding (www.bizbuildingstrategy.com) providing assistance to small and mid-size companies on issues related to strategy, business planning, finance, and operations, is offering a January 2012 business assessment service to help you write and implement strategies for your business success in 2012.

 

The professional team at BizBuilding is available to help you develop a Business and/or Marketing Plan that will lead to your business success in 2012.  Call today for a complementary consultation (201 914-2737) or email ellen@bizbuildingstrategy.com.  

10% discount on all business planning services if you join this blog and/or  like us on Facebook

Start The New Year Off On The Right Track….Get A Professional Marketing Plan

A marketing plan is a blue print for the marketing activity necessary to achieve the goals set out for a business.  Well-developed marketing plans are invaluable to a businesses success.  A good plan will target available resources in the most efficient and effective way to enable the business to achieve its objectives.  There is no better time than the beginning of the year to develop business and marketing plans to achieve these goals.

Here is a snapshot of some of the components that are part of an effective marketing plan:


1.  Define Your Business:
     - What is your mission?
     - How do you go about achieving this mission?
     - Who are your customers and what are your sales channels?
     - What makes your business unique and sets it apart from your competitors?


2.  Define Your Objectives:
      -These may include one or all of the following -
           Ø  Increasing sales from existing customers
               Ø  Getting new customers
               Ø  Increasing profitability
               Ø  Launching new products or services
               Ø  Moving into new geographical areas or opening up new markets
               Ø  Raising awareness of the business or brand
               Ø  Developing new distribution channels


3.  Identify Your Target Markets:
     -Types of customers or clients that your products or services will be sold 


4.  Develop Timeframes:
     -Break down the achievement of the objectives by timescale
     -Set out what needs to be achieved in the short, medium and long term


5.  Marketing Methods:
     -Tactics could include:
          Ø  Direct Marketing
             Ø  Graphic design (logo, brochures, leaflets, point of sale)
             Ø  On-line marketing
             Ø  Search engine optimization
             Ø  Public relations
             Ø  Sales promotions
             Ø  Channel marketing


     - Factors that decide which marketing tactics will be most effective include:
          Ø  Available budget
             Ø  The nature of the type of target market
             Ø  Main sales points of the business
   Ø  Services and products
             Ø  Competitor activity
             Ø  Market conditions
             Ø  Availability of suitable media


The professional team at BizBuilding (www.bizbuildingstrategy.com) is available to help you develop a Business and/or Marketing Plan that will lead to your business success in 2012.  Call today for a complementary consultation (201 914-2737) or email ellen@bizbuildingstrategy.com