Within the business plan it is beneficial to map out the financial budget for a certain length of time. In most businesses this plan includes all major expenses for the year. Adhering to a year plan may be difficult because they are not able to do that in their personal lives. For example, if one has a hard time saving 10% of their income how are they going to adhere to a budget that requires them to put money away for future development in their small business. The plan may include a year improvement plan but should be broken down into monthly or weekly goals so that the owner can follow it closely. Let’s say an owner wants to build additional fresh fruit space and it is going to cost him/her about 8,000 dollars. The owner hasn’t been able to put this money away for the past couple of years due to inability to stay committed. Then have them take $200 out of their earnings each week by writing a check and placing it in a box. At the end of the year they can count up the checks, rip them up and write one big one for their expansion project.

The same applies to marketing. If an owner wants to market to everyone in his neighborhood who has children it doesn’t make sense to just state this fact and then not break it down into steps. For a small owner it may appear as though the task is too big him/her to handle. Break it down so that this month they will purchase the demographics list of homeowners with children, then the next week develop the sales letter, the third week turn it into the printer, so on and so forth.

By breaking down larger business plans into small steps small managers are more able to keep focus on building and developing their long-term goals. Both the yearly and the monthly/weekly goals complement each other. The overall business plan acts as the ultimate improvement while the monthly/weekly goals acts like the road map. It is important to remember that the ultimate achievement of goals depends on the actually personality and traits of the owner. Writing out strategies that don’t follow the normal way they work and look at life is likely to be unfulfilled.

Creating a strategy can mean the difference between you working 60 to 80 hours a week all year long — and then breaking even, or worse, losing money. On the other hand, many successful entrepreneurs who have a strategy work fewer hours and make piles of money — and they usually attribute their success to having a strategic plan and following it.

So what is strategic business management? Very simply, it’s the process of defining the goals and objectives for your business, creating an action plan so you can reach them and then following the plan.

How do you create a strategic plan for you business?

1. First, know what your vision for your company is. If there were no barriers, nothing stopping you from taking your company as far as you could — what would that look like?

2. Next, what are your company’s core operating values? What are its guiding principles? In other words, why are you in business and how do you do business?

3. Now create a 3 to 5 year plan. Your long-term plan is based on the broad objectives that will help you get from where you are now, to where you want to be.

4. Develop a plan for this year. These are the specific objectives you plan to accomplish this year that will lead you closer to your long-term goals. Remember to be “SMART” when setting your annual goals (Specific, Measurable, Attainable, Realistic, Time-oriented). Include a list of the barriers that are stopping you from getting where you want to go. Figure out what resources you’ve already got, and what resources you need to get you past those barriers. And then create an action plan that clearly lays out how you will achieve your goals. Involve key employees with this part of the planning process.

5. Create a set of milestones or benchmarks. This is very important, so that you can measure your progress.

6. Share the plan with your employees, and anyone else who will be involved in the process. Your annual strategy is the roadmap that will make sure everyone ends up at the same destination — but to be effective, everyone needs the same map!

7. Put the plan into action. Now that you have the roadmap, it’s time to begin the journey.

8. Check your progress. Just like any trip, you need to check the map every now and then; to be sure you’re still on the right road. If something isn’t working, the sooner you figure it out and make the necessary adjustments, the sooner you’ll be back on track.

9. Follow the same cycle next year. (Dream, Plan, Act, Check).

Creating a business strategy and following it will ensure that you enjoy the journey as much as getting to your final destination.

One day a few weeks ago, we all came in to find new phones on our desks.  These were not the state-of-the-art communication devices we had in mind.  Instead of the sleek, sophisticated, caller IDing, multi-line handling, LCD displaying wonders of the modern age we all dreamed of, there was a simple phone with a keypad on the receiver…not unlike what you might have had at home 15 years ago.  In addition to the new phone, there was a sheet which explained in graphically painful detail exactly which series of buttons one would have to push in order to make this thing function properly.  We had to now enter a digit to put someone on hold, enter a three digit code to transfer someone (one digit, dial tone, two digits) and enter a ridiculously long series of numbers to access our voicemail.

Needless to say, we were in shock.  I knew it wouldn’t take long before the roars of complaining would drown out the usual office din.  Sure enough, by lunchtime our office manager came in to tell everyone that we were simply going to “try it out for a while” and that the company had saved thousands by choosing this option.  I and the other employees were fairly certain that we had already lost thousands in reduced productivity that morning alone.  Oh, well…it’s their company, we just bring in the money for them.

For the next few days, we tried to get used to saying “hold, please, while I transfer you”, removing the receiver from our faces and trying not to curse as we made a lame-duck attempt at pressing keys, listening and pressing more keys.  It was a nightmare.  We were getting pretty fed up with it, but just assumed that this was what we would have to deal with.  Then, out of the blue, we came in one day to find real phones with real features at our desks.  No more looking at the receiver while we frantically tried to key in numbers fast enough not to drop the call.  No more ten digit voicemail “pins”.  No more of having no idea who was calling or where the call came from.  Ahhhh, relief at last.

Later the same day, we heard a rumor circulating around the office that the VP of operations had returned from a two week trip to New York.  His words, upon seeing one of the phones management had originally purchased on his desk were, “get rid of them”.  All it took were those four words from a higher-up to set things right. Unbelievable.

One of the first things to consider when you are trying to choose a location for your business to operate is the population of the area. In order for your business to run successfully, you need to make sure the location you choose is well trafficked and fairly densely populated. The more populated the location, the more potential customers you have. If you choose a location that only has a few houses and businesses, you might consider a location that has more houses and businesses. Businesses are great to be around because employees who need a quick lunch break can be a great source of income. They can also be a great source of word-of-mouth advertisement, getting friends and even fellow employees to come sample your culinary delights.

Another important thing to remember when choosing a location to sell from is finances. You have to determine how much money, if any, you are willing to pay for a spot on someone’s property. For the most part, to park on the property of another business or a private individual, you must expect to pay for the rental of the space. Prices for renting a spot are usually dependent upon the size and location of the space. Be on the look out for the least expensive place you can find that will still provide you with the customer base that is necessary to be able to make money at your business.

This brings us to another thing that must be kept in mind when choosing location is that you must have permission to set up on private property. You are not allowed to just set up anywhere there is a space. You must first check with your city and county about the laws that concern concession food sales. Once you know these requirements, when you decide to settle in a spot, you must always ask the owner of the property you would like to set up on if that is ok. Many times, the offer of a nice chunk of monthly space rent will convince a person to allow you to be on there property. Either way, written permission must be obtained to make sure that no legal problems arise.

Wherever you decide to set up your concession trailer food business, several details must be seen to before that can happen. Choosing a location for your business must include consideration of population, cost of space rental, and gaining permission of the city, county, and private party who owns the space. This can be a very profitable business. To make your chances of making money better finding a great location can certainly play a part.

One of the most popular franchise opportunity nowadays is the “EmbroidMe” franchise opportunity wherein you can create custom-made apparel as well as merchandise which has embroidery on it. EmbroidMe actually has the tagline, “Casually Dressing the World” in its retail showrooms wherein it aims to make their company known through all forms of medium, in corporate marketing programs as well as over the internet. EmbroidMe is outfitting their customers with creatively customized apparel not just for work but for play as well. They also offer all sorts of promotional merchandise as well as advertising specialty items.

The catch point(s) of the EmbroidMe franchise opportunity are its sudden commercial boom. It’s a highly new and fresh revolutionary industry concept. This franchise opportunity’s great and organized system allows the wonderful opportunity of being your own boss. You do not have to answer to anyone but yourself! According to Ray Titus, the president of the EmbroidMe company. They are looking for willing entrepreneurs who are dreaming of running and managing their own business but in spite of just having a small business, they are well provided with many benefits that a stable global company can offer them – not to mention, mass purchasing power as well as great advertising apart from the other possible additional help that your EmbroidMe franchise opportunity might be needing in the future.

EmbroidMe offers full service embroidery as well as screen printing and other promotional products to its customers. The EmbroidMe “empire” actually now has over 250 stores all over the world and has been rated as #1 in the industry for four consecutive years as well as being one of the 50 fastest growing franchise opportunities according to Entrepreneur Magazine.

When it comes to the EmbroidMe staff’s training and support, a turnkey franchise the EmbroidMe company will actually assist in the demographic studies of the area that you want to put up your EmbroidMe franchise. A study on your site selection as well assistance on lease negotiations would be conducted. The EmbroidMe company will also coordinate with you for renovations that will be done on your store. This franchise opportunity will also provide an excellent 4-week training program for you and your staff. Not only that, this franchise opportunity will also assist you in conducting interviews, hiring and training prospective EmbroidMe employees since this is a service oriented franchise opportunity it is highly important that every employee must be able to comply and adhere to EmbroidMe’s strict rules and regulations.

The special features of this franchise opportunity are the following: turn key, absolutely no experience is needed, it is not a seasonal type of franchise opportunity, it is a business to business franchise opportunity, it needs only two employees and is a part of a $20 billion plus industry.

Another hot franchise opportunity is the “SIGN*A*RAMA” franchise opportunity which is considered as the largest full service sign franchise in the whole world and has over 700 “SIGN*A*RAMA” stores in 30 countries while being rated as the #1 in the industry for 6 years running by Entrepreneur Magazine. Also headed by EmbroidMe’s president Ray Titus, “SIGN*A*RAMA*” is just like EmbroidMe. “SIGN*A*RAMA*” is also looking for willing and able entrepreneurs who want to have their taste of being their own boss while having the incredible opportunity of being part of a well-known company.

When you sign up for this franchise opportunity expect to receive the following premium features: when it comes to equipment, they have the full service sign centers wherein they make the most of computerized sign making technologies. The “SIGN*A*RAMA” Sign Center actually allows the customer to have a look at the draft of the sign that they wish to be made before it gets the “go-signal” for it be printed. This franchise opportunity will also assist franchisees in picking out their desired franchise location, their lease as well as in the marketing aspect of the business.

The truth is there are a variety of ways to finance a new business and which way is best for you depends totally on your product, your market, your financial requirements, your burn rate, and most importantly, your personal and financial situation.

So with that in mind, here are a few of the most common ways to finance a new business without hitting old Tim up for a loan. Keep in mind that all methods have pros and cons and some (or most) may not work for your specific situation. No matter what financing method you choose thoroughly investigate the ups and downs and don’t jump in with both feet until you’re sure you’ll land on solid ground.

Savings and Investments

The first source you should consider tapping is your own savings and investments. I’m a huge fan of self-financing when it comes to business because it doesn’t make you responsible to others should the business fail. The bad thing is that it if things do go under, it will be your money that goes down with the ship. If you’re not willing to risk your own capital you certainly shouldn’t be willing to risk anyone else’s.

Friends and Family

After tapping their own savings and investments, many entrepreneurs turn to friends and family for help. This works well for some, but here’s the creed I live by: NEVER borrow money from anyone you have to eat Thanksgiving dinner with. Nothing causes tension in a family like lending money that is never paid back. And notice I say “lending money” rather than investing money. Venture capitalists invest money. Your relatives lend you money. They will expect it back someday even if they say they won’t. Remember, when a loved one invests in your business they are emotionally investing in you. It would be tough to tell mom and dad that their favorite son lost their life savings because his business went down the drain.

Credit Cards

I financed my first business on credit cards, which was an incredibly stupid thing to do given the fact that my business could have failed and left me with thousands of dollars in credit card debt that would have taken until the year 2099 to pay off. It worked out in the end for me, but if you decide to finance your business on plastic keep in mind that you will be paying extremely high interest rates on the money you’ve borrowed and unless you hit it big you will be paying for that money for many years to come.

Mortgage The Farm

Bank loans are next to impossible to get if you don’t have collateral and a track record of business success, which is why many entrepreneurs use the equity in their homes to finance their business after being turned down for a bank loan. While this makes more sense than building a business on a deck of credit cards, the financial risks are no less abundant. You must pay this money back whether your business succeeds or not, but it is a good source of low interest money to get you started and the interest may be tax deductible (check with your accountant to make sure).

Angel Investors

An angel investor is typically a wealthy individual who invests in start up ventures for a share of the ownership. Angel investors are usually the first formal investors in a business and provide the seed money to get the business up and running. Some angel investors will write you a check and leave you alone to run your business while others consider their investment a license to “help you” manage and make decisions. If you do accept angel money make sure the terms are clearly defined on both sides. Angel money always comes with strings. Make sure you know whether those strings come in the form of a bow or a noose before you accept an angel’s check.

Venture Capitalists

Venture capitalists are to angel investors as pit bulls are to Chihuahuas. That’s not to say all VC are big, bad dogs, but they do have powerful jaws that can chew up your business and spit it out if things don’t go their way. VC money doesn’t come with strings, it comes with chains and locks and lots of legal documents. VC always have the upper hand in any deal they invest in. That’s just how it works and that’s the price you pay to get access to VC money.

If your business gets to the level that VC money becomes a viable option, don’t jump at the first bone a VC dangles before your eyes. If one VC likes your idea, others will, too. Present to multiple VC and carefully consider each offer before you accept the check.

Just remember, no matter how you finance your business, use the money wisely. Don’t buy $1,500 plasma monitors and $1,000 Hermann Miller chairs.

Have a very clear plan of how the money will be used and how it will be paid back.

And remember this, the more you can shoestring the business, but more of the business you will own in the end.