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Business Plan

November 21st, 2008 by Jack Zenert

The big 3 auto makers were in Washington yesterday.  Flew in on their private jets asking for money.  Now personally I think it makes sense that if they have a jet - and they probably need it - that they would use them to get to Washington - practical - logical - from a business standpoint.

But from a marketing standpoint when you have to look at what the everyday person will think of you, and especially when you are trying to persuade politicians who worry enormously about public perception think - well then flying in on a private jet to ask for a government handout - Big Mistake!

That was only one small mistake.  The other mistake was to not have a business plan - or any plan - about what they wanted or how this bail-out would help the industry, help the government, or help the people.  They just wanted the money.

Now a business plan is only the culmination of the business planning process that takes an idea or concept through a systematized process of implementation and ultimately to profit (if done correctly).

The business plan steps through the following phases:

Evaluate the idea

Conceptualize or envsion the business format and structure

Systematize the process

Implementation of the system

Monitor and improve on the system

Growth strategies

Transition

Unfortunately the CEO’s of Ford, GM and Chrysler were still in that Evaluate / Conceptualize stage.  They had no system or plan formulated as to how they would go about getting the auto industry back on track.

And if you fail to plan - you plan to fail!

Posted in Business Basics, J's Ramblings | Be the First to Comment »

Recession Proof your Business

October 13th, 2008 by Jack Zenert

What will happen?

World markets are in rough shape.  Banks are spiralling out of control - no faith in lending.

Governments to the rescue - will that help.

Your Business!

What to do to make it survive?

First thing - focus on your existing customers.  Treat them like gold.

You will not keep them all in a recession, but keep as many as you can.  Give them no reason to leave.  Give as much value as you can.  Meet their needs and wants.  And communicate - customers love to be talked too!

Posted in Business Basics, J's Ramblings | Be the First to Comment »

Taking over the Family Business

April 4th, 2008 by Jack Zenert

Your parents are retiring and you want to take over the family business.  Mom and Dad have made a good income over the years.  They have put you and your siblings through college, have enjoyed a few holidays and now are able to retire – all by running the family business.  So now you think it will do the same for you.  You’re ready to take the leap - jump in with both feet.

Before you do, maybe it is time to take a step back and really evaluate this business opportunity.  Do you know what you are getting in to?

Owning and running a business is a big commitment.  And it is even worse when it is the family business.  Your parents are counting on you to keep the business running.  That is a lot of pressure for you to be under.

Well first things first - let’s step back and do a non-quantitative business assessment.  In everyday terms - that is a personal analysis of whether this business is right for you.
The first thing you have to decide is running a business right for you.  Does it fit with your personal goals?  Will running your family business allow you to accomplish what you want?  Not only in the short term but also over the long run.

Now that you know that the business will help you achieve what you want in life, the next question is - will you enjoy running the business.  Running a business requires lots of hard work.  You must put in long hours at time.  Remember, you are the boss, you are in charge, and responsible for making sure things get done, and done right.  At times that means staying until it gets done, or doing things you do not like doing.

As well, running a business involves a multitude of tasks.  From dealing with bankers, suppliers and vendors to filling out applications, ensuring you have the right licenses, that you are following all the rules, and that all the customers are treated well.  Another big job of running a business is marketing, finding new and innovative ways to bring in more customers, and sell more to your existing customers.

Are you up for this challenge?  Can you multi-task?  Do you work well under pressure?  Running a business takes persistence - first and foremost.  And a pile of patience!

Finally, you have to analyze your own skills, abilities, and your experience.  Can you actually do this?  Can you run the family business?  If you do not have the skills and abilities, can you learn them somehow, or can you hire someone with those talents.  And as for experience, if you do not have the experience, where else can you get it.  Seasoned mangers and skilled tradesman may be hard to come by, but they are one of the keys to a successful business.

Take a good hard look at yourself before jumping in to any business opportunity.  And with a family business take a double look.  Be sure it is what you want, and that you are up for the job.

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What are the ‘Business Basics’

July 4th, 2007 by Jack Zenert

If you are doing your own marketing - then you know you need a website!  I have said that before many times.  These days the website can be your cornerstone to your whole marketing campaign.  It can even be more than that, but I will not get into that now.

I at one time would then go on to talk about the tools you need to create that website, to make it look good, to keep it current.  I would suggest Nvu, and highly recommend DreamWeaver.

But not -  times they are a changing!

Not that builidng a website using those tools are bad - in fact I think they are necessary for some strategies!

But for your business website - you now have another alternative to get a professional website - a website that looks great, is easy to update, and has a number of other great features!

WordPress!  Now you might think - wow - that is just for a blog.  I am not interested in blogging.

Well WordPress can do a lot more now.

You can of course choose your theme from thousands available.  And it is always nice to personalize it, and you may need some html knowledge, and some graphic design talent to do that.

But once you have it looking good, now you can make it into a true website.

WordPress allows you to ‘Write Pages’.  This way you can create static pages, and place them where ever you want.

You can add links, categories, all the usual stuff.  This makes for a very dynamic website.

So how do you get this done, step by step instruction to building your website using WordPress!

I have seen bits and pieces of good information, but nothing complete - no real step by step manual to put it all together.

So my next project - put one together, to allow you to build your site with ease.

Jack

Posted in Business Basics, Internet Tools, Wealth & Success | Be the First to Comment »