Do I Need a Business Plan?

Do I Need a Business Plan?

Business Tips
Very early in my career, I sought advice from a seasoned business owner – "Do I need a written plan?" I asked impatiently, being inexperienced. He scoffed, "Why spend six months writing a plan? Go start a business NOW!" That was great advice, exactly what I wanted to hear. So off I went, and despite myself, I was a modest success. But in hindsight, I now realize I could have been spectacular rather than mediocre. If you're an organized sole-proprietor, I imagine you can do just fine without destroying half a forest to memorialize your every proprietary insight. However, if you plan to seek funding, hire employees, or otherwise engage in activities to facilitate growth – you'll find you need someplace other than your head as a repository for your…
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What is a Business Strategy?

What is a Business Strategy?

Business Tips, Business Tips & Advice
Often overused and broad-reaching, the term strategic planning has become yet another one of those vague buzz phrases that get tossed about with little to no real understanding of what it means. "I've developed an Internet strategy that will make us millions." Merely electing to sell widgets on the Internet is not a business strategy; it is but a component. What is the market? Who are your competitors? Who will buy your product? These types of questions, along with many, many more provide the foundation for developing a solid strategic plan. A successful business strategy is a combination of art and science. It turns a dynamic situation to your advantage to achieve your goals. A business strategy must include a set of (frequently interdependent) decisions and actions that define a…
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Spring Cleaning – 10 Things to Do While Working from Home

Spring Cleaning – 10 Things to Do While Working from Home

Business Tips
When I was in college, I used to work at an Italian Restaurant in NYC. After the craziness of the holiday season, Januaries were pretty quiet. The restaurant took advantage of this time to do its annual cleaning. We would close for two weeks and clean. And while the staff didn’t exactly love it, we still got paid, and we came out the other side squeaky and clean.  And until this day, I still know how to clean a teardrop chandelier. OK, that might be a useless skill, but nonetheless. Use the “lockdown” time to work on your career. Many of us are in the midst of a lockdown. So why not take advantage of a little quiet time to focus on the things on your to list that you…
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