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Factors that help a business develop (i)

Have a great idea or even a good idea

It doesn’t have to be an earth shattering idea. It just has to be an idea about a product or service that people need even if they don’t realise they need it yet. It doesn’t have to be an innovative idea but there should be something to differentiate your idea and delivery from everybody else.

Vision

To keep you going you will need vision and passion. There will be difficulties, problems, disasters and headaches. Sometimes you might feel lost and the vision will become blurred and the passion burning inside you will feel like it’s extinguished with a bucket of cold water. During these times routine actions should keep you going.

Planning

You’ve got an idea and you can visualise what the business could become if only…

This is where the business plan fits in. Simply Business carried out research with 400 start-up businesses and 54% of them didn’t have a budget. There is no excuse for not having a budget and a plan.

You will find a multitude of templates on the web. If it’s daunting get an accountant to help develop the plan.

But come on; as the old saying goes – fail to plan, then plan to fail.

The business plan will need to include:

    • Introduction / Background
    • The Management Structure and Support Available
    • Market Analysis
    • Market Analysis – Competitors
    • Market Analysis – Customers
    • Generating Sales
    • Day to Day Business Operations
    • Financial Forecasting
    • Executive Summary

Brilliant execution; getting things done

It’s not enough to have a great idea or even a good idea. You have to be able to get things done. Draw up the business plan and this acts as a to do list from which you can tick off the items. It really is that simple. Some things you might not be able to do yourself and the key is to know when and where to get help with the things you can’t do yourself.

Getting things done is a skill. I’m a great believer in going through the motions when developing a business or during times of change. It can be called going through the motions or skating over thin ice. As mentioned above, there will be times when the vision and the passion disappear. At these times your routine and to do list are essential.

In Sahar and Bobby Hashemi’s book Anyone Can Do It, they give a great example of their daily to do list covering the day when they opened their first Coffee Republic shop in London. It’s fascinating and should shatter any illusions you may have that setting up a business is glamorous; there’s a section on paper or china cups. It’s detailed and is a good demonstration of how reliant you need to be on your to do list to be successful.

It may not be something you conventionally associate with business development but having a keep calm and carry on attitude is key.

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