EMAIL CALL
Request Consultation
 
+1 (800) 409-4044
 
Request Consultation
 
+1 (800) 409-4044
 

Author: Blog

Home Post
Marketing News Tips

Budgeting/Saving Money During COVID-19

COVID-19 has brought a drought to businesses all over the U.S. Approximately 25% businesses have shut down permanently. This is detrimental for many business owners and families. Costs become higher without money being cashed in, which causes great difficulty. So, how can you cut costs for your company?

The key is to set reasonable goals at this moment. It is important to remember that a pandemic is taking place, meaning many businesses have even gone bankrupt due to poor decision making. Work around these facts and maintain focus. Do not be blinded by overexaggerated targets, chances of a really daring goal succeeding right now are zero-to-none, so be smart and logical. A few things to expect are:

  • Your consumer list may be decreased.
  • The usual monthly sales will not be achieved in some cases.
  • Merchandise might cut back on being sold.

But this shouldn’t deter you away from it all. For every problem, there is a solution. If the merchandise is overflowing, cut down on the manufacturing.

It is important to remove aspects that are not necessary for your company. You’ll come to realize that a lot of the services are not useful and are only stacking up in rent/pay/debt. Make use of the resources you already have. A few things that many start-up businesses spend excessive money on are: 

  • Business travel: Though now, a lot of travel bans and restrictions have been placed globally, this shouldn’t be as much of a worry. Sure, some travel may be essential but if it can be done over the computer, then there is no need to board an aircraft. 
  • Excessive employees: Hiring 100 workers when in reality you may not even need half of that can cause you to quickly overspend. Only hire the required amount needed for your specific organization. If all needs and services are met with 10 employees, then there is no need to splurge on more.
  • Marketing Insufficiently
  • Loans: Most of the time, they are essential to build/fund a business on, but they can easily be abused. This is one of the easiest ways to build debt as loans have lots of interest. The more interest = the more money you have to pay. Be wise on when you need a loan as opposed to when you want one.

 

Development Entrepreneur

How To Benefit From Your Business Consultant

Key Aspects of Business

It’s fundamental to know and learn about the key aspects of business, but sometimes schooling takes up too much of your time, and other sources are not available. What do you do in this situation? You look for a business consultant. Instead of spending countless hours in the library or on the internet researching, hiring a business consultant, you will immediately have a walking Encyclopedia for all things regarding your company

  1. They Keep You Organized – The more messy and all over the place you are, the more trouble your business will attract. Consultants help by keeping everything in order. Taking things step by step leaves very little room for errors and allows for strategies to be tested out without being excluded or even causing harm. Even if you are an untidy person — your business consultant surely is not. They make sure everything is laid out perfectly for you to follow and see. 
  2. They Save You Time – Every issue, every problem and every tactic they use to solve them are all lessons for you you know how to deal with in the future. From the first day that you begin working with a business consultant to the very last, you are their students. They also pass on good habits that can make things such as marketing or advertising a breeze to manage. Giving your business the advantage of not tilting over and maintaining a firm foundation is the goal that the business consultant will help you achieve. Investing in a qualified professional to manage, conduct, and fulfill the role of a business consultant is one of the most valuable attributes you can make to your company
  3. They Stop The Panic – Everyday invention of new productions, ideas, and strategies are presented. As a business owner, this may be something that gives you anxiety and intimidates you. As a business consultant, this is another Tuesday at work.  Constant research, reports, and analysis and overall experience are what makes them reliable because they will be applying strategies that have worked with other companies that have succeeded.
Development Entrepreneur Marketing

Importance Of A Business Plan For Non-Profits

Why Business Plan For Non-Profits is Important?

A non-profit business is one which is considered to be “tax-exempt” by the government and the IRS, usually due to social causes, public benefit, and altruistic activities the organization provides. Now, do NPO’s need business plans? 

– yes

A business plan is not only intended for for-profit businesses and their income balance sheets – but it is also to help acquire donors/grants/sponsorships and other funding methods for your company. Without this, your non-profit business will fail. Remember, a business plan is like a blueprint for your company: it helps set you right on track and assemble only the necessities needed. The nonprofit nature of an organization should not derail it from having a clear business roadmap or any other business specifics in that matter.

Another increasingly prominent benefit of a nonprofit business plan is the improved chances of business loan approval. Though traditionally nonprofits don’t get business loans, there is a rising number of programs that provide NPOs with working capital loans.

Without a business plan, chances of you being granted sponsorships, having corporate donors, and charitable contributions will be 0 to none. If you plan to secure the support and revenue that will be needed to keep the NPO engine running – you must have a business plan.

So, what exactly is needed for a non-profit business plan?

Executive Summary – This is a brief summary of your company and what it entails. It is what future investors will be reading, and if they are satisfied with what the executive summary describes, they may become potential donors. 

Financial Plan – The most crucial and important part of the entire plan. To bring an idea of a nonprofit organization into life, the founders need sponsors and capital. This proves if your  organization is liable for sponsors and donors to invest in. This must include sales, personal loans from individuals, endowment funds, institutional donations, governmental grants.

Marketing Strategy – Look at this as a roadmap to transform your organizations missions into actual goals. Your marketing strategy will not remain the same – it will change as your NPO grows and develops. This outlines your business and assembles where it will fit in the market and economy. 

 

Business Plan
Development Tips

Tips For Writing Business Plans

Important Tips For Writing Business Plan

There is a lot that goes into business plan writing, and a business plan writer needs to meet a few fundamental guidelines to ensure that it is successful. Here are the top tips for writing a great business plan from our business plan writing experts.

Get Straight To The Point

Focus on what’s important by writing about what will make you money and keep your business thriving. highlight what you sell, how it’s produced, who your target consumer is and how much you plan to sell it to them for, what your expenses are, how your business will operate, what the risks are in starting your business, and who your competition is.

Don’t Be Generic

To write a quality business plan, all you need is a simple word document and substance. If you know your business and truly believe in it, you have the power to write a compelling and useful business plan. Pay attention to highlighting what your product or service is, how you plan to create revenue, and what your expenses, competition, and risks are when growing your business, and do not forget to make sure everything logically flows and your business plan will be effective.

Be Practical

You should have goals for your business, but what’s equally important is a realistic and technical action plan that gets you there. While you may feel that you have a great idea, if you can’t create a specific action plan, your goal is likely unrealistic.

Set Realistic & Achievable Goals

Your business plan must include a time-based action plan that sets goals for your business during the first month, the first quarter, and the first year. These time-based goals should be linked with specific action benchmarks that are easy to track and measure. Nearly all entrepreneurs have the goal of making money off their venture, this type of goal won’t cut it when developing a high-quality business plan

 

 

market research tips
Entrepreneur Tips

Gold Tips For Business Plans

Gold Tips For Business Plans

A comprehensive, professional business plan is the map that leads your business to its success. You may not have the same deep pockets to draw from as your competitors within your niche, but if you have a better business plan it won’t matter in the long run. It stands to reason, therefore, that you should speak with a professional about your business goals and success. A good business planner can create the perfect, professional, and polished business plan for you.

A professional business consultant will be able to help you define each of the following 6 sections of your business plan in order to maximize potential interest in investment or loans.

 Portfolio & Resume

  • You may not have considered it but a business planner can explain the benefits of listing your professional experiences/successes that contribute to your ability to build a thriving business.

The Executive Summary 

  • This section will provide a brief but in-depth summary of the key elements of your business plan. Think of it as the cover letter for your business plan.

Background of Your Company

  • You’ll provide information about your income, overall revenue, etc. in this part of the business plan. If you do not yet have a ‘company history’ so to speak, provide other proof of financial success. You could also list any leadership/management skills that you possess.

Supply & Demand

  • This section is used to explain what product or service your small business will be providing. You’ll also need to explain what demand; or market; there is for your product or service.

Competition

  • Unless you’ve invented something completely game-changing, the chances are you’ll have some competitors. Here, you’ll explain how you’ll out-strategize and perform the competition.

Funds & Finances 

  • What are your gross income and overhead? The net worth of your existing financial assets? What about the value of your business itself? The financial section is where you’ll address questions such as these.
Development Entrepreneur

Long vs. Short-Business Loans

It is important to know what type of loan you will take out for your business – whether it is a long or a short business plan. Unless you’re among the lucky few with a barrel of capital, your business needs financing. Business financing options range from Kickstarter to business credit cards. Today we are going to discuss the difference between a short-term and long-term business loan. We’ll also go into the pros and cons of each to help you decipher which is the best business financing option for your endeavors.

Short-term Business Loan

A short-term business loan usually requires repayment of the lump sum, interest, and other fees within 3 years. But, can be due in as short as 18 months.

Advantages:

When it comes to short-term loans, you can usually receive your cash in hand fairly quickly. Sometimes even within 24hrs. The application process is also a bit less restrictive than your traditional loan-term. Short-term loans can help with the unexpected (which happens often in business).

Disadvantages:

Because you need access to cash quickly and promise timely repayment, interest rates are typically higher. Like paying for faster service. So a short-term loan will cost you more.

A short-term loan may be the right business financing option for you if you have made an obligation to a paying client but don’t have the capital to fulfill the inventory needs. It is also ideal for emergencies, as long as it won’t put you further behind. Businesses that generate daily revenue are often well-prepped for this lending method.

Long-Term Business Loan

Long-term business loans are fairly traditional and common. Repayment ranges from one to five years with an interest rate range of 7%-30%. A long-term business loan is usually for larger amounts up to $500,000 maybe more, payments are monthly.

Advantages:

A long-term business loan is often a business financing strategic move. Usually, this type of capital is part of a larger picture helping your business goals become a reality. The repayment length is often less pressure than a short-term loan. If qualified, the limitations, or how the money is spent is not as restricted as a short-term business loan.

Disadvantages:

A long-term business usually includes a longer application process. Not to mention, these loans are quite challenging to qualify for. A long-term business loan is well-suited for a business that is well-established. This is not a source of emergency funds but a strategic financial decision for growth.

 

Development Entrepreneur

What Investors Search For In Business Plans

Look at your business plan as a blueprint – it’s more than a vision or outline. It’s a direct reflection of your financial, marketing, and overall strategic execution. Your plan serves a few purposes, and it shows efficiency and where you stand regarding your business to potential lenders and investors.

Wherever you go with your next business plan always start with a clear, concise summary of your business. This will include its value proposition, it’s team, and extensive market research that shows how you will succeed.

What Investors Look For in Your Business Plan

Investors for your business will consider quite a few things before they put their money where their mouth is. Oftentimes this includes your team positions, titles, and responsibilities. A track record proving your success, and an awareness of your competitors.

Our experts take into consideration your funding needs. They can tailor your next business plan to investors using their market expertise. Completely custom made.

Pain Points

If you have no conceivable challenges to face in your business venture, it’s sure to fail. Include in your next business plan where there is any potential downfall and how to prepare for it. BBP does extensive market research to help address your competition.

Remember to include indirect competitors who may be in a different market but still appeal highly to your targeted customer.

Tell a Story

A business plan is more than numbers. It’s also not a list of colorful adjectives. Your neck business plan tells the story of the business, it’s purpose, and what inspired it. This includes the founders and creators of the business idea.

Take investors and consumers on a journey from concept to realization. There should be an element of realness that not only attracts the right investor, partners, and consumers–but also a place for you to return to when the going gets rough. A story that reminds you that sales may not always be up, but there is always tomorrow and a way to improve.

Join the BBP team to write your next business plan that delivers the results you’ve been waiting for. Contact us for a free consultation!

 

Custom Business Plans
Marketing Tips

Tips For A Successful Franchise

How To Start A Successful Franchise

For many companies creating a successful franchise is the dream. But, achieving this dream is only half the battle. Maintaining and growing your business franchise can be a challenge. However, the reward for getting it right is always worth it.

Business Plan

The only place to start is with a franchise business plan. Finding investors, understandings your market, and identifying pain points are just a few vital things that need to be addressed in your franchise business plan. The difference between a franchise business plan and a a regular small business plan is in the expertise and experience. BBP’s business plan writers take your business growth seriously. By providing in-depth research into your competitors, locations, and niche they are able to customize the ideal plan.

Funding

Part of creating an effective franchise business plan is making it appealing and informative to the right investors. This is done by really nailing your brand message and having a franchise business plan that is jam-packed with information. Showing you know your market is the most important thing to an investor. Other financing options include getting funds from the franchisor, SBA loans, or finance companies.

Expecting Fails

In order to keep your results from falling short of your expectations, expect a challenge. Growing your brand from a small business to regional, national, and potentially international is no easy feat. But, take a look around at the brands you use, wear, and keep in your household-it can be done. Anticipating your business struggles and challenges before they happen can save you from disaster and set you up to become an authority. Anticipate pitfalls by:

  • Communicating effectively
  • Consider hypotheticals
  • Test thoroughly
  • Track progress
  • Create new solutions regularly

Area & Location

You can have all the funding in the world, but if you place your franchise in the wrong location, you can kiss your sales goodbye. Choosing your franchise location has to make sense. You won’t see a winter tire shop in central Florida. While that’s a more obvious example, it represents the need to know where your target audience goes for their needs, why they go there, and when. Study your shopper before you choose your real estate.

Development Marketing News

TED Talks About Business You Must Watch

 

If you’re in business, you are already constantly seeking opportunities to learn about the market and industry. It is important to refine your craft, and obtain every bit of information that takes your entrepreneurship to the next level. TED Talks are a great source of inspiration, practical advice, and storytelling that millions of entrepreneurs and small business owners all over the globe turn to.They are told by people who have life experience in all matters, whether it is business, or psychology. Here are some of our favorite business TED Talks:

Educating Young Entrepreneurs | Cameron Herold

In this 2011 TED Talks video landing the first spot on our list is Cameron Herold’s thoughts, reasons, and ideas for incorporating entrepreneurship into the education system. Herold, like many successful entrepreneurs, didn’t quite fit into the standard doctor, teacher, lawyer route being preached to him. He brings practical ideas that can be used to encourage students who have a natural tendency towards entrepreneurship. The video gives an important note: teach your children how to become bosses, not employees.

https://www.youtube.com/watch?v=blILB8ExRi0  

What They Don’t Tell You About Entrepreneurship | Mark Leruste

Leruste talks about a side of entrepreneurship that few are willing to recognize or accept. The simple fact is it’s not only lonely at the top, the journey up can also feel isolating. While your friends are out partying, you’re up late at night monitoring your online business. This level of business advice is confronting but also reassuring. You have more confidence to step up. 

 https://www.youtube.com/watch?v=f6nxcfbDfZ0 

4 Ways to Build a Human Company in the Age of Machines | Tim Leberecht

Emotional intelligence and face to face interaction are the backbones to successful small businesses. No one knows that better than Tim Leberecht. Humans have the capability to bring the surprising, the unique, the beauty in every task. Leberecht’s message focuses on work being done beautifully over efficiently. Tech gurus–listen up!

https://www.ted.com/talks/tim_leberecht_4_ways_to_build_a_human_company_in_the_age_of_machines?language=en  

Creative Problem-Solving in the Face of Extreme Limits | Navi Radjou

Navi Radjou shares a testimonial styled lecture about growing up in a developing country. While some emphasize how this struggle makes your humble and patient (which it absolutely can) it also helps you to become creatively resourceful. Thinking outside of the box has never been more crucial for entrepreneurs who seek to set the trend instead of following it. “...Peppering his talk with a wealth of examples of human ingenuity at work, Radjou also shares three principles for how we can all do more with less.” This video is a fantastic representation of creating opportunities for yourself, regardless of your place and setting. It comes down to you and your creativity. Stepping outside of boundaries gives you the opportunity for you to create a pedestal. Sure, it will definitely be intimidating, almost like a chick hatching out of the eggshell, you’re coming into a new world and trying to find stability.

https://www.ted.com/talks/navi_radjou_creative_problem_solving_in_the_face_of_extreme_limits/up-next?language=en

Development Marketing Tips

Why Hiring a Business Consultant Is Beneficial

You have your big idea for a new business, something you just know people are going to love. But how do you get started? Well, you will need a business plan. That may sound scary – a big document you have to research and write and put together that is full of all your ideas, plans and projections. It doesn’t matter how big or small your business may be, you must have a business plan. You don’t have to go it alone. You can work with a business plan expert to create an effective business plan to help you through the first few years of operation.

A consultant can be your second pair of eyes.

You are so invested in your company – you have the vision and the desire for it to succeed. But sometimes you need someone outside the inner circle to help you add a little objectivity and see the bigger picture. Because your consultant is objective, they can help you resist the urge to overestimate your revenue projections and stick to the facts about your business. This can help increase your credibility to financial institutions and investors.

Consultants are experts who have experience. 

You may know your business and industry better than anyone else, but consultants know their industry – business plans. They know how to write a business plan for nonprofits and grants. They know what the SBA is looking for. They know what investors need to see to feel comfortable writing that check. They can put the right information in the right order using the right words to convey your message in a way that stands out from your competition.

They help free up your time by taking over the burden.

By working with a business plan expert who is dedicated to putting together your plan, you have freed up some time to focus on other aspects of your business. Maybe you need to be hiring, or working on getting products made, or finalizing your pricing structure. Instead of spending weeks or even months researching and writing up your business plan, you can outsource that work to someone who can help. You will need to dedicate a few hours to discussing your ideas with your consultant, but that takes up significantly less time than the plan writing you would be doing.

A consultant can become a partner in coming up with new ideas and plans. Because of their past experience and industry knowledge, they may be able to point out holes in your plan. Maybe they spot an area where potential investors will have more questions. Maybe there are additional marketing tactics that you haven’t thought of. Because they’ve written hundreds of plans across numerous industries, they can advise you on other strategies and ideas that may be beneficial in growing your business.

Our consultant are experts who are dedicated to spending time with you to learn your business, your goals and your ideas. Then, they will put together a customized business plan that can help you secure funding from banks and investors, develop business partnerships and guide your business through the early days of operation.

Back To Top
Get Started Now
close slider