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Do You Really Need a Business Plan?

When starting a new company, do you really need a business plan? In most instances, the answer here is a resounding yes! Just like any other successful endeavor, a business plan can be an essential part of your overall foundation – without which, the entire business could end up going in the wrong direction, and ultimately not working out. What Should Your Business Plan Include? While all business plans don’t have to be long and include each and every detail, there are some components that are typically required. These include the following: Executive Summary – The executive summary can be thought of as a “snapshot” of your overall business plan. It is here that you will summarize the goals of your business, the product or service it offers, and the ideal targ...

Should You Say Yes to All Potential New Clients?

When starting a new business, making a profit may be the first thing on your agenda, but should you say yes to all potential new clients who come your way? The answer is, in a word, No. While it can be extremely tempting to take on as many clients as you possibly can when you’re initiating your business, there are actually several reasons why you should be very selective – even if it means forgoing some income. One of the biggest reasons for this is because you could end up spending an inordinate amount of time providing some clients with your product or service, only to find out that they will take up much more of your time than necessary and / or they will end up returning the product they bought because it was not a good fit for their needs. Just as in other areas of life, t...

Struggling to Get Your New Business Off the Ground

Starting and running a new business may have been a long-time dream come true, or it may be the result of being laid off or downsized that has forced you to take the plunge into entrepreneurship. Whatever the reason may be, getting a new business off the ground can be difficult – even without having to answer to a boss. In fact, in many ways, going this route can be even more daunting, as most new business ventures don’t come with any type of guaranteed income (or an instruction manual). There are some steps that can make the process easier, though – and, knowing that you’re not alone can also help. First and foremost, it is essential that you know your market. While you may think that you’ve got a great product or service, the reality is that, if no one is in...

Does Your Management Style Gel with Your Employees

Depending on your management style, there are some business owners who are able to easily lead their employees and keep them motivated in moving the company towards its mission, and ultimately move towards good, solid profits. For others, though, coming up with great business ideas may be your forte – but managing other humans, not so much. Six Key Management Style Attributes If you are currently managing people (or you soon will be), there are six styles of management or leadership cited in a recent Hay-McBer study that people usually engage in. These include the following: The Directive – Managers with a directive style will usually lead in more of a controlling manner. For example, they will closely monitor their employees in a “do it the way I tell you to” way. ...