The Business Plan

Posted on August 26, 2011 by admin



I have written three business plans for my own businesses. Two were for existing businesses and one for a Start up business (BOOST Business Coaching). The two plans written for existing businesses were written entirely on the prompting of Bank Managers as I was borrowing resources to invest in these enterprises. As a consequence once I had achieved this aim, the plans went into hiding and were never relevant again. In these cases the business plans were great for funding but had little else use.

The Business Plan

The latest business plan written by me was for entirely different reasons. I actually had to discover whether there was a market for my services. As a consequence of this I now have a ‘living document’ that is referred to and updated on a continual basis as my business grows and changes. The best part of this is when different tactics have been actioned and the results have been less than anticipated I have a plan B and a Plan C and can action these seamlessly into my business.

What to include in the business plan

Many people get stuck on what to include in the business plan, and to be fair every business is different along with every business structure so here is some food for thought when it comes to writing your business plan.( We do have templates for all sorts of senarios – contact us)

1. Before you get in too deep, take a step back and outline a clear vision for YOURSELF, what the business looks like the day before you sell it. This will then se the framework for the rest of your plan by enabling you to start on the end result and work your way backwards. No-one said it was rocket science! Commonly known as an exit strategy.

2. Include Budgeting. You can’t run a business without cash. When you start your business the immediate concern is Cashflow however some consideration should be given to Cashflow, The income you draw from the business, the profit the business makes and your equity in the business. This is an important part of the business plan

3. Customer Focus. If you have customers ask them what they really want your business to deliver. If you are starting a new businesses go to your future competitors customers and ask them what they would really like to see. Then use this in your planning.

4. While we are talking about competitors – Research them, what do they do well, what are they not so good at, their strengths & weaknesses. Use this information and fill the Gap. If possible don’t compete head on with anyone on price – always differentiate.

5. Risk – A lot of people think that entrepreneurs are risk takers. They aren’t. They always analyse the risk before acting. Yes – an element of risk taking is necessary but the lesson here is to minimize as much as possible.Do this before you open the doors with the business plan

6. Once you have the draft of your business plan together contact an independent advisor or Business coach who can give you ‘independent’ feedback. A Family member or friend will also be useful however remember that they may not be as ‘independent’ and will provide feedback based on other factors

7. Expect the unexpected. No business plan is going to work exactly how you want it to, so make sure you have necessary measures in place to cover any problems you may encounter. Have a plan B and C for those tactics.

Don’t skip the business planning process Make sure you have a bigger chance of success.

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Hospitality Management Courses – What Awaits Graduates of Hospitality Management Certificate and Hospitality Management Diploma

Posted on August 26, 2011 by admin

A successful career in hospitality management is almost always envied and pursued by graduates of hospitality management courses and even those of other courses. After all, the field is associated with frequent travelling, lavish lifestyle, exciting new faces, and – of course – extremely satisfying compensation. There are infinite opportunities, too, to improve oneself through various trainings and seminars.

Simply put, the idea of working in a fabulous cruise or a fancy hotel attracts almost everyone. Some go through hospitality management courses while there are others who choose to apply even without a hospitality management certificate or a hospitality management diploma. The difference between the two is that the former is often preferred by employers.

And why not, going through hospitality management courses, be it a concise hospitality management certificate or a more thorough hospitality management diploma, is undeniably a good strategy to get your foot in the door. Employers are aware that hospitality management courses offer specialized training that no other courses can provide when it comes to making guests happy and managing or working with a team in a hospitality business setting.

Hospitality management courses include discussions and trainings on pertinent tasks such as management of food and beverage, lodging, and events. It is important that both theoretical and practical approaches are implemented in hospitality management certificate or hospitality management diploma. Hospitality management courses are only worthy to take when students are taught about the requisites of the hospitality industry as well as actual management of its specific industries. Also necessary in a good hospitality management certificate or hospitality management diploma are lessons on resolving conflicts.

Hospitality management certificateor hospitality management diploma can be taken through distance education provided that you seek out an institution that houses an industry-based faculty and uses the latest resources. Inquire about their hands on approach; some are affiliated with companies who can take you in for a practicum while others can supplement lessons with video chats and web conferencing.

Clutching a hospitality management certificate or a hospitality management diploma does not mean that employment is a done deal, though. Graduates of hospitality management courses must ensure that they have understood the lessons well and ready to incorporate those in actual situations to convince a company that they are worthy of a chance. After which, continuous dedication must be shown to remain significant in the workplace and advance in position

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Management Franchise Improve Prosperity of Business Fund

Posted on August 26, 2011 by admin

The success or failure of the business depends on the sound financial planning. No business can be carried on successfully even small or large without proper arrangement of their capital and their allocation. Since funds are invariably required to carry various activities of the business, management franchise maintains and manages all these funds accordingly.

Planning is the process in which an enterprise tries to make the best possible use of its resources towards achieving the goals of business. The aim of the business is to earn maximum profits out of minimum efforts. So, the basic purpose of financial planning is to make sure that adequate funds are raised at the minimum cost and that these funds are used wisely.

Determining financial objectives: The main aspect of management franchise is to determine the long-term and short-term financial objectives of the business.

The long-term financial objective of the firm is to maximize the wealth of the owners by utilizing the productive resources of the business effectively and economically. Effective utilization of productive resources is possible only when there is regular supply of funds at a minimum cost. Thus, a long term financial objective includes proper capitalization and proper capital structure of a business.

Short-term financial objective of the business is to arrange the necessary funds when they are required for the smooth running of the business. It is necessary to maintain liquidity in the business.

Formulating financial polices: The second aspect of management franchise is to formulate polices of capital to achieve the long-term and short-term objectives of the business. These financial policies includes estimation of capital requirements for a business, selection of sources of capital, distribution of earnings, administration of fixed and current assets.   

Developing financial procedure: This is the third aspect of management franchise in which financial activities are sub-divided into smaller activities.  Power, duties and responsibilities are delegated to the management. Proper control of financial performance is exercised using various techniques like budgetary control, cost control, analysis and interpretation of financial statements.

Hence, Capital is the soul of a business, management franchise prepare all plans and strategies for the business to control the inflow and outflow of cash to make sure that funds are available all the times when they are required, so that the long-term and short-term objectives of the business may be achieved and the interests of all concerned parties may be safeguarded. Forecasting of financial results is also a part of business planning.

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