Lucidry - Connecting The Inspired » Commentary

Why Write A Business Plan?

Mel @ Lucidry — Wed, 17 Feb 2010 09:33:17 +0000

Many small business owners and entrepreneurs have taken the first footsteps in their journey without a business plan and have since seen no reason to take the time to construct one. A business plan is a living, breathing and organic document – open to growth, revision and correction.

If you haven’t taken the time to construct a business plan, hopefully this article will convince you to do so…

It is far easier to be passionate about the future if you can see where you are going and how you are going to get thereCheryl D.Rickman

Doing anything in life we need a goal, aim or objective – whether that fact is set subconsciously or consciously – it occurs. Your business is no different, it however, cannot be left to chance. There must be a conscious examination of its goals. If your starting a new business, and are leaving the security of your monthly salary – a business plan is even more important – addressing how your business will run and making realistic cash – flow projections will be a necessity.

You absolutely must know where you want your business to go and how it is going to get thereAuthor Unknown

By figuring out your destination and writing down what actions you need to take and who needs to take them, in order to reach that destination – you make its achievement much more feasible. Similarly, looking ahead into the future and all the challenges and tests that could present themselves leaves you prepared and make it easier to manage obstacles and your manoeuvrings.

An effective business plan communicates ideas, tasks, goals and strategies it facilitates focus and direction by specifically defining mission statements and long – term objectives.

Use your business plan to map your idea, write your manuscript to achieve success. Use it to tie together your vision, market research, resources and personal attributes.

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The Five Biggest Mistakes That Entrepreneurs Make

Mel @ Lucidry — Sat, 13 Feb 2010 17:08:12 +0000

Informative and interesting short talk by entrepreneur Jerry Kaplan. He discusses what he feels are the five biggest mistakes that entrepreneurs make from time to time. Personable, and intriguing he talks about equity, goals, ego and resource management.

A must watch for all of us going forward.

Jerry Kaplan

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An Entrepreneur is a Visionary

Mel @ Lucidry — Wed, 10 Feb 2010 13:31:58 +0000

Most businesses often start as an idea and most ideas often come from a vision.

What is your vision of your business? In one, two, five, ten years, where do you see yourself being? Your business being? What is the next step in achieving this vision?

Visions and dreams are the thought you need to hold onto when you strategically plan and take steps to making them a reality. If, when you sht your eyes and dream, you see yourself as a CEO of your own international conglomerate and you truly commit yourself to that vision: things will change. I by no means am saying it will happen in the snap of an eye – but you will begin to take steps in life and business to facilitate this vision becoming a reality.

Most people aim at nothing and hit it with incredible accuracyAuthor Unknown

Conversely, if you shut your eyes and you see yourself doing exactly the same thing as you are doing now – well, I can gurantee – in 10 years you will be doing exactly what your doing now.

That is why as somebody with a vision you must set goals! Goal-setting is a process that is a necessity – it focuses and it motivates.To fail to set yourself goals, is to fail to achieve anything. It is only when you have a vision in mind that you can use your current position as a starting point, an anchor to look at it the future and say – ‘look at how far I have come’ – ‘look at how much I have achieved’.

As an entrepreneur, you sleep and should see your vision everyday. Your life is a direct result of your drive to achieve your visions about yourself, your business ventures and the world. The key to happiness is often knowing that you are making steps and achieving the intermediary goals along the way to achieving whatever your vision is.

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4 Steps to Transforming Your Business

Mel @ Lucidry — Sun, 31 Jan 2010 09:30:02 +0000

Moving business forward after it stagnates or seemingly plateaus is a challenge that any entrepreneurs and business owners will face.

‘I Have A Dream’

So you want to transform your business? But into what? Exactly. You need to affirm your vision. Your vision, no matter how ridiculous it seems is pure, don’t trouble the dream with reality at this point. Just note down what that dream is. Ikea started off with two guys.. building furniture.. in a shed.

Detail the Dream

Taking the dream from one’s mind and putting it onto paper.

Write down everything you see about the dream, the people there, the office, the finances, your emotions everything.

I dream my painting, and then I paint my dream Vincent Van Gogh

Go Past the Obvious

Your initial idea or concept may be simple in nature but try ‘to think outside the box’ – how can you expand that initial thought and idea to offer more services or similar products. Place that idea in circle in the middle of piece of paper and then brainstorm and mind-map everything that comes to mind about it – you may find a better idea concept comes from the process.

Make it Happen

Business plans are an invaluable tool that very business owner should have and be addressing at periodic stages within their businesses life – as circumstances evolve and change, so should your business plan. A good exercise is to condense your plan to one sheet of A4 into four sections. In section one – where your are now, 2 – where you would like to be, 3 – what needs to be done to get you there and 4 – who will do it all and when!

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Pros and Cons of Starting Your Own Business

Mel @ Lucidry — Sat, 30 Jan 2010 12:12:54 +0000

Was having a chat with a friend the other day and when they asked me how I liked running my own business – I spouted out all the great things about doing what I do. Then I walked away and realised I had probably painted an undue rosey picture about the whole thing. Running your own business has its advantages and its disadvantages.

Easy money isn’t easy. You have to earn it.Cheryl D. Rickman

Disadvantages

- Nobody to blame. Generally, when things are going badly, you will assume responsibility for that face. The buck stops with you.

- In the beginning, for many – the struggle is a lonely and isolated one. Especially if you’ve been used to the 9-5 office lifestyle. Find ways to stop yourself from going crazy – radio / phone / msn etc

- Financial pressure. When starting out for most, cash flow is a big problem. Stable, regular income that offered security in the past will be a safety net you will miss more than you realise.

- Long, Long hours – hours that melt into days and days that melt into weeks.

- No sick pay and holidays. If you take a break from your business – your business takes a break. Which is something you more than likely cannot afford to do.

- Social life fades away and the time merges into working life. Working those long days and hours will diminish the time available to socialise and you will probably notice a corresponding increase in your stress levels!

Advantages

- Being Your Own Boss! I love being able to make the executive decisions. No boss to please, no supervisor to tip toe around and no evil office culture.

- Success of the business is your own personal success aswell. Sense of achievement from getting the first client to completing the first transaction.

- Dependent on your business; you might be doing something you actually enjoy doing.

- The ceiling really is the sky. No promotion to beg for – there is nothing stopping you aiming your business towards the heights of extraordinary success and revenue.

- You get to become an employer.

- In general, you should maybe have a greater flexibility in your life. Once again dependent on your business – that 1 hour you need to go pick the kids or go gym is something you can facilitate for yourself.

Any other advantages and disadvantages you can think of?

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The UK is out of the Recession! – Video

Mel @ Lucidry — Tue, 26 Jan 2010 15:56:32 +0000

Business / times and situations have been hard over the past 18months with many forced to cut-back heavily or worse into administration, closure or bankruptcy. Today, the BBC reported that the UK economy was out of the recession:<

The UK economy has come out of recession, after figures showed it had grown by a weaker-than-expected 0.1% in the last three months of 2009.BBC

Despite recovery signs such as an unemployment fall for the first time in 18months, many are still very tentative about the so called announced ‘recovery’ . At a nice 0.1% of growth it is hardly riveting or re-assuring news. The report was prompted by an ONS announcement today broadcast on Sky News that the UK had emerged from its recession.

View on Youtube

Even with the political backs and forths that are likely to ensue following this announcement between Chancellor of the Exchequer Alistair Darling and the opposition. I can at least take some solice in that some grown, no matter how staggered and anti-climatic is better than no growth. Part of the disappointment for many may lie in the exaggerrated expectations and promises for growth that were earlier promised.

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UK Economy is in a ‘state of crisis’ says ex IMF Exec