BUSINESS PLANNING FOR THE END RESULT
Richard Branson’s latest, shares a major lesson in business entrepreneurship.
Do you want to know what it is?
‘To have a business plan from the beginning.’
It sounds simple and that’s because it is.
In the latest episode of America’s Next Top Model, when a contestant is required to present a business idea, Tyra Banks (the host and very successful model) feedback to her is to focus on ‘what you want your end result to be.’ It may not be something/someone you have interest in, however it is great advice from very successful people on business planning.
You might think you will wait until the business takes off before you worry yourself by writing a business plan. Questions like, “how much do I expect to make in the first year”, can be hard to dictate until you take on the market.
However, what you can outline is the focus of your business. What do you want to receive out of your business and when you earn profits, what do you want to do with those extra funds? Thinking about these questions before you start your business is what will help keep you focussed on the greater future.
You’ve worked hard for your business and discovered after a year of saving half of your profits, an amazing investment opportunity has come knocking. You look at what you want your end result to be and determine if this opportunity will get you one step closer to your future goals. In addition, check if it ticks all the boxes off your checklist. This enables you to make the right decision and quick; because some opportunities require quick action.
However, if you didn’t have the foresight into what you wanted to use the profits for and was spending it on frivolous items, when the same opportunity comes around, you realised as much as you wanted to participate, you couldn’t because you simply didn’t have the available funds.
Again, it’s difficult to see the future when you are just starting out. This is where a financial planner is a necessity. A financial planner helps guide you into working out what you really want (financially) from your business venture and the steps in order to help make it a reality.
Having an independent person talk to you about any new opportunities that you might be interested in, who knows your financials, your business plan and is not emotionally connected to the deal as you may be, is what can help turn an opportunity into a good deal.
Don’t just write a business plan that holds no powerful impact for you, create a business plan and model that will excite you every day to work. Do you need some guidance on the financial aspect of your business plan that will help guide you to get where you want to go? Contact Aperio Financial Solutions on (03) 9230 1500 or email email@example.com .