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5 TIPS FOR USING YOUR BUSINESS PLAN EFFECTIVELYDo you know where your business plan is? Is it sitting in a drawer somewhere gathering dust? When you craft a business plan, let it see the light of day once in a while and use it to run your business. During the best of times it will help you stay on track. During challenging times like these it will help you identify critical issues quickly so you can make course corrections as necessary. Here are some tips on how to use your business plan effectively. 1. Track Key Performance Metrics – In your plan, you set certain measurable objectives for the year. You should compare your actual results to these metrics on a quarterly basis. Typical examples include sales targets, growth rates, average sales prices and profit margins. These metrics can guide your daily decision-making. For example if you are offering a discount, you can evaluate how that will impact your targeted average sales price and how much additional volume you will need to maintain your profit margin. 2. Focus on Keys to Success – These are the top strategies that you identified in your plan for growing your business. Focusing on these high impact strategies will keep you from getting distracted with low priority activities. For example, if you know that implementing a key marketing program is mission critical for you and you just spent the day reconciling your bank statement, then you may need to reprioritize or delegate this task to someone else. 3. Analyze Budget Variances – Conditions constantly change so you will experience variances compared to your budget. Discovering these variances on a timely basis will allow you to react faster. This is especially critical for cash flow management because you need to know if you are going to have the cash available to pay your bills every month. Recently, I had a client who discovered during her performance review that gross margins were declining, impacting both cash flow and profits. She was able to identify the problem, discover the cause and work on solutions. If she had not been analyzing budget variances, she would not have realized this was an issue until the situation became critical. 4. Monitor Your Market – During the year, continue to learn all you can about your customers needs, your competitors’ strengths and weaknesses, and trends in your market. It will help you identify new opportunities for growth. This knowledge will be invaluable during your next plan update. 5. Re-plan If Necessary - I recommend updating your plan once a year, but in this business climate it may be necessary to update it sooner, especially if you are missing your targets by a significant margin. Running your business using a clearly unrealistic plan is frustrating, so revising it will enable you to remain on track. You may find that you need to reduce your overhead expenses, refocus your marketing efforts, or postpone your expansion plans in order to remain competitive and profitable until conditions improve. Actively using your business plan to run your business is mission critical. You have invested a lot of time and money into your business, so take these steps to help you achieve the success you deserve.
Do the Math on DiscountsWhat small-business owners should know before slashing prices. By Jennifer Lawler | Entrepreneur
Magazine - October 2009 It's a given that putting something on sale can boost sales. But before small-business owners slash prices--and profits--they should consider all parts of the equation. For example, Colleen McCartney, owner of Top Notch Wellness Products, struggled to set the pricing for a new nail file line. “I drastically reduced prices to gain more catalog clients,” she says. “But the thought kept running through my head--are these too low, or are they not low enough to beat out the larger suppliers?” Some entrepreneurs prefer coming out of the gate as low-cost providers. Eric Casaburi opened his national 1980s-themed gym chain RetroFitness on the premise of “more fitness, less money.” He notes: “I didn’t start as a $40-a-month gym--it’s always been $19.99 per month. If you drop pricing, the message you send is you’re in trouble. People think the club is going to decline.” Others avoid discounts altogether for fear of damaging brands. “I have not discounted the wines I sell,” says Richard Shaffer, founder of Israeli Wine Direct. “If a wine I sell for $40 goes on sale for $25, people will wonder if it was ever worth $40.” Instead of discounting, Shaffer is looking for less expensive wines to add to his portfolio. “It can make sense for a retailer to fill a ‘value’ gap with other products,” he says. “But across-the-board price-cutting for premium products like wine is a bad idea.” Businesses can also alter the perception of value without cutting prices. Nicole Morell, owner of Honeybunch Homestore for Kids, has split packages of four products into two less expensive packages of two, and dressed up other offerings. “I took a humble product out of the original packaging and created something more beautiful and gift-y. I was able to sell something at a good price that looked more expensive than it was.”
Nancy Ettinger, Personal Chef
Savor Soup House, is one of downtown Portland's finest food carts, located at SW Alder and 10th, between 10th and 11th. Serving a variety of fresh, homemade soups, salads and sandwiches made from quality ingredients, there's something for Vegans and Omnivores alike, as well as those with special dietary needs. For a review of the cuisine and customer comments, see: http://foodcartsportland.com/2009/01/27/savor-soup-house/.
Savor is committed to sustainability by reducing waste, using local vendors and seasonal products.
Nancy Ettinger is the founder of Savor, LLC and Savor Soup House (a Portland food cart located at SW Alder and 10th, between 10th & 11th) and has over 10 years of culinary experience from culinary school to fine dining to restaurant management. She grew up in Chicago, Illinois where she attended Kendall College for Culinary Arts. She worked in smaller cafes and fine dining restaurants and has brought her love for cooking to Portland, Oregon. Kari Fahrenkopf Prudential Northwest Properties Kari has been a realtor for 3 years and works with clients to find homes that fit their lifestyle and budgets. Whether you're downsizing, upsizing or looking for a vacation or income property, Kari has the market and local knowledge to find a home that will suit your needs. As a member of Prudential Northwest Properties, Kari also has the strength and resources of one of the nation's largest and most respected real estate networks to support her efforts and ensure that your transaction is handled smoothly. About Sunshine Glass Designs Founded in 2003 by Kari Fahrenkopf, Sunshine Glass Designs is a Newberg, Oregon based fused glass company. Kari creates one-of-a-kind fused glass art for either functional use or art décor. The brilliant glass, through many steps and firings is transformed into a durable handmade piece that glows with translucent color while retaining the characteristic bubbles that are unique to fused glass. The result is glass art that is both intricate and simplistic, and reflects Kari’s passion for color and functional ability. Kari's artwork is currently on display at The Allison Inn in Newberg (http://www.theallison.com).
Kari Fahrenkopf was born in Sonora California and raised in the Portland area. She holds a Bachelor of Science degree in Marketing from Portland State University, and for several years worked in the high tech software industry and later as a project manager for a marketing agency. From there Kari transitioned to real estate, specializing in representing rural property owners. A friend of Kari's introduced her to the world of fused glass and encouraged her to take a class. She had always been attracted to the beauty of “glass” but wasn’t prepared to get “bitten” by the glass bug that has propelled her passion for glass today. On a daily basis her focus is on the business world but fused glass allows Kari to tap into the creative side of her brain and challenge herself in a way that only art can. Kari is thrilled to share her artwork with others and often designs custom pieces. Twelfth Night by William Shakespeare OEN Pubtalk Seed Oregon Round 3 |
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About
Savor
Savor, LLC is a personal chef service delivering fresh, healthy
dishes to the table without sacrificing any of the taste. Clients
fill out a food questionnaire describing all their likes/dislikes
and dietary needs and menus are created to fit those needs. Whether
you’re a vegetarian or have food allergies, each menu is customized
for each individual or family. The food is brought to your door twice
a week in reusable containers and can either be refrigerated or frozen.
About Nancy
About Kari
