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Smallbizlady’s Reading List Part II

By Melinda Emerson on November 26, 2009 in 10 Things Lists, Business Inspiration, Grow Your Business, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Solopreneurs, Women in Business, Your Small Business

readingglasses_ii Reading is brain food for your business. To keep your thinking sharp it is always good to read about the latest techniques for running a successful small business. One of my favorite things to do is read books about business strategy, social media and leadership.

Here’s Part II of a list of best books that I think will have a major impact on your business strategy heading into 2010. (Part I was posted earlier this week.)

Plan As You Go Business Plan by Tim Berry (Entrepreneur Press, 2008) Business owners struggle everyday because they don’t have a plan. I also see folks who create a business plan and then never use it. Without an up-to-date business plan, you put your business at a great disadvantage. Tim Berry lays out an easy to use system to get your business plan done. The value from having a written plan comes from going through the process and updating it on a regular basis to evaluate how your business is doing and making adjustments as needed. Tim has organized the book to support his “plan as you go” approach. It is designed so you can jump around and use the section of the book that you need at any given time. Don’t start 2010 without an updated business plan.

When Growth Stalls: How it Happens, Why You’re Stuck & What to Do About It by Steve McKee (Jossey-Bass, 2009) One of the biggest challenges any business owner faces is generating consistent, profitable growth. “When Growth Stalls” is all about keeping the momentum going in your business. It is a practical, hands-on guide for business owners who are struggling with stalled growth and for those who hope to prevent it in the first place. When your entire financial future is on the line – it’s not just business, it’s personal. This book is based on research that illustrates that 54.9% of companies’ growth is currently stalled. Growth can slow down for a variety of reasons including: marketing inconsistency, increased competition, lack of focus at the top, or a loss of nerve. Steve gives you the blue print to focus inward and turn things around in your business.

Book Yourself Solid: The Fastest, Easiest, and Most Reliable System for Getting More Clients Than You Can Handle Even if You Hate Marketing and Selling by Michael Port (J. Wiley & Sons, 2006) Michael Port makes you think about your clients and work in a different way. He suggests attracting clients with a no-cost-of-entry offer that leads to a low-cost-of-entry offer that leads the client deeper into your solutions and offerings. He also teaches that, if you have clients who sap you of energy because they are not “your” kind of clients, you cannot do as good a job for them, and you lack integrity. This is what I believe as well. You may restructure your marketing plans based on the lessons taught in the book. This book is especially helpful for service businesses.

From Entrepreneur to Infopreneur: Make Money with books, E-Books and Information Products by Stephanie Chandler (J. Wiley & Sons 2007) In this business age, it’s all about what you know that you can sell. Stephanie Chandler does a great job of breaking down all the different ways to generate content and information products. She also illustrates how you can repurpose your content to build your expertise and brand. She profiles the biggest names in the infoproducts at the end of every chapter including my favorite self-publishing guru Dan Poynter. She also has an extremely thorough chapter towards the end of the book about how to promote a book. From Entrepreneur to Infopreneur is worth reading a few times.

ONO: Options not Obligations, Family First Entrepreneur by Marc Warnke (Morgan James Publishing 2009) Most entrepreneurs struggle with work/life balance issues. Marc Warnke challenges readers to enrich their personal lives by rethinking their financial lives. ONO teaches a wealth creation lifestyle that focuses on making a difference first and creating profit second. Family first entrepreneurs make business choices based on the potential impact they will have on their families first, and on business profitability second. I bought this book after reading an incredible review by a blogger online. This is a great philosophy to live and run your business. Try it!

Do you know a book that should be added to the list? Let me know, I love the feedback.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog www.succeedasyourownboss.com.

Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #SmallBizChat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 Months: A Month-by-Month Guide to Start a Business that Works! is scheduled to be released by Adams Media in Feb 2010.

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SmallBizLady’s Reading List Part I

By Melinda Emerson on November 23, 2009 in 10 Things Lists, Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Social Media, Solopreneurs, Women in Business, Your Small Business

In business, reading is fundamental. It is crucial to help you grow your expertise as a business leader. One of my favorite things to do is read books about small business best practices, social media and leadership. Here’s a list of best books that I think will have a major impact on your business strategy heading into 2010. Later this week, I’ll have five more of my favorite books to share.

Small Business Cash Flow: Strategies for Making Your Business a Financial Success by Denise O’Berry (J. Wiley & Sons, 2006) The best thing you can do for your business is understand how much profit is in every sale and stay cash flow positive. Denise O’Berry writes a terrific book that explains the ins and outs of financial management in a successful small business. The book does a good job of pointing out how a small business owner can stay on top of the cash flow issue in running her business. This is an incredible resource book that I highly recommend.

Get Known Before the Book Deal by Christina Katz (Writer Digest Books, 2008) It is not often I read a book that truly enlightening from cover to cover. On a scale of 1-5, Get Known Before the Book Deal is a 10! If you want to know what it takes to get a book deal, Christina Katz gives a very specific recipe, but this book is not just helpful to people who want to be authors. This book is for anyone who needs to build a marketing platform and a brand for their expertise. This book changed my entire business model and my brand. I could not recommend this book more highly.

Customers For Life: How To Turn That One-Time Buyer Into a Lifetime Customer by Carl Sewell and Paul B. Brown (Doubleday, 2002) This is a must read for every business owner. None of the ideas in this book are ground breaking, but the authors do a great job of explaining how they translate into loyal customers for your business. This book will help you create systems in your business to avoid customer service problems in the first place. This book was originally published in 1998 and has been updated three times since, selling over 1 million copies worldwide. Every business owner should have this book, and I’d also recommend buying copies for all your employees as well.

Blog Blazers: 40 Top Bloggers Share their Secrets to Creating a High-Profile, High-Traffic and High Profit Blog by Stephane Grenier (Levac Publishing House, 2008) This is one of those books that serious bloggers will keep on their shelves. I like that this book features 40 top bloggers and not just 10 or 15 like most profile books. I enjoyed learning great techniques and about what blogs these pros read. Try reading a chapter a day, look at the blogs of the blogger featured, see what they are doing well that you can implement in your blog. Learning how successful bloggers approach their blogging is an exercise that will have lots of benefits.

Greening Your Small Business: How to Improve Your Bottom Line, Grow Your Brand, Satisfy Your Customers – and Save the Planet by Jennifer Kaplan (Prentice Hall Press, 2009) Green is not just the color of money. Going green can be overwhelming, but Jen Kaplan provides a comprehensive guide to practical, meaningful, low-cost changes that can be applied today to go green in your business. Green practices are being measured by everyone including your customers-so use this book to build an additional competitive advantage in your business and save the planet as the same time.

Do you know a book that should be added to the list? Let me know, I love getting your feedback.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog www.succeedasyourownboss.com.

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No Network, No Business

By Melinda Emerson on November 16, 2009 in Become Your Own Boss Tips, Business Inspiration, Grow Your Business, How to Start, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Solopreneurs, Starting A Small Business, Your Small Business

The following is an excerpt from my forthcoming book: Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business that Works! Scheduled to be released by Adams Media in February 2010.

In small business, your network is key is to your business success, but it is astonishing to me why people with no friends will start a business. I believe it’s best to plan 12 months before you quit your job to start a business. In that year, one the most important things you need to do is build and reinforce your personal network. Why? Because, people do business with people they like and people they know. Hopefully, you can be both to your clients. There are many businesses like yours, but one thing that separates your company from others is who you know and how you know them.

An entrepreneur’s most valuable skill is the ability to make friends and influence people.

Look for Ways to Meet People Encounters with people you don’t know are important. Look at it this way: You don’t meet strangers; you meet friends you just don’t know yet. There are a few rules to this kind of networking. Always invite the person to talk about themselves first. After all, the more you know about them, the better you can tailor your thirty-second pitch. Be ready with your short commercial about your business. Consider this your opportunity to make a first impression.

The 30 Second Commercial Before you hit the street extolling the virtues of your great product or service, it is crucial that you have a clear thirty-second commercial (also known as “the elevator pitch”) for your business. When someone asks you what you do, you need to have a crisp and memorable response that makes it clear what business you are in and how you solve problems for your customers. Your commercial is intended for very brief, chance encounters. It is important because it helps you make a lasting first impression. You use it to showcase your professionalism, the benefits you provide, and your expertise. The goal is to capture your target’s attention and interest so that you can engage them in a more substantial and meaningful way. A strong thirty-second commercial will help you create better networking connections, and it can draw people to you. People will seek you out if you present yourself and your business professionally.

It is very important that you sound excited about what you do when you talk to people. You are always selling the business and yourself. Be careful never to tie up someone more than few minutes unless the contact seems to want to prolong the conversation.

Trains, planes, and buses are a great way to meet other business people. I only take the Amtrak Acela express train, which is how most business travelers in the Northeast ride. When I ride the train, I look for an open seat next to someone who looks like a businessperson. You just never know who could be a high-ranking executive, so I keep my mind and my options open. I try to make a friend or at least to learn something from someone during the ride. Most of the time, I accomplish both goals.

A Friendly Conversation Can Always Turn into a Potential Business Lead Learn how to strike up a conversation with anyone. Giving a compliment is a great way to start. Look for something you have in common such as kids, sports, tired of being in line—anything you can thing of to make a personal connection with the person you are talking with. Whenever you attend networking functions or, for that matter, go anywhere, you should always have business cards. When it comes to networking, you never know where you might meet someone who can help you grow your business, so it pays to always be prepared with plenty of business cards. It’s like that old saying goes “never leave home without them.”

Build Personal Network When I first moved to Philadelphia, I put my nose to the grindstone for a few years to build up my career, then I turned my attention to meeting people. I did three things. First, I joined the Urban League to do volunteer work, socialize, and participate in professional development activities. Then I found a church home. The third thing I did was to reach out to the alumni association of my alma mater, Virginia Tech. These three associations paid off in spades years later when I started my business. My first customers came from those associations.

The Cocktail Hour Before Any Event is the Event! Be early for the reception so you can circulate. Once you sit down to dinner, the only people you can network with are the other nine people at your table. An accountant once told me that the rule of thumb is that you should go through 500 business cards roughly every two months when you first start a business. I even carry business cards to the hair salon because you never know who’s in the shampoo bowl next to you.

The Follow-Up The way to build relationships is through continued contact. It is essential to follow up within two weeks after meeting with a potential business contact. You can do this in multiple ways. The quickest and easiest way is e-mail. I prefer to send a handwritten note on my company stationery, since I feel this adds a personal touch. You can have note card stationary printed with your company logo on it.

Leave me a comment if you have any other good networking tips or stories to share.

Melinda Emerson “SmallBizLady”is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 month! A Month-by-Month Guide to a Business that Works! will be released by Adams Media in Feb 2010.

For more tips on how to start or grow your small business visit http://succeedasyourowboss.com and subscribe to Melinda Emerson’s blog.

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#SmallBizChat Live Telesummit Recap (Part 2)

By Melinda Emerson on November 13, 2009 in Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, Pink Slip Entrepreneurs, SmallBizChat, Social Media, Solopreneurs, Starting A Small Business, Telesummit, Women in Business, Your Small Business

(Dear readers: this is the second part of a two part post. Click here to see part one.)

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. This past week, I presented the first annual #SmallBizChat Live Telesummit. The goal was to give the audience the information to create a new plan for their business in 2010. After nearly a year of communicating in writing on this blog and using Twitter, LinkedIn and Facebook, I wanted to interview small business experts over the phone. I also wanted our followers to have access to some experts who do not use Twitter, but who have fantastic information to share. In today’s blog post, I have prepared a recap of three key points that each expert shared with us.

Allyson Lewis @allyson7minutes is a renowned motivational speaker and business coach whose focus is on productivity, specifically developing systems to change your life. Her book, The Seven Minute Difference, grew out of the workshops she has been teaching for the past five years. For more information, please visit Seven Minutes Inc. Allyson talked to us about getting more out of your day as a business owner.

Here are Allyson’s key takeaways:
1. Use a daily written plan of action. The average adult has a 7 minute attention span. Take 7 minutes to write down your top priorities for the day. Regain your passion by doing what is most important to you.
2. Get 7-8 hours of rest a night. Stop watching late night TV and sacrificing a good night’s rest.
3. She introduced the 5 before 11am rule. Allyson advises us all to make an exhaustive list of everything in our personal lives and business lives that needs to get done. Then she suggests tackling 5 tasks per day before 11am, if that’s too tough try do 5 a week. Just get rid of the list.

Michelle Villalobos @mivi is a business turnaround expert who teaches busy entrepreneurs how to improve their sales approach through networking skills, personal branding and word-of-mouth marketing. For more information, please visit MichelleVillalobos.com. Michelle talked to us about turning contacts into contracts.

Here are Michelle’s key takeaways:
1. Reframe the typical “elevator pitch” into an “elevator teaser.” Instead of a rapid fire 30 second commercial that describes everything you do, find the core of what you do and develop a tagline that encompasses your entire brand (if you can). Done properly, it will elicit the follow-up question, “that sounds interesting, tell me more.” One therapist who helps people get over their fears and anxieties described herself as “the couchless therapist,” which makes people want to know more.
2. Business card etiquette – Avoid “premature solicitation” – which is the act of handing out business cards before even saying hello. When you give someone a business card, it is all about timing. Your goal is to develop rapport and to connect with someone. The time to exchange business cards, more appropriately, is after interaction.
3. Follow-up is important. Michelle suggests offering a free newsletter signup to people in a follow-up email. And in the monthly newsletter have valuable tips and info, all focused on the needs of the customers.

Paul B. Brown is a long-time contributor to the New York Times and author of more than two dozen books, including the international best-seller Customers for Life. He is the author of Publishing Confidential: What it really takes to land a non-fiction book deal. Paul spoke with us about becoming a published author to build your business.

Here are Paul B. Brown’s key takeaways:
1. Once you have book idea, the first thing to do is to try developing an outline for the book, and then writing 2-3 sample chapters.
2. The title of your book should tell people exactly what your book is about. Do not be afraid to talk to potential readers about the book topic to get the right words to use in your book title.
3. A book proposal is what you need to approach an agent or editor to pitch your book. It’s fine to send a query letter first, but if there’s any interest, the next request will be to send a book proposal which is typically a 30-page document. Start working on the proposal before sending query letter, so that you can respond to interest.
Paul made a special offer to Telesummit participants – he will give out a copy of a book proposal that sold. You should email Paul at paulbbrown@aol.com and use “Melinda’s Telesummit” in the subject line. His offer ends 11/13/09 at 5pm Eastern.

Lisa D. Sparks @lisadsparks is an email marketing expert with nine years of experience developing and implementing marketing solutions for small business owners. Lisa taught us how to become email marketing rock stars. For more information, please visit lisadsparks.com

Here are Lisa’s key takeaways:
1. Typical open rate on email marketing is 22%. Be sure not use language in your emails that are triggers for spam filters such as: FREE, space available, special offer, only today, !!!, and ???
2. You should have multiple ways to build your email list for your business. Using an email sign-up for your newsletter/blog on multiple pages of your website is one strategy. You can also offer a special report in exchange for an email address. Conducting free monthly conference calls is another great technique to build your list. When you go to a networking function, be sure to ask someone who gives you a business card if you can add them to your mailing list.
3. Develop an editorial calendar for your e-newsletters and all of your auto-responders. Consider writing a year’s worth of e-newsletters all at once. Email should not be the only way that you communicate with your list – using video and/or audio and are nice ways to break it up.

If you missed the SmallBizChat Live Telesummit, do not worry! We are editing and packaging the calls to make them available shortly… so stay tuned.

I hope that after you read what these experts had to say, you will be ready to tackle 2010 with some inspiration and new tricks up your sleeve. Being in business is a spiritual marathon. Hang in there.

My co-host Cathy Larkin @cathywebsavvyPR and I presented the 1st Annual SmallBizChat Live Telesummit because it is our mission to end small business failure. We will be back November 2010 to do this again.

Please follow us at @smallbizchat and join us for #SmallBizChat every Wednesday from 8-9pm Eastern on Twitter. #SmallBizChat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business.

How to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on starting or growing your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

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#SmallBizChat Live Telesummit Recap (Part 1)

By Melinda Emerson on November 9, 2009 in Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, Pink Slip Entrepreneurs, SmallBizChat, Social Media, Solopreneurs, Telesummit, Your Small Business

(Dear readers: this is the first part of a two part post about SmallBizChat Live Telesummit. Part two will post on Friday, November 13, 2009.)

Mike Michalowicz @TPEntrepreneur kicked off our Telesummit. Mike is small business expert who is known as the Toilet Paper Entrepreneur. For more information, please visit toiletpaperentrepreneur.com Michalowicz talked about using social media a build your business.

Here are Mike’s key takeaways:
1. Use a 4 to 1 ratio in your content posted on social media sites. Only promote yourself once in every four times you communicate. Always seek to add value to your audience.
2. Take a non-traditional position to stand out among other experts in your field.
3. Blogging and participating in forums is a great strategy, but using Google ad words can be effective as well.

Karyn Greenstreet @kgreenstreet was our second guest. She’s a self-employment expert who runs thesuccessalliance.com. Her website has all the resources a business owner needs to start or run a mastermind group. Karyn talked to us about mastermind group best practices.

Here are Karyn Greenstreet’s key takeaways:
1. Being involved in a mastermind group is something successful entrepreneurs do.
2. Think about the other skills you need in your business when you want to recruit members to start a mastermind group. Mastermind groups are typically four-to-ten people.
3. Develop set procedures for how your group will operate and get all participants to sign the agreement. Using an agreement is one of the best ways to get participants to commit to the terms and then fully participate.

Dr. Mel Gravely @melgravely kicked off day two of the Telesummit. Mel is the founder of the Institute for Entrepreneurial Thinking, the leading think tank on issues related to business development. For more information, please visit entrethinking.com Mel talked about how to retool your business in tough times.

Here are Dr. Gravely’s key takeaways:
1. It is more important than ever to focus on your niche market and your value proposition. Gone are the days of the generalist consultant.
2. Do not launch any new marketing initiative that you can’t afford to keep up for at least a year.
3. Business shouldn’t always be a struggle. If you have been struggling in your business for more than four years, and it’s never been profitable; it might be time to move on from that business or that business model.

Tim Berry @Timberry is president and founder of Palo Alto Software the makers of Business Plan Pro, and founder of bplans.com. He’s the author of The Plan-As-You-Go Business Plan, Entrepreneur Press. Tim talked about Managing Cash Flow in a Tough Economy.

Here are Berry’s key takeaways:
1. Make sure you know how your clients process invoices. When you can, build a relationship with someone in accounts payable. When evaluating a deal with a major corporation, make sure you’ve got enough cash reserves to wait on your money, or don’t do the deal.
2. Would you walk a city-block blindfolded? Well that’s what is it like to run a business without up-to-date financial statements. You must have a current statement of cash flow, profit & loss statement, and a balance sheet every month.
3. Do not use your line-of-credit to finance marketing efforts to generate sales. Use you line of credit of finance business you have already won.

(NOTE: This is part one of the #SmallBizChat Live Telesummit recap. Part two will post live on Friday, November 13, 2009.)

If you missed the SmallBizChat Live Telesummit, do not worry! We are editing and packaging the calls to make them available shortly… so stay tuned.

How to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on starting or growing your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

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Do You Need A Business Plan?

By Melinda Emerson on November 5, 2009 in How to Start, My Recommendations, SmallBizChat, Social Media, Starting A Small Business

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wed. on Twitter from 8-9pm ET. This is excerpted from my recent interview with @TimBerry. Tim Berry is president and founder of Palo Alto Software, founder of bplans.com, and a co-founder of Borland International. He built Palo Alto Software from zero to 40 employees and 70% market share without outside investment. He is a Stanford MBA and has taught business at the University of Oregon. He’s the conceptual author of Business Plan Pro, author of The Plan-As-You-Go Business Plan, Entrepreneur Press. Find Tim on twitter at @TimBerry or at bplans.com

Disclaimer: I was mailed a free copy of Tim Berry’s Plan As You Go Business Plan Book, and I have purchased a copy of the BusinessPlanPro software in the past. I do not interview anyone on #smallbizchat or for this blog, who’s business ideas, advice and products or services I would not support. The focus of #smallbizchat is end small business failure.

Smallbizlady: What is plan-as-you-go business planning?

Tim Berry: Plan as you go is a reflection of changing times, the new world realities of doing business. We need planning more than ever, but it has to be live, flexible, and reviewed regularly.

Smallbizlady: How is it different from any other business plan?

Tim Berry: Ironically, it shouldn’t be; all plans should be done this way. But somewhere along the line people got lost in the plan as document, instead of planning process. Which is a damn shame.

Smallbizlady: How is the “Plan As You Go” method better?

Tim Berry: Because it’s a matter of fundamentals: it assumes change, and that form follows function. Business planning is about the business, not the plan. It’s about steering, and management and it’s about metrics, responsibility, and accountability.

Smallbizlady: What are some common mistakes in business planning?

Tim Berry: By far the most important is thinking that the plan itself matters, instead of keeping it alive and managing your business using it. As if the plan weren’t going to change. Then there’s forgetting cash flow, and staying up in the blue sky instead of getting into specific milestones and metrics.

Smallbizlady: Are business plans obsolete?

Tim Berry: Only if management is obsolete. Planning is part of the management function, like steering the business. The full formal document doesn’t apply as much as people think, but we all need planning more than ever, and the plan is a first step in planning.

Smallbizlady: You say in your book all business plans are wrong, but vital. Aren’t they just wrong?

Tim Berry: No, wrong but vital. Wrong because we’re human and we try to predict the future. But vital because we then track the plan vs. actual results. We need to watch how and in what direction it was off, and following up on course corrections, interdependence, and better management and accountability.

Smallbizlady: If business plan is a lot of trouble, why should a business owner bother to do it?

Tim Berry: Done right it’s a lot less trouble than you think. Make it only as big as you need it to be, just big enough to manage your business. And forget the formalities, the dressing, until you need to present it to a lender. With business planning you get goals, a tracking progress, metrics, accountability, and a management tool.

Smallbizlady: Sometimes smaller startup businesses or home-based businesses don’t think they need a business plan because their not trying to get a loan or funding, what advice can you give?

Tim Berry: All businesses need to optimize their resources, and planning helps. It helps to lay out your goals and the steps to achieve them, to watch the cash flow, isolate the factors, think about focus, and strategy, and to work towards the right long-term directions even as the day-to-day gets in the way.

Smallbizlady: Okay, business plans are a dime a dozen. You can get them free off of the Internet, you can buy a finished plan for $25. Why bother to actually write one?

Tim Berry: Because you’re going to implement, and nobody else. It’s going to be your plan. It’s not a writing exercise, or a document. It’s what you intend to do to run your business. Would you send somebody else to exercise for you or take a trip for you? Ghost writing works for writing, not for planning.

Smallbizlady: What are the most important parts of a business plan. What one thing would you do if you were going to do only that?

Tim Berry: Dates, deadlines, metrics, milestones, and, above all, cash flow. Who’s is responsible for what? How do things work together? And it’s good to write down strategy, particularly what you are not doing. If nothing else, at the very least, manage a sales forecast, and review plan vs. actual sales and expenses. And always cash flow.

Smallbizlady: How long should a business plan be?

Tim Berry: Form follows function. It should be long enough to set down the strategy, main metrics, basic numbers, tasks, dates and deadlines. For the classic business plan, or the ones entered in contests, or submitted to investors or banks, 20 pages is enough, never more than 30. If we insist on measuring in pages.

Smallbizlady: Why Business Plan Pro? How does it help?

Tim Berry: Business Plan Pro is a tool that does the mechanics like keeping the financials mathematically and financially correct, documented and error proofed; and putting things into logical order with the right tables, charts. And outputting to a printer, PDF, secure website, or Word or Excel.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter.

How to participate in #SmallBizChat: http://bit.ly/S797e

For more tips on starting or growing your small biz subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com

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How to Power up Your Business Plan

By Melinda Emerson on May 7, 2009 in Starting A Small Business

From time to time as Smallbizlady, I conduct interviews with small business experts that could benefit my audience. This is excepts from my #smallbizchat interview with Ellen St. George-Godfrey, a top expert in business planning. Elli coaches entrepreneurs who want to develop their “behind the business” skills by using the three keys of ability, success, and growth.

This is an interview with Ellen St. George-Godfrey about how to power up your business plan. Elli helps her clients build confidence, reduce self-sabotage, and develop effective strategies by using 1:1 coaching, mastermind groups, seminars, and independent study products. Subscribe to the Key Notes newsletter and receive the Vision to Action e-course at http://www.abilitysuccessgrowth.com

Q: What is a living business plan and how do you use it?

St. George-Godfrey: A living business plan is a focusing tool to guide you as grow business. Business owners must actively use a business plan on quarterly or bi-annual basis to check progress, tweak goals, identify changes, and celebrate business growth.

Q: How important is it to have mission & vision statements?

St. George-Godfrey: Vision gives you the big goal you are working for. It doesn’t have to be huge; one client in computer security just wants to make it harder for hackers to get into companies and stealing info. Mission statements speak to your value system and the reason you started your business – and it is deeply tied into your vision. These are your starting points.

Q: What role do our values play in developing our business culture?

St. George-Godfrey: Who you are shows up in your business. Even sole proprietorships have a culture. For example, notice how you use social media, the notion of transparency, or even how you engage with prospects, possible joint ventures, and professional friendships.

Q: How do our beliefs about money and success affect the beginning stages of a startup?

St. George-Godfrey: Beliefs about money and success set you up for failure if not clear how you think and feel about these two necessities. Money is loaded with meaning. Define for yourself what money really means. Evaluate what it means to make a profit. Success is also loaded; generally coupled with money or wealth, which some people feel is too dirty or lacks some kind of virtue. Identify what your kind of success looks like.

Q: Why is it important for small businesses to measure progress?

St. George-Godfrey: Entrepreneurs are noted for how they stretch themselves and extend their comfort zone. There are objective measures – revenues, new hires, moving into bigger spaces. There are subjective measures – increased networking, levels of confidence, enhanced ability to communicate with others, or more alignment with core values and core purpose of the business. Since I work with a lot of very small businesses, we often take a look at marketing, speaking opportunities, and follow-through on stated goals. It is important to know if your ideas work in real-life. Also, it is important to know when you can afford to stop wearing all of your hats and hire virtual assistants or other employees

Q: What are some of the most common ways we sabotage ourselves?

St. George-Godfrey: Procrastination, disorganization of time & stuff, not taking time to write even a most basic business plan. Not using effective stress management techniques, Not developing community to avoid isolation.

Q: What purpose does a SWOT analysis serve in a small business/startup? (Strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business.)

St. George-Godfrey: This is time to tell yourself the truth – good, bad, and ugly, including anything from your personal life that may affect your business. It’s a good review of why you started business in the first place and to measure how your business is evolving

Q: How does my personal life affect my business?

St. George-Godfrey: Lots of small businesses owners wear many hats. If your attention or energy is used by life events, this can take away from business. People who work from home are susceptible to interruptions from family, friends, and neighbors who may not realize that you are actually working. Support from a coach, mentor, or peers is important to staying focused and keeping boundaries clear. Success in business has more to do with your ability to manage your thoughts and feelings, to interact with people, and to know how you want to grow – both professionally and personally. Being flexible and fluid allows you to remain creative and dynamic in your business strategies.

If you’re ready to start or grow your small business visit www.succeedasyourownboss.com and subscribe to Melinda Emerson’s blog.

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