Business planning feels sometimes like visiting the dentist – you know you must do it, but you keep putting it off.

Historically business plans were prepared to obtain finance and subsequently filed away. Larger corporations prepared business plans internally to justify operational and project budgets. These business plans were seldom revisited and the accuracy and completeness were always questionable.

Regardless of the size of your business, it is imperative to be incredibly focused within your business. In depth focus can only be achieved through proper planning. This can be achieved through the use of structured business plan, sound business advice and ongoing evaluation against the plans.

The structure of the business plan should include:

• Current market situation – Understand your current market environment, including its size and the share you can realistically achieve. The size of the market will depend on market trends, target customers and competition.

• Current target customers - Evaluate the characteristics of the target customers that could buy from your business.

• Competitor analysis – The level of competition and the strength of the competition will provide an indication of how difficult it will be for you to attract customers.

• Marketing strategy – List the objectives and targets for the volume and share of the market you hope to achieve and when you want to achieve it by.

• Marketing plan – Explain in detail how you going to achieve your marketing targets and objectives.

• Sales Goal and objectives – Details your sale forecasts in terms of different product types by volume and value.

• Operational requirements – Draft an outline for your plans for premises, equipment, staff, suppliers, compliance and estimated costs.

• Current financial requirements and financial forecasts – Includes a breakdown of your financial requirements, the sources of finance available and any shortfall that will require funding.

• Management processes – Consider key skills, responsibilities, and management processes needed.

• Business risks – Details the risks your business is exposed to and how you plan to mitigate it.

No-one knows the pitfalls of planning and running a business better than persons who have done it. Rather than wait too late, contract business advisors if you do not have the necessary expertise. Experts can not only provide business advice for your business planning process but will become advocates for your business, cheering it on!

Add the following three negotiation techniques to your arsenal.

Win-Win Solutions

When negotiating, always look for win-win solutions, and present them as such. When I was selling real estate, it was common for sellers to think that buyers wanted the lowest price they could get. The sellers often wanted the highest price, but buyers usually wanted an easy transaction, lower costs and lower payments. A seller that gives these things can get a higher price and both sides will win.

If you need to get the garage cleaned, and your son wants a new watch, you have the makings of a win-win negotiation. You might tell him, “Look, you want that watch, and I want a clean garage. Let’s both get what we want okay? Clean it up today and we’ll get your watch. How’s that sound?”

The key to good win-win solutions in your negotiations is to find non-conflicting needs or wants. Notice how some conservation groups negotiate to stop private land development. They want the land left wild, and the owners want to get some value out of the land and still be able to use the house, ranch, etc. So the groups buy a “conservation easement,” preventing development, but leaving the title with the current owners. Both sides win.

Exclude Competition

If you could exclude competition in any negotiation, you’ll have a better chance of getting what you want, right? How do you do that? Start by never mentioning competition to the other side. It’s possible they don’t know all their options, and it’s not your job to enlighten them.

At the negotiating table, be ready to confront the competition head-on, when the other side brings it up. In the carpet cleaning business for example, an owner could politely dismiss the competition when it is brought up. He could say something like, “They’re okay, if price is all that’s important to you. Of course, they can’t clean as deep with their machines. If you want the deepest cleaning and at a temperature that kills dust mites and other things in the carpet, you have to have a machine like ours, and fully trained technicians.”

Extreme Initial Positions

Everyone knows this technique, but most are afraid to use it. A real estate investor I was talking to the other day told me, “If you aren’t embarrassed by your offer, it isn’t low enough.” He’s made millions in real estate, so I think he’s worth listening to.

Many years ago I sold a car. A nice guy, after crawling under and inside the car, offered me half of what I was asking. I said no, and he left his phone number, in case I changed my mind. As he drove away, I wondered what was wrong with the car, and I was suddenly hoping I could get just a bit more than that half-price offer. My expectations had been altered quickly. Fortunately another person gave me the full asking price before I decided to pick up that phone.

There are dozens of good negotiation techniques that you can profitably use. Why not start by practicing these three?

One of the most important negotiation skills you can develop is the habit of finding the other side’s deadline. Time is of the essence. It even says as much on most business and real estate contracts. What does this mean in negotiating? It means that whoever controls or understands the elements of time involved in a negotiation has the better position.

Many years ago I was looking at a truck for sale. I asked the owner why he was selling (always a good idea). He told me that the IRS was coming after him and he needed to sell the truck by the weekend (It was Tuesday). When do you think you would be able to negotiate the best price on the truck? Maybe right now, but certainly on Friday if the truck is still available. On Friday he would be desperate to get what he could from the truck before it was seized by the IRS.

Using Deadlines As A Negotiation Tool

This guy wasn’t using good negotiation skills. He gave away too much information. More specifically, he gave away his deadline. One of the most important things to understand in negotiating is deadlines. The two things to remember about them are: 1. Don’t give away your deadline(s), and 2. Find the other side’s deadline(s).

Find out whatever you can about any relevant deadlines. Sometimes there isn’t a clear one, or there are several deadlines for different parts of the negotiation. Whatever the case, the more information you can gather, the better.

How do you use that information once you have it? The crudest method is to simply delay and wait until the last moment to negotiate. This only works if the other side doesn’t walk away, and if your own deadline permits it. It also requires that there are not others who can take your place (as was clearly the case with a truck for sale - it might not be there Friday).

A bit of sophistication is required to use this information effectively. You may want to start by identifying what is most important to you in the negotiation. For example, if you are buying an apartment building, is the price or the terms the crucial element for you?

Let’s assume that price is most important to you. When you wrote the offer, you put some price on it, but you have inspections and other contingencies that allow for everything to be renegotiated. The process of inspections and negotiations ties up the property, so your competition is excluded for the moment. Then you learn that owner really wants to sell by the start of the school year, because he will be moving with his children.

Work on everything else in the negotiations except the price. Have inspections done, agree on what will be included with the property, etc. As the seller’s “deadline” approaches, he will be getting anxious to close the deal. Then you let him know you’re ready to close quickly. Of course, you’ll need the price adjusted due to the results of the inspections.

At this point the seller has the choice of throwing away the whole deal. This means starting over, and not moving when he wanted to. Alternately, he can be happy that he got what he wants most - a quick close. This means giving you your price.

This points up the importance of getting information on the other’s deadline, but also the importance of not revealing your own. When I was a real estate agent I heard the story of a man who sold his property for a large profit. He had to pay $80,000 in capital gains taxes unless he rolled the money into another property, as a “Title 31 exchange.” He had 60 days to close on the new property.

Imagine the abuse he would open himself to if, with ten days to go, the seller learned of his deadline and the cost to the buyer if he missed it. He could threaten to delay closing unless the buyer paid $10,000 extra for some old coin-operated washing machines, for example. Overpay by a few thousand, or lose $80,000. What do you think he would do?

For an everyday example of using deadlines, try buying your next car towards the end of the month. Many times there are quotas that dealerships want to meet for the month, and bonuses that salesmen get for monthly volume. Saying “I’ll think about it and return on Thursday,” (or whatever day is the first of the next month) can have them dropping the price fast. It’s always good to practice your negotiation skills.

No matter what the size or industry of your business, the efforts to identify attainable awards and to pursue for qualification and nomination can pay off handsomely in future sales. Businesses of all sizes, from multi-national corporations to small local businesses, should be aware of the value of attaining awards for business excellence.  As described at the awards list site, the positive effects from attaining a business award include free press coverage, greater employee satisfaction, and access to bigger contracts.

One of the best indicators for prospective customers of a business is to find out if the company has received any recent awards for excellence in customer service. Clients look for and appreciate good customer service whether it be through the actual transaction or the help they gain through your support team. A company’s reputation in their market can be greatly increased by winning a business award for excellent customer service.

Only companies that show the sincerest dedication to customer service will have a realistic hope of being nominated for such an award. If a management team wants to generate successful results, they need to do more than just set the tone of the workplace. Results count, and in order to ensure the company achieves the results, quality needs to be measured.

The first step in achieving a measure of excellence in customer service is to identify the expectations of the customers that purchase your products or services. Once their expectations are identified, the goal is to meet and exceed their standards on a sustained basis.

Metrics for customer service satisfaction measure the company’s performance against the expectations of its customers. On-site or follow-up surveys are useful for gathering data in this crucial area. When satisfied customers start talking it can generate great publicity for the company so customer satisfaction is very beneficial.

If a company can then achieve a business award because of their top quality, their exceptional customer service record will be further publicized. The great benefit of receiving such an award is that it will make it easier for a company to attract new customers and maintain their current client base.

The link between spy gadgets and spy movies is obvious. Some say it first emerged with James Bond to reassure us that we really were winning the Cold War.  And those gadgets were indeed ludicrous: bulletproof pyjamas, a cigarette lighter that doubled as a .22-calibre gun, a lipstick that could record conversations or release poisonous gas.  They were clearly theatrical and were like nothing you would expect to find or would even make sense in real life.   But now, many companies are being forced to look at some of the less fanciful spy gadgets, especially those associated with covert surveillance, in a very real life application.

Employers need to be on red alert as the economic downturn forces many workers to find extra cash dishonestly. The prospect of “spying” on your staff and employees is never a pleasant thing. But the unpleasant reality is that the economic crisis is fuelling crime. 31 police forces across England and Wales reported a dramatic rise in acquisitive crimes during the last four months of 2008. 5,572 more cases of acquisitive crime took place during those months than the previous year.

Recent figures showed that employee fraud cost UK companies more than £77m in the first half of 2008 - up from just £10m in the same period the previous year. Spiralling personal debt fuelled by mortgage, food and fuel price hikes is making workers desperate. Companies throughout the UK are beginning to realise the importance of getting to grips with the fraudulent activity of their staff.
Some form of business fraud is currently being committed by an estimated 1 in 5 staff according to recent figures, so employers need hard, incontrovertible proof, if they are to tackle the problem.  Spy gadgets can assist in this task by closely monitoring employee activities utilising specialist covert cameras and recording equipment or vehicle tracking equipment if you’re dealing with suspected fraud in a mobile sales force for example.   By sending out a clear message to employees that fraud in the workplace is unacceptable the employer will be able to control the situation and probably reduce operating costs.

Top management, as well as their employees, is frequently told that the customer is always right. Hence, managers are frequently concentrated on attending to the demands of their clientele. While this may be sound advice for a company simply desiring to reap monetary rewards, this continuously puts employees second in line for the attention of top management.

A organization looking to become successful in today’s business world needs to realize that employees are integral cogs in any business. This is specifically where corporate recognition awards come into play. These awards make your employees feel valued and, hence, they become motivated to put in more effort in their work. This article proposes that you can make use of corporate recognition awards to show your employees that you appreciate them just as much as your patrons.

Employees want to feel valued. Upon completion of a long-drawn-out and challenging project or sealing a big business deal, your employees would be very thankful if they were given some kind of acknowledgement. Speeches can be one means of showing appreciation for the amount of effort they put in, but something more permanent would be more effective.

Corporate awards are physical symbols that relat a forceful message not merely to the recipient but to your other employees as well. As discussed at business awards, these corporate recognition awards are indications that great efforts will not go unrecognized. Thus, expect your entire workforce to be inspired in hopes of receiving recognition for their work as well.    

Plaques, trophies, and medals can all be suitable choices for your corporate awards. The engravings on these awards are of singular importance, especially as the central objective of handing out corporate awards is to acknowledge a particular undertaking.

More out of the ordinary awards will be valued too. You might want to give gift certificates, wristwatches, or tickets to a local event. No matter what form your corporate recognition awards take, what matters is that you give your employees the exact same amount of attention as your clients. Your staff may play different roles, but both your customers and your work force have a valuable impact on the success of your company.

One of the ways to improve business profits is to practice great money management. Most companies and businesses tend to ignore their everyday expenditure, causing them to lose sizeable amount of money. These are called the ‘not critical’ aspects of the business, or certain things that can be substituted with cheaper and just as productive methods. There are entire companies that are dedicated to this, called damage control.

The downfall of many business is due to their lack of control on their spendings including nonessential expenditures on employees and basic infrastructure. You need to investigate every aspect of your business and how your money is being spent. Sit down with your partners and your employees and bring out the accounting sheets, tracking every dollar down. You would be shocked and surprised at the sheer amount of money that you would be saving. Some business have found that they were over spending in excess of $30, 000 a year – money that could have been used to increase the effectiveness of the management process or simply to develop the business further.

Another way to improve business profits is to diversify. Business models that unvaries and lacks foresight will not make room for more profits because their options are limited and they dodge any innovation. Diversity, try new projects and even venture into riskier areas of the market. But with that comes a risk. It requires you to have great money management and at the same time you need to anticipate any possible peril. Taking risks have been the mantra of the most successful, look at Microsoft, or Apple or Virgin Airlines, Google etc. They have been carrying the flag of taking risks from the first time they have started and they have diversified into every aspect of the market.  Think small scale and apply it to your business. That is where growth comes from and that is where your increase profit comes from – from different revenue streams that will allow you to maximise your assets and get great returns from all avenues.

The other way, and this is for the start up companies, is to get a virtual office. Starting a business is essentially starting a risk, regardless of how well-thought you plan is. Therefore, before you start signing a lease for a physical office and ordering office equipments, why not go virtual and see how your plan works out. If your product or service has astounding success and the response is magnificent, then you can think about getting a base of operations. It is all about reducing the risks in your plan and cutting costs through avenues like a virtual office is a great way for you to test bed your ideas on the living market and see whether it will reap you the rewards you deserve.