Monthly Archives: April 2011

Your Business Plan, Your Business Blueprint

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What is a Business Plan?

You can pretty much define a business plan as a resume for your business idea in mind. Some may say it’s like your company’s calling card. When you need money to start your business, or when you need an office space, your business plan is what will do most of the talking to convince your investors / lenders or property managers to believe in your business and give you what you need.

Why is it important to have a Business Plan?

The time that you spend on writing a solid business plan will pay for itself in corporate strategic and tactical clarity as your business grows. A solid business plan: (not in particular order)

Allows you to describe your vision / concept in writing, helping your potential investors to understand and believe in you; it serves as a basis for discussion with third parties such as shareholders, agencies, banks, investors…etc. Allows you to identify the structure of your business, giving you the chance to focus on the big picture. Your business plan is the “framework” which your business must operate within. A solid business plan provides a considered and logical framework within which a business can develop and grow with business strategies in the long run (not for just short-term growth). Determines the startup and managing costs. Clearly defines your target audience and provides detailed research on your target market. Identifies potential opportunities and obstacles that the business may encounter down the road. Identifies the strengths and weaknesses of your business and your competitors.

No businesses are the same, and no business plans are the same. Your business plan is like your business blueprint; it should be unique. While it is important to be able to illustrate your business concept well enough for others to understand what you hope to be doing, the business plan is essential for your own use. It is about the process of developing the business plan; the process helps you to focus on exactly what you are trying to achieve. It will give you a lot more clear vision of the entire structure of your business as you develop your business plan through detailed research and planning.

A business plan consists of the following parts:

Executive Summary

Briefly describes the business concept Highlights the important financial points of the business such as sales, profits, cash flows, ROI Clearly states the capital needed to start the business and to expand States legal information about the business, the owners and key personnel.

Business Description

Describes the business structure on how it operates / profits Describes the nature of industry in which the business plans to operate Identifies the business’ current position and future possibilities

Market Strategies

Defines the target market Defines the strategies the business plans to use in order to tap into the target market Describes the pricing of products or services with respect to the demand of the target market

Competitive Analysis

Describes the competitors in your target market and how you plan to obtain your share of the market Analyzes your competitors in the following categories: product, distribution, pricing, promotion, and advertising.

Design and Development Plan

Describes the steps the business will take to carry out its plan with scheduling and cost analysis. Identifies the risks during the development period

Operations and Management Plan

Describes the strategies the business will implement in order to operate and grow effectively

Financial Statements

Defines all the financial aspects of a business.

The Natural Cross Cultural Vision of a Third Culture Kid Can Power International Business Expansion

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Would you like a secret weapon to help power your international business expansion?

Are you wondering if there is one simple thing you could add to your current business mix that would help you a lot throughout the whole process?

What if you had a unique cross cultural vision tool in your pocket?

Third Culture Kids

Working with a Third Culture Kid could be the solution for your company.

Third Culture Kids (TCKs) aren’t children. It is a term used in international environments. It is used generally to describe people that grew up in strong international environments.

TCK’s are the children of parents from one culture living in a second culture, and their need to find their own identity in their specific third culture. The term can also go beyond this to refer to people who grew up exposed to different cultures early on in life.

Benefits For Your Companies International Development

Growing up in such environments means these people have a unique skill set.

They have the natural ability to see things from different cultural points of view. They probably do not have one strong national outlook. They immediately look at a situation and be aware of several different cultural points of view.

Even if TCK’s are working in a culture they are unfamiliar with, they will be quicker at understanding the different cultural points of view than someone without cross cultural experience.

This means that TCK’s understand the different expectations in politeness, in respect, in professional behaviors. And they are able to adjust their own behavior, often instantaneously, to navigate through these differences.

Having a TCK on your team should help you avoid cultural communication blunders. Or at least pick up on them faster and learn how to navigate through them effectively.

Differences With Others And Their Approach

People without international experience might think cross cultural communication is only about learning about the manners expected of you in foreign place and the local traditions.

Flexibility and adaptability have more to do with your international business success. Understanding why people behave differently is more important what you see them do differently than yourself.

People with confirmed international experience tend to be more curious, adaptable and quick learners. This can bring your company the fuel it needs to go international if your company is truly motivated to adapt to the international mindset.

Right Adaptation Needed To Work With Third Culture Kids

TCKs are a breed of their own. They are used to navigating in different waters. They can be freedom lovers. They might think your set of rules and orders obsolete, simply because they have been there, done that and moved on to something else.

Does this mean Third Culture Kids’s are prima donnas? No, that would be forgetting one of their main qualities: their deep rooted ability to adapt to different environments. Simply, this will be a cross cultural relationship.

If your company is firmly rooted in one cultural environment you will need to pay attention to how the TCK and your company work together. If your company’s drive is strong enough to go international, your company’s mindset will be open to other cultures.

A Little Effort For A Great International Business “Tool”

The little bit of adjustment you will have to make to work with a Third Culture Kid is well worth the extra vision he will bring to your international business.

Your international communication will be smoother and bring faster results. Third Culture Kids with the right background for your company will probably also provide you with valuable international business insights.

If you are looking for an easy way to speed up your company’s international mindset, working with Third Culture Kids can help put your international business expansion in top gear.

Are you committed to speeding up your international sales cycles?

Learn how to combine cross-cultural marketing tools and international sales strategies for faster sales.

Join us on the International Sales Road Map

Would you like to develop your international business?

Are you a beginner at international sales and marketing?

Read the Beginners Guide Discover Your International Business

Business Management: Key Skills of Great Managers

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Managing a business requires a wide range of skills and experience. All managers will have things that they are good at, and things that they are not. In this article I will examine the key skills that you should look to develop as a manager, and, if you’re an employer, the skills you should expect your managers to possess.

Delegation

All good managers should be able to effectively delegate responsibility to appropriately qualified staff within their business. Good management is about ensuring that a project or goal is successfully achieved, however it rarely means a manager should do it on their own. That’s why they have to be good at picking the right people to do the job, and managing their execution. Being good at delegating can also mean being good at understanding someone’s strengths and weaknesses.

Accountability

A manager should be able to hold themselves accountable for things that they are given management responsibility for within their business. Although it will not always be their fault directly, they should be willing to take responsibility when it’s someone they are directly responsible for that’s failed.

Foster Team Spirit

A good manager will be able to foster a good team spirit, and ensure that everyone is comfortable performing their duties within the team. As a manager will generally be overseeing the execution of a project, rather than doing it directly, they should also be good at planning & evaluating a team’s progress towards the goal they have been assigned responsibility for.

Calm & Collected

If a manager is not able to remain calm during difficult times, it will be hard for their staff to do so. That’s why a manager should be able to show strength during difficult times resisting the temptation to lose mental control when the going gets tough.

Loyalty

It’s important for a manager to show that they are loyal to their staff. This can be done through showing appreciation for things that they do well, and also rewarding them too. If a member of staff is having an issue, a manager that is readily available and genuinely helpful will be able to cement their pivotal role as a leader within the business through addressing this issue quickly, before it gets out of hand.

Respect

It’s important that a manager is respected by staff and other members of the management team. This can be affected by a number of factors, such as: whether or not the manager is good at their job; the way the manager acts towards their employees; their commitment to their job; how the employees perceive the managers out-of-work behaviour, and many more factors.

Distance versus Friendship

Some managers believe it is more important to be friendly with their staff, while others prefer to keep a distance – claiming that if you become too close to your employees, they will expect far too much and take more liberties.

Although there is no right answer, both techniques can work better depending on the type of team that you’re dealing with. When you are working with a self-motivated team, it can often work well to develop a close personal bond with them. However, when your team need more day-to-day management in order to do their job, it might be preferable for them to keep their distance. It is a good idea to analyse each situation accordingly, and work out the best approach to take.