business plan Archives - Page 15 of 18

06/05/202210/10/2022

What’s ERP Software and Why Do You Need One?

With the rapid growth in technologies, the ERP software market may cross $41.69 billion in profit by 2020. The statistics are enough to demonstrate the impact of this technology on businesses. This figure is undeniably impressive and reflects how important it is for companies in the future. Incorporating ERP software is one-way marketers can give their brand a competitive edge.

If your startup is in the initial phases and you are looking for a technology to help you manage business functions, ERP software is ideal, and if you don’t, this article is worth reading.

What is ERP?

ERP stands for Enterprise Resource Planning system. Many organizations use this software package to manage business activities, including project management, procurement, accounting, distribution operations, and manufacturing. It helps in day-to-day business functions while centralizing them within an integrated system.

The software is more useful when managing supply chain activities or keeping a track record of the moving parts of distribution and manufacturing. The use of ERP software is not confined to these business domains. It is utilized by many different domains that include nonprofit groups, construction, healthcare, and hospitality. Companies requiring inventory, staff, and customer management can rely on this advanced software.

In addition, ERP software stores data in a single database that allows different sections to collaborate by using the same information. ERP can organize and analyze data in the form of reports. In short, ERP software is great for bringing together the following functions into a single system:

Human resources
Financial management
Customer management
Business intelligence
Inventory
Supply chain functions

Here are some more reasons why your business needs ERP software.

Why Your Business Needs ERP Software

You might be wondering how ERP software is different from other software that performs similar functions. Although ERP software has the same goals of managing business functions, it has several unique features that make it extremely distinctive from other software.

Saves Money

You may find it a surprising fact, but ERP software is a good investment in terms of flexible pricing and saving money. For small companies, the initial price may seem heavy, but once they start using it, the software can save a lot of money.

This means ERP software can significantly increase ROI. It is merely because the system unifies multiple systems that businesses often use in fragments. From accounts payable to product development, the staff can access the necessary tools using a single centralized system. The software efficiently helps save time by keeping employees from hunting down information across different systems.

Improves Collaboration

This ERP feature generally varies as it depends upon the program business is using, but it does have a substantial impact on collaboration in one way or another. As mentioned earlier, ERP works with a unique centralized database that provides the business a source to work in collaboration. Not only does it reduces the risk of errors caused by incorrect data, but it also minimizes costs.

Moreover, ERP software reduces during projects as team members can access whatever data they need. The information doesn’t require merging within sources or systems because data is carefully collected, stored, and shared through one system. To put it simply, employees do not have to worry about the accuracy, completion, and security of data files.

Helps in Better Analytics

Businesses need ERP software if they want to improve data analytics and statistical reporting. In this regard, ERP software is ideal as its store’s data as input and makes for an unparalleled business intelligence tool. If vendors provide good functionality, ERP can be a great help in generating fast and accurate reports. The efficient software makes report compilation (that used to take days) a matter of minutes.

Besides this, the option of a customizable dashboard enables executives to see the reports when they are uploaded onto the system. The reports include information related to expense statements and custom KPIs that has essential insights for specific functions. Report access is also beneficial when a company has to make a quick and better decision.

Improves Productivity

There is no comparison of software and traditional methods that make tedious tasks even more difficult. Employees used to invest hours for monitoring inventory, generating reports, processing orders, and timesheet tracking. These tasks were time-consuming and lowered the morale of employees, increasing the risk of errors.

ERP software solves all these problems as it can conveniently automate even the most tedious task. With its integrated database, ERP eliminates all the redundant and time taking tasks, like data entry. It improves productivity by allowing the system to do advanced calculations quickly. The automatic features free up employees and allow them to focus on other essential tasks to improve ROI. That means ERP software can increase business productivity, profitability, and efficiency.

Simplified Risk Management

ERP is must-have software if your business expands internationally to keep track of imposed regulations on the business. Even if the business is local, there is a plethora of human resources, information security, and environmental rules you need to consider.

The good news is that ERP considers these regulations so that businesses can maintain compliance. The software incorporates built-in auditing features to assist businesses with documenting tax provision and chemical use. This makes everything incredibly easy, from formulating reports to sending them to the pertinent governing authority. This feature makes ERP software a great tool to manage risk.

Final Thoughts

In a nutshell, ERP software is a panacea of all the hectic, tedious, and manual business functions. The advanced software is multifunctional and helps businesses improve functions, accuracy, reliability, and financial management. The integrated system can manage a wide range of business activities, from supply chain management and procurement to accounting and operations.

In other words, businesses cannot deny this all-in-one software’s functional significance to enhance their overall productivity.

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04/25/202210/10/2022

How Artificial Intelligence can be a great startup Business

You might have heard of rising of Artificial Intelligence, right? Owing to utmost advancement in technology, people observe novel inventions in science and technology that bring unknown changes in every field of life. One of the very changes that have taken place is the incorporation of Artificial intelligence in most areas of life. Since it has been primarily infused in multiple departments of our lives, we can do a great business out of it. This article has been written to cast light on its applications and how it can be a great business. So, let us start without further ado!

What is Artificial Intelligence?

Artificial Intelligence directs the capability of machines or controlled robots to perform specific tasks that are generally affiliated with intelligent or human beings. In simple words, Artificial Intelligence makes possible the simulation of human intelligence processes and functions by machines, particularly computer programs. Operations that AI performs are learning, planning, and problem-solving.

Typical examples of Artificial intelligence are the following:

Self-driving cars
Robo-advisors
Conversational Bots
Email spam filters
Smart assistants
Article spinning software

How does AI work?

Artificial Intelligence works by merging large sets of data with intelligent, mathematical, and programming processing logarithms to absorb patterns and features in the data being analyzed by AI systems. Artificial Intelligence applications can be gauged by their working and processing. AI enhances its performance and adds expertise by assessing and measuring its performance, each time performing a set of data processing.

Since it is operated through software, it does not need any break while calculating even thousands and millions of tasks exceptionally swiftly.

It still confuses you, right? But, essentially, AI consists of many computers to solve problems, making it an entire scientific discipline.

The critical goal of Artificial Intelligence and Robotics is to model human behavior. As a result, it can solve complex problems via human-like thinking processes.

To accomplish these problems, the AI system employs a whole series of strategies, techniques, processes, and a vast range of technologies.

What disciplines comprise the field of Artificial Intelligence?

Different components can also be referred sub-fields of the most crucial science of AI.

Each of these departments is generally employed by AI:

1-Machine learning:

AI has astounding applications in this field that enables computer systems, programs, and applications to learn and improve results based on experience automatically.

2-Deep learning:

It is a particular machine learning that permits Artificial Intelligence to learn and improve by processing data. Deep understanding utilizes artificial neural networks which imitate neural networks in the human brain to process.

3-Cognitive Computing:

It is another significant part of AI dedicated to mimicking the interactions between humans and machines. This incorporates text, voice, and speech AI parts.

4-Computer Vision:

One of the most prolific and applaudable uses of AI is to review and interpret the content present on the image with the help of pattern recognition and deep learning. For example, computer Vision allows AI systems recognize components of visual data like captchas you usually find on websites.

Common Applications of Artificial Uses:

Although Artificial Intelligence applications are great in number in our natural world, we are presenting a few uses that we observe often:

1-Cyber-security:

AI plays the pivotal role of guarding against unauthorized attacks regarding important and susceptible data of an organization, be it private or governmental. The concept of Cybersecurity has been coined to cope with savage attacks from hackers, and AI plays an important in doing so for you. AI systems can detect cyberattacks and other cyber threats by monitoring the data that has been fed. Once this system detects a cyberattack, it can trace through your data to find the origin of the attack and help to prevent a potentially devastating failure.

2-Customer Relationship Management:

Artificial Intelligence and Robotics are bringing massive changes to Customer Relationship Management systems. Since software involved in Customer Relationship Management like Zoho and Salesforce require considerable human intervention to run the system accurately, AI has great potential in carrying out such tasks. When you AI technology to these platforms, the CRM system advances to a self-updating, auto-correcting system that causes your CRM system to excel.

3-Internet and Data Research:

Artificial intelligence helps internet users to improve their search experience by affording them more relevant information about their inclinations and circumstances. As Artificial Intelligence technology advances swiftly, users get better and more customizable experiences.

4-Data Research Assistants:

AI has eliminated all the repetitive hassles of doing emails and answering common queries by completely changing the company operating from the inside. AI offers chatbots acting as personal assistants to assist manage your emails, maintaining your calendar, and even give you suggestions about smoothening processes. Moreover, these AI assistants can also help respond to questions customers ask who call or chat online.

We have summed up Artificial Intelligence Applications.

Why is AI business worthy of investing and what is its Future?

Having thoroughly read about this technology, you might have got some understanding regarding its bright future and demand. As technology progresses by leaps to bounds, the upcoming world will likely have much more crucial problems to contemplate and devise solutions to rather than doing simple routine tasks. Therefore, its future is very bright, and it will overwhelm the globe with its catchy features. Owing to its productivity, it will be a sought-after technology that is worthy of investment. The artificial Intelligence business is still soaring and will soar with more impetus, generating humongous revenues.

Funded.com is the leading platform for accredited investors network worldwide. We monitor and provide updates on important funding events. Angel Investors and Venture Funding can be a key growth for a startup or existing business. Whether it is a first, second or third round financing having a strategic alliance with an Angel Investor or Venture Capital financing can propel a business to the next level and give the competitive edge.

04/18/202207/12/2023

Sales Estimates in Business Plans – Getting Them Right to Avoid Failure

Chances are this is not your first business plans if you are considering starting a new business. Studies have shown that today’s successful entrepreneurs have tried 3 or 4 times before to start a business sales. Sharing that information is not meant to be discouraging though. It’s meant to be motivating because true entrepreneurs don’t give up easily.

In fact, you may like to know that Bill Gates and Paul Allen started Microsoft in 1981 after 3 prior failed business attempts. The 3 failed attempts were The Lakeside Programmers Group in 168, Traf-O-Data in 1970 and Micro-Soft partnership in 1975. In reality, the 3 failed companies were not failures at all in one very important sense. These 3 companies taught Gates and Allen a lot about business planning and development. They used that information to start Microsoft, Inc. and the rest is history as they say.

One of the strategies for managing a new business venture is the business plan. Because it forces the entrepreneur to identify sales specifics so that investors are comfortable providing equity, loans or other capital. The entrepreneur should also consider a graceful exit should the business not succeed as planned. Though you would not present a business destined to fail to investors, the people you are asking for money also want to know how their investment will be protected as much as possible.

When developing sales projections for the business plans, it’s important to go through each step with due diligence. It begins with a product or service description, followed by a market study. A sales estimate is calculated which drives needed production capacity. The needed production capacity then drives facilities planning and workforce estimates. Finally, the financial analysis is calculated.

One of the issues to be addressed in the business plan is the timing of sales growth. This is where entrepreneurs often get too optimistic. The end result is disappointed investors and a failed first, second or third venture. Sales projections need to be as realistic as possible because inflated numbers don’t do anyone any good. The business plan needs to tell an honest story and that will greatly increase your chances of getting the new business right the first time.

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04/12/202210/10/2022

E-commerce Business

How E-commerce can be a great startup business and can generate considerable revenue

The contemporary age is influenced by modernized e-commerce business of variegated natures that will likely generate handsome revenues and innumerable jobs. Apart from conventional businesses, the world is steering towards crafting new startups to meet the ever-changing necessities of the globe. New startup businesses are not only imperative for generating new job opportunities but also beckon the interest of fiscally gigantic investors to invest and help these businesses to soar. Startup businesses should be vigorously funded to meet the needs and prompt the researchers to invent more objects and products to enhance the living standards of society. We have dedicated this blog to accentuating the lucrativeness of the E-commerce business so that readers become conversant with it. So, let us start without further ado!

What is E-commerce?

E-commerce implies buying and selling different products and objects via the internet and transferring data and funds. Transactions in business can be made as either business to business, which is known as B2B, Business to Consumer (B2C), Consumer to Consumer(C2C), and Consumer to Business (C2B). Often, E-commerce and E-business are interchangeably used. Similarly, e-tail is employed for the transaction processes that constitute online retail shopping.

In the previous decades, the excellent use of e-commerce platforms like Amazon and eBay has efficiently brought about pronounced growth in online sales. Scalability of this business can be fathomed by its rapid increase to 16% from 5.1% in 2007 till now. This business has a base website called the E-commerce website.

How does E-commerce work?

Essentially, it works on the internet, allowing buyers easy access to products and services they are looking for and then placing an order for the desired service or product.

Once a buyer places an order, the web browser on the buyer’s side will start communicating with the server of the online website store. Data regarding the established order will be passed on to a central computer called the order manager; after that, the data is passed on to databases managing inventory levels and a bank computer. This whole process ensures whether the customer funds are sufficient for the order to be processed. Post to order validation, the order manager will instantly inform the store’s web server, then notify the customer by displaying a message that the order has been successfully placed. After that, the order manager will convey this data to the warehouse to prepare the product to be delivered. In this phase, tangible products are dispatched to the customer’s address, whereas access is given to digital products. In E-commerce, marketplaces are dedicated for sellers to sign up and start buying services and products simply. You can use an eCommerce application instead of using a web browser to carry out all this process.

Types of E-commerce:

A few types of e-commerce need to be understood before you start an e-commerce setup. Let us have a glance over them:

1-Business-to-Business (B2B):

B2B implies exchanging goods, products, or services between businesses rather than between customers. Typical examples of B2B e-commerce are online directories, development, and supply exchange online stores/websites that enable businesses to search for products, services, or information and commence transactions via e-procurement interfaces.

According to research conducted in 2017, it was predicted that B2B will surpass 1.1$ trillion in the United States by 2023.

2-Business-to-Consumer (B2C):

It is such a retail part of e-commerce that incorporates selling products, and services by businesses to customers directly. This term became popularized during the dot-com boom in the late 1990 when online retailing was no less than a marvel! Nowadays, there is a plethora of virtual stores and malls selling products and goods. The most prominent example of a B2C e-commerce website is Amazon which is the most dominating in this spectrum!

3-Consumer-to-Consumer(C2C):

It is a type of e-commerce that incorporates trading products, services, and goods between consumers. All the transactions in the C2C kind of e-commerce are conducted by a third party that affords an online platform on which transactions take place. Typical examples of C2C e-commerce are online auctions and classified advertisements, with eBay and Craiglist one of the most renowned platforms of this ilk.

4-Consumer-to-Business (C2B):

It is a sort of e-commerce business where consumers craft products and services for online companies and corporations to meet their manufacturing needs. This is contrary to the traditional trading model of B2C.

A prominent example of a C2B platform is a market that aims to sell royalty-free images, photographs, and design elements like iStock.

Advantages of E-commerce:

E-commerce business wields enormous profit when set up professionally. Here are some of the advantages of E-commerce that are fetching enough to invest in this business.

1-24/7 Availability:

Irrespective of electricity and internet outages, e-commerce sites are 24/7 available to generate revenue by allowing customers to browse their desired products and services from an unending panorama of variety. Its super availability makes it a worth-investing business.

2-Wide availability:

E-commerce enables the online business to span across the whole globe and possesses many products that are quickly dispatched to the customer’s doorstep. In this way, every nation or country is aimed at without much hassle, leading to massive revenue and brand development. Moreover, every person can easily avail of services by using E-commerce applications.

3- Ease of accessibility:

Customers can easily access their desired products by scrolling through the variety of products on the online store without the hassle of physically visiting the out-let that is entailed in conventional marketing. So, this feature makes it a profitable investment business.

Why should new E-commerce businesses be started?

Our world is gradually being overwhelmed by the internet world that is changing the modality of several processes, with the conventional ones being obsoleted by the modern ones. Business through E-commerce has gravitated a huge number of people towards it since it eliminates hassles of physically outreaching the outlet, punctually adhering to time for the outlets being open. Although there are already a few booming e-commerce businesses, there is a vast scope in this business that can be racked up by targeting several specific niches and maintaining great quality and timely delivery. Therefore, we are inviting investors to help bolster E-commerce businesses since these businesses are highly profitable and easy to build a brand.

Author statement:

12/27/202012/28/2020

Why the End of the Year Is the Perfect Time to Review Your Finances

Whether you have a startup, a small business, or a large enterprise, chances are the year has passed at the speed of light for you. You were review and designing your marketing campaigns, availing growth opportunities, and looking through reports when the year-end arrived. While people dedicate this time of the year to holiday delights and festivities, this also happens to be the perfect time to do a review of your finances, whether you are just an individual with a 9 to 5 job or a small business.

Why should you spend your end of the year for a financial review? Here are the top reasons.

A Strong Visual of Your Financial Standing

The most important thing about a year-end financial review is that it gives you a complete visual of where your business is standing at the moment. Everything that has happened throughout the year is now on the reports before your eyes. You can look at the information and see what has performed and what has not performed. You must have put a lot of money into marketing your products, services, and the brand as a whole. You can now see which of those campaigns have yielded promising results and which of them have proved to be futile.

The same goes for your account receivables. Compare your account receivables with those from the previous years and see if there has been an increase or decrease. If there is an abnormal increase, it is a telltale sign that you might need to change your payment plan or push more to receive your pending payments faster. Every activity you have done in the past year has painted a picture now in front of you. Whether you grew as a business, stagnated, or receded is evident at the end of the year.

The Best Time to Set New Goals

Based on how you performed in the preceding year and whether you have achieved your set targets and goals, you can set goals for the coming year. Your previous year’s performance should clarify how you have to put your marks for the coming year. Keep them realistic yet motivating and challenging enough to leave room for hard work, struggle, and progress. Not only should you be looking at how successful you were in achieving the previous year’s goals, but you should also pay attention to your current financial standing.

Best Time to Apply for Loans and Credit Processing Services

Regardless of how long you have been in business, when you apply for certain services, the service providers look at your previous year’s performance. For example, let’s say that you want to apply for a merchant account (maybe a high-risk one), so you can start processing credit card requests for your customers. When you approach a merchant account provider, they will ask for some history of your business activities—at least three months. By the end of the year, you have enough data to show to lenders and credit processing services to convince them to do business with you.

Of course, a financial review will give you a good look at whether you have done enough to impress these service providers or not. You can apply for these services with a quarterly credit history, but it will not be considered sufficient in most cases.

Best Time to Get Your Tax Files in Sync

Yes, you have been extra careful about your tax filing and preparation the whole year, but the overall integrity of your records still has a question mark on it. You need to prepare your tax files at the end of the year and calculate your liability with utmost accuracy. While tax preparation software has made the job much more manageable, complex tax files still need your accountants’ attention to get everything in sync. The important thing here is that a review not only helps you escape penalties that you might attract by putting wrong information on your file. You want to update your information at the end of the year because you want to calculate your benefits too accurately, e.g., tax credits, exemptions, standard deductions, itemized deductions, etc.

Time to Start Afresh

Your business might not have been a very successful venture. Many companies don’t make the best start, and it seems in the beginning that it would be difficult for the business to survive. However, small changes in strategies and cuts in costs can prove to be incredibly beneficial for companies. The best time to start afresh and renew all your reports and files is the end of the year. While you can change your strategies and plans midway, too, it is natural for most humans to feel the need for a new start at the start of a new year. For example, people can decide to lose weight at any time of the year, but it seems it makes the most sense to them when they do it at the start of a new year.

If you think your business has not performed well, but you still want to give it a shot, the end of year financial review can clear the path for you by telling you if you can afford to give it another try or not.

Bottom Line

There is no restriction on when you want to make changes to your business plans and strategies. However, people find it natural and more motivating to set new goals, learn from past mistakes, and make new moves when a new year starts. Throughout the year, your main goal is to keep the ball rolling.

However, at the end of the year, you have enough data collected from all your business operations and activities to know how fruitful your efforts were, which actions you should consider in the future, and the expenses that have kept you from progressing. In short, a financial review at the end of the year helps you make new and important decisions for your business.

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12/21/201712/28/2017

Setting Up A Small Business in 2018 – It’s Not all About How Much Money You Have

When you think of starting a business, the first thing that comes to mind is money/capital. Of course, you need money to start a business, even if it is very little considering the fact how easy it is to start a business in the digital age. However, there could be many other factors that affect a business in today’s digital economy—some you show serious concern to and some you don’t really pay attention to much.

Blockchain Is Affecting All Types of Businesses

One of the biggest concerns for today’s entrepreneurs before they start business is probably blockchain or crypto technology. The world is seeing the rise of crypto technology and how it is being integrated into the existing business ideas. A little more than a couple of years ago, you must have heard the term “bitcoin”. From bitcoin, people still believe that blockchain is all about digital currency i.e. money in the digital world. However, this is far from truth. Blockchain is expected to affect all types of businesses and industries in the world in the coming days.

It is a technology that redefines the security aspect of many businesses in 2018, introduced decentralization in modern business technologies and benefits the end consumers in multiple ways. For example, you could launch a gaming platform where no one needs the existing currencies. You could launch your own platform with your own money today. You don’t really have to start everything from the scratch; instead you could base your currency on the existing blockchain platforms like Ethereum. Through ICOs, you could have investors from around the world invest in your idea. So, blockchain is definitely a consideration for all businesses starting in 2018 and the coming years.

Physical Warehouses Are Not Necessary

A few years ago, only a certain types of business could be called truly online businesses. For businesses where products have to be stored for some time, a complete online presence was not the solution. Entrepreneurs who had such business ideas in mind had to have enough money to have their own warehouses. However, this has also changed quite a bit in the past couple of years. With the idea of drop shipping becoming common with time, it is becoming easier for businessmen to start their own businesses without much investment.

In a drop shipping model, all you have to do is collect orders from customers, forward those orders to the manufacturers or suppliers and have the goods shipped. You only act as a liaison in this particular model because it is the supplier that sends the products directly at the customers’ doorsteps. You will still need an online store with all the products listed for customers to see. However, you don’t need any warehouses because you don’t have to own, buy or store any products. The good thing is that this model now allows drop shippers to offer much more competitive rates so penetrating into the market is easier for them.

Big Data Is the Big Difference

Another technology that has been influencing business decisions and the way businesses operate is big data. While the term “big data” seems that you are referring to just large amounts of data but in reality, you are also referring to the methodologies and technologies that are in use to handle big data. You will be completely wrong to think that traditional software and hardware solutions can deal with big data in any way. Let’s take the example of a bank. A bank could have hundreds of branches located all around the country. In these hundreds of branches, the bank will have hundreds of thousands of customers.

The bank has account information of hundreds of thousands of these customers. In addition to that, the bank is constantly investing in stock and foreign markets, storing and utilizing that information. The same bank handles the data of all micro and macro loans it is forwarding to its customers. It is also storing information about customers through its mobile application to know what customers expect from the mobile website. On all of those hundreds of branches, the bank also has CCTV cameras collecting terabytes of footage on a daily basis.

Do you think all this data goes to waste? No, the data bank collected from banks is utilized in making bank branches securer. Data from mobile devices helps bank refine their mobile application. Data collected through financial softwares helps a bank improve its insurance, loan, mortgage, etc. offerings. It may seem on the surface that big data is a headache for big businesses only, but big data is just as important for small businesses as well. What this mean is that businesses starting in 2018 will have to have a big data approach right from day one.

Internet Security Is the Biggest Threat Now

It is unfortunate that rather than making the world a safer place, the new technology has led to greater internet threats. Cyber attacks are becoming more frequent with time, and much more sophisticated too. In the past few years, cyber attacks on some of the biggest companies of the world, including tech companies have proved that security has to be the major concern for every business—small, mid-scale or large. If you think starting a new business or having a small business gives you any advantage over large ones, here is something you would want to take a look at.

More detailed information and useful advice can be found at Funded.com If you need to access our network of angel investors or a business plan for start-up funding visit Funded.com

06/09/201706/28/2017

Secret to Finding Angels Investors: Great Business Plan

One of the most daunting tasks for business startup owners is finding an angel investor who would be willing to finance the bulk of the company’s expenses. And while there are a lot of possible investors out there, the number of people competing for these opportunities is also huge.

In fact, some information regarding investments showed that less than 10 percent of business startups in the United States get the nod of the most sought after angel investors in the land. This figure, however, should not discourage business owners who are competing for some financial support from investors. After all, one in every ten applicants gets the nod of an angel investor.

The question, therefore, is how will business owners ensure that they will be the one who will get the coveted nod of an angel investor? The answer is simple – a good business plan!

While angel investors take into consideration a number of things, one of the most important criteria that they look at is the business plan. Thus, having a well-polished plan is something that business startups need to have, especially if they want to secure the support of an angel investor.

There are a number ways to come up with an investor-ready business plan. But one of the first things that the entrepreneur must look at is the actual idea for the business.

Ideas should not be the one-paragraph description of what the entrepreneur wants the business to be. Rather, it should be as detailed as possible so that it covers items such as the target market, marketing strategy, capital allocation, and return of investment for possible business partners.

Having a detailed business idea is a good start into coming up with a business plan. This will assure possible investors that you are serious about the business and are not just toying around with the idea.

Ideas are one thing, but a detailed understanding of the things that would have to be done to make the idea a real thing is another. Angel investors prefer the latter.

Once, would-be business owners have a detailed idea regarding the comings and goings of the proposed business, then this is the good to time come up with a good business plan.

Business plans are actual documents that detail a number of things that angel investors want to see. In addition to the description of the proposed business, the plan should also include a step-by-step process on how the objectives and vision of the company will achieve.

It is necessary for the business plan to be detailed, but not long enough to bore the angel investors to death. Moreover, it should be written in a way that the investors will understand its contents.

Having a good business plan is a good way to attract angel investors. Therefore, business owners must thrive to come up with something that will entice possible partners to enter into an agreement with the company.

More detailed information and useful advice can be found at Funded.com. If you need to access our network of angel investors or a business plan for start-up funding visit Funded.com

03/17/201706/29/2021

A Business Plan Starts with a Mission to Succeed

Business plans are intended to be flexible plans for succeeding, not just surviving, as a company. Yet, according to a famous Harvard professor John Kotter, 70 percent of business initiatives intended to bring organizational change will fail. That is a remarkable figure because it means efforts to adapt to a changing marketplace is failing. There is a barrier between the business plan founded on a mission and the real world.

The setbacks are sometimes one of losing sight of the company mission and weakening to plan. The purpose of the mission statement clearly states what your organization seeks to accomplish, It has a philosophy underlying it that does not change. The mission statement is a reflection of the nature of products or services sold, potential for growth, pricing strategy, customer service, and role in the community, competition and others.

The business plan needs to be developed so that each and every segment drives the business towards fulfillment of the mission. A change of proposal is merely a strategy for keeping the business on track to fulfill the mission. Leading change requires first turning to the mission statement and the business plan. A business that needs to change must be able to write a sense of urgency all through the organization because staying true to the mission statement is needed to succeed. If a change idea is needed, it means the business has gotten off course from its mission and its vision.

The business plan goals and strategies may need to be revised, but that should always be a step in the change process. In fact, business plans can serve as the direction for change as each section, from the Executive Summary to the Financial Statements, are reviewed in light of the need for change. Leadership will identify specific strategies for incorporating change and then communicate the revisions on an organization-wide basis. The change process must be empowering and encompassing, meaning employees at all levels should be embraced as change agents.

Business plans begin with a mission statement and then serve as a living breathing document. Leading organizational change is not always easy, but it can be impossible unless there is buy-in to the mission and the business plan. The strategies used to get that buy-in can vary, but staying on message cannot.

More detailed information and useful advice can be found at Funded.com. it offers expertise and assistance with developing and funding your concept. If you need to access a network of angel investors or business plans for start-up funding visit Funded.com

01/12/201706/28/2017

Five People You Should Meet Before You Start A Business

As a budding business owner who is about to venture into the entrepreneurship journey, one of the best things you can do to set yourself on the right path is meeting people. Of course, it is possible to start out all on your own but it is difficult to really go to far without having help from one person or another. The kind of people you meet and how they influence you will have a huge impact on your business and how successful it turns out. The different types of people you will meet will help your business in so many different ways such as forming of partnerships, people who are connected to major resources you might need in your business, people with more experience than you do, and people with different connections and networks.

Someone who is experienced in what you are doing

This category of people can be called the mentor. A person that has done similar to what you are doing. Such a person will have the necessary skill and required wisdom and experience,that you may not have yet and can successfully help you out with tips and advices that will help you solve some problems easily. In addition,this person may have a network of contacts that you can add to your own network pool.

Mentor

For your business to be successful and gain ground in any area, you have to get in touch person who is well known and respected in the community. It may not necessarily be someone that is in the same field of expertise. It can someone you admire or has positive input and encouragement. You get the added benefits of having this mentor could give you a major boost and provide insight from being outside the box.

Peers

These are the people in the same niche that you are in and within the same area. Although they might not be as much influence as the first two, but there is a very high chance that you can make use of their network of contact and they can make use of yours. You can share resources with them too since you will most likely face the same kind of problems.

Local talent

You will need some skill-set that you may not have. There is a good chance that you may find someone or people who can assist you in one skilled area or the other within the vicinity of your business and may be willing to help or give you free advise.

Business Plan Writer

Your business will surely need some capital for you to start with and no matter how frugal your start-up capital might be. Having an experienced business plan writer write your business plan has experience formatting your business plan in a way a bank or investor would expect to see. Having a business plan is a road map of what you expect and a guide for your business.

12/29/201606/28/2017

Importance of a Business Plan

Before a business is able to commence on its operations, it is important to have some specific details about the business mapped out. This actually varies from size to size as it can be just a few sentences or even take over a hundred pages containing different formal sections, title page and table of content. Basically, a typical business plan has an average page range of 15 – 20 pages and if comprehensive, it should consist of three sections – The business concept, the marketplace and the Financials section. These sections are the further broken down into seven more components which are the business overview or summary of the plan, the business description, market strategies, competition analysis, design and development, operations and management, and financial information. However, it does not matter how long or lengthy a business plan is, what matters is, the level of importance that should be attached to a business plan should be high. In this articles we will be looking at the importance of a business plan

A business plan makes direction of the business clearer

The main purpose of writing a business plan is to have a clear view of the business and what the business’ goals are over a period of time. Being able to have a clear view of the direction in which a business is headed helps understand what needs to be done to achieve progress for the business. Making business direction clearer may include things like business description and its services or details of the ideal target customers of the business.

Planning for the future

Time is a key factor in the development and growth of a business and a business plan can effectively take time into factor to make forecasts on possible market changes, market trends and new innovations or directions to go through as the business progresses. Having a clear direction helps a business know how and where to start from but future planning helps to have an idea of what the business’ goals should be.

Funding or financing purposes

A business plan, a comprehensive one, helps determine the viability of a business in terms of profit. By putting statistics, figures, detailed plans and facts in writing, it will be easier to convince an investor to fund the business.

Attract people to join the business

A business plan is all a business owner needs to bring in partners, executive level employees or even secure supplier accounts. With a business plan, anybody who might be interested in the business can get the needed conviction and see the potential of the business and consequently become a part of it.

Effectively manage the business

With a business plan, the organization is well structured and each management position gets their role mapped out. A business plan also makes it possible to monitor the progress of the business and check if the business is well on its course to meeting up with targets, operational milestones and goals.

The importance of a business plan is not limited to these specific points. A Business plan can also help you achieve other goals such as establishing new avenues of product development, securing suppliers and defining alternative marketing strategies to engage customers. It is an important tool for every business owners and should not be taken for granted.