At the beginning of this year, reports began to circulate in the media that the economy would be ‘off the boil’, or ‘heading for a rocky patch’. Whichever euphemism you choose, the story was clear: originating from the joys of the sub-prime mortgage markets, and arriving firmly on the doorsteps of our business, the economic outlook would be looking decidedly shaky for a season.
Talk of interest rate rises, combined with a general sense of unease about how long the downturn might last, meant that a lot of consumers decided to ‘keep their money in their pockets’ - and *that*, in turn has led to the a general blowout in payments amongst businesses, resulting in a fairly widespread cashflow crunch across the country.
So what really is cashflow? Why is it so important? And how the heck is my business going to survive this trend? Important questions - and if you don’t already know the answers, then it’s vital for your business that you read on…
Love ‘em or hate ‘em, a business plan is one of the cornerstones of any new or expanding business - it’s simply the distilling and compiling of your knowledge into one source, either for your own reference, or for the reference of your staff or stakeholders.
Again, those immortal words: Don’t Panic.
A business plan should never be an anchor or a dead weight dragging your business down - and it should never be an onerous task to put one together.
The good news is that there are 3 wildly different types of business plans - each one focussing on a different business purpose - and one of these types of plans should suit your needs perfectly, without undue effort.
Don’t believe me? Read on…
OK, so why am I giving you a run-down of how to start a new business or launch a new product or service - when the economy is all over the place, and business and consumer confidence is falling like a lead balloon…?
The answer is actually simple: the next wave of new businesses and new product and services are usually born during periods of economic slowdown, since it is *during* these times that all the half-thought-through ideas fall by the wayside, leaving only the truly remarkable remaining.
So… don’t despair - in fact, get your thinking cap on, and see what new product or service or solutions to everyday problems lies waiting dormant within your brain!
