SMART Goals = SMART Plans

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I just saw a reference to SMART Goals:  SMART refers to Specific, Measurable, Attainable, Realistic and Timely.  These goals are excellent guidelines for not only goal-planning, but for entrepreneurs and small business owners and especially if you are preparing a business plan.   If you are defining your business, product or service, you need to be specific, know what you are selling and more importantly, who your target market is, and how often they will buy it.  A business plan can help you define your product, market, financial projections, team and business goals.

If you still don’t think you need a business plan, maybe this will convince you… According to a recent study, “those who finished their business plans were about twice as likely to successfully grow their business, get investment, or land a loan than those who didn’t” (Palo Alto Software). Read the full article.  Two times more likely to be successful??? That seems like a pretty good payoff for the investment of time and effort that goes into preparing a business plan.

I’ve had numerous calls from people wanting to start a business who are going to ‘sell everything to everyone’.  That’s a great ambition, but if I were a bank loan officer, I’d be asking for something a little more measurable, like how are you going to really make money?  The general rule for explaining your business is to be able to clearly define what you do in two sentences or less.

There are TONS of free business planning resources out there, and we are fortunate in Yakima County to have local mentors that will work with you on developing a business plan.  Visit our Business Plan Assistance page to get started today!

Need cash for your start-up?

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How does $10,000 sound?  Who couldn’t use some cash to get your business started?  We are putting the finishing touches on the plans for the First Annual Enterprise Challenge, to begin in September.  The Enterprise Challenge is an interactive business plan competition to identify and reward the best & brightest new innovative business ideas and solid business plans.  It will run until December when winners are announced and cash prizes – top prize is $10,000! – are awarded.

The contest will kick off on September 15th with an ‘MBA In A Day’ workshop.  The workshop will be held from 10:00 a.m. to 2:00 p.m. and will include sessions on legal and intellectual property issues, accounting basics for business, marketing and entrepreneurship and will include an informative luncheon featuring Rebecca Lovell, Director of the Northwest Entrepreneur Network.  Registrations will begin in August for this workshop so stay tuned for more details.

If you are thinking about starting a business or have a new business, this could be a great opportunity for you.  Not only will developing a business plan help solidify your plans and projections, but the chance to win $10,000 and learn something along the way is invaluable.  Good business plans are not filed on a shelf; they should be utilized as a working document for your strategic plans, cash flows and goals.

If you are reading this now and thinking about competing, you’ve already got a head start against your competition! Contact me, Tammy Everts, Business Development Director, 509-575-1140 or tammy@ycda.com for more information!?