Plan your work, work your plan

I was talking with a retired businessman the other day about our upcoming business plan competition and how important business plans are.  He mentioned that when he bought his company, it had about $80,000 in annual revenue and within five years he grew it to over $5 million annually.  He also said that his business plan was a work in progress and he revised it annually with a section on what they had accomplished in the past year and what their goals were for the next year.

It was very refreshing to hear how he was able to grow his business, and how he utilized his business plan as a working strategic plan, not just something that was collecting dust.  While there have been many successful companies that started without a formal business plan, writing a business plan can help new business owners to determine how much start-up cash they need, how to determine their market, figure out cash flows and identify their strengths and weaknesses.  In today’s economy and tight lending market, a bank or investor is almost certainly going to want to see your plan and you can gain credibility by having a solid business plan.

We are very excited to be offering a half-day workshop, MBA in a Day, on September 15th for Yakima Valley entrepreneurs and business owners.  There will be sessions on legal issues, financial management, marketing and business planning.  The workshop officially kicks off our Enterprise Challenge Business Plan Competition which has been developed to identify and reward innovative new business ideas and solid business plans.  Cash rewards to the winners could provide exactly the kind of seed money that an entrepreneur needs to get their venture off the ground.

Click here for more on the contest or workshop!

‘MBA In a Day’ Conference Kicks Off Business Plan Competition

In one short month our Enterprise Challenge, our new business plan competition, gets underway.  We are starting the contest with a half-day workshop, ‘MBA in a Day‘, on September 15th.  Will you get an MBA?  No, but you will gain a major boost for your venture by attending this fast paced business seminar.  With sessions on financial management, legal issues, business planning,  and marketing, there will undoubtedly be great learning opportunities for entrepreneurs and small business owners.  In addition, there will be a breakout session for entrepreneurs with limited English skills that cater to our Valley’s large base of ethnic entrepreneurs.   Attendees will also learn more about the Enterprise Challenge and the University of Washington’s Minority Business of the Year contest.

Highlighting MBA in a Day is a luncheon keynote address by Rebecca Lovell, Executive Director from the Northwest Entrepreneur Network.  Ms. Lovell has literally reviewed thousands of business plans and will be giving tips on what it takes to be successful entrepreneur and what she looks for in a business plan.

If you are considering starting a business or entering our contest to win $10,000, this workshop will develop your skills as an entrepreneur or business owner.  Stay tuned for any updates and be sure to visit the Enterprise Challenge page.  Send me an email and we’ll add you to the mailing list!

MBA in a Day

Date: Wednesday, September 15th

Time: 10:00 a.m. to 2:00 p.m.  Registration begins at 9:30 a.m.

Location: Clarion Hotel in Yakima

Cost: $40 per person OR included in $100 Enterprise Challenge contest entry fee (for teams, one participant only).

MBA in a Day Sponsor: Banner Bank

MBA Session Sponsors:

• Financial Management: Martin Holland Peterson, PLLC
• Legal Issues:  Larson Berg Perkins PLLC
• Business Planning Basics:  Wheatland Bank
• Marketing:  Enigma Marketing
• Limited English Track:  UW Foster Business & Economic Development Center and UW Heritage Partnership

New Vision to Award Bright Entrepreneurs with Cash Prizes

Big News!  We are officially kicking off our Enterprise Challenge, a three month multi-round business plan competition.  We’ve had some ‘sneak previews’ of the contest in recent blog posts, but now it’s official.  We are looking for the BEST and BRIGHTEST new innovative business ideas and solid business plans.  The competition will unfold from September through December and feature several cuts along the way when judges choose contestants to move on in the contest.  The top three entrepreneurs or business teams at the end of the Enterprise Challenge will win $10,000 (1^st place), $5,000 (2^nd place) and $2,500 prizes (3^rd place).

During the contest, we are offering contestants numerous opportunities for networking, business development classes, mentoring and more.  Our goal through this competition is to help emerging companies get started in our Valley.  The contest is much more than having a person submit a business plan and get a cash prize.  We have built in some tremendous educational seminars and field trips for our contestants so everyone participating should take home tips and information that will help them develop their business plan to successfully start and sustain their businesses. The competition is open to Yakima County residents and new businesses, less than three years old.

The contest starts off with a half-day workshop, MBA in a Day, on September 15^th at the Clarion Hotel in Yakima.  The event will include sessions on Legal Issues for Business, Financial Management, Marketing and Business Planning Basics and will also offer Limited English tracks on these topics.  The event will include a special luncheon speaker, Rebecca Lovell, Executive Director of the Northwest Entrepreneur Network.  Ms. Lovell has literally reviewed thousands of business plans and will give tips on what it takes to be a successful entrepreneur.  The workshop will conclude with an informational session on the Enterprise Challenge and how individuals and teams can compete in the contest.

Details for the Enterprise Challenge will be covered at the MBA in a Day event and posted on our website.  We are very excited about this new initiative and looking forward to identifying some of our Valley’s best and brightest entrepreneurs.  Supporting emerging companies is an increasingly important element of economic development and our association feels strongly that this competition will trigger business growth and identify promising new companies throughout the Valley.

Registration will be online for MBA in a Day later this week, but you can call me or email me with any questions!