Business Planning Archives

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How to Succeed as a Rural Small Business

June 15, 2023

You were country when country wasn’t cool. And now you’re ready to launch your small business at the core of rural America. It may not always feel like your big dreams can become reality in a small town, but in 2023, rural businesses are thriving. According to the U.S. Department of Agriculture, the nation’s manufacturing jobs — once the beating heart of rural economies — sharply declined through the 2000s. But in the last few years, those jobs have been replaced by service and retail roles, largely in small businesses.

Consulting Traction in 6 Easy Steps: A Business Fable of Helping Clients Reach Their Dreams

June 13, 2023

Imagine it is your last counseling session of the year with one of your favorite clients, Zoe. Together you are celebrating her record-setting year-end profits and revenue. For the first time ever, she was able to pay meaningful bonuses and her team is ecstatic. She’s made plans to invest some of her profits in a new location. Yes, there were challenges along the way, but for the first time Zoe felt her business’s performance was not all on her shoulders. Her team stepped up and were instrumental in making it happen.

As you and Zoe reflected on what made the difference, six key steps stood out.

If you want to build a Multi-million Dollar Company, start with the end in mind and have a plan

April 19, 2023

By Profit Soup

A good way to build your business value is to start with the end in mind. For example:

- What do you want to accomplish?
- What do you need, financially, to move on after you’ve accomplished it?
- What is your exit strategy?

To create value is to maximize the combined return that occurs throughout your tenure of ownership and when you exit. If you can identify the return you wish to receive both along the way and at the end of the road, you can build a plan to achieve it. How and when you intend to exit the business will determine what you need to accomplish before that day comes.

Mastering Financial Literacy: A Guide to Making Sound Financial Choices as a Business Owner

March 21, 2023

It’s estimated that the average person makes up to 35,000 decisions a day. If you’re a small business owner, you’re likely making thousands more than that — and some of those decisions can either make or break your business. Arm yourself with financial literacy for business owners to ensure every decision you make brings your company closer to success.

What Is Financial Literacy?

Financial literacy is the continued learning and understanding of money management best practices, including budgeting, investing, and saving. It’s a crucial process of self-education that sets you up for financial stability and success, and it applies to both business-related and personal finances.

Starting a Food Product Business in 8 Steps

March 14, 2023

Starting a food product business can be an exciting and challenging venture. There are several steps involved in the process, which we will outline below:

Step 1: Develop Your Product Idea

The first step in starting a food product business is to develop your product idea. Consider your strengths, interests, and passions. Conduct market research to determine if there is a demand for your product, and if there is already competition in the market. You can use online resources, such as Google Trends and social media platforms to gather information on market trends, and learn about what customers are looking for in food products. Identify what makes your product unique and why it will appeal to customers.

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