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Watch This Video Before Starting Your Journal Business Plan PDF!

Checklist for Starting a Journal Business: Essential Ingredients for Success

If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a Journal business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!

For more insightful videos visit our Small Business and Management Skills YouTube Chanel.

Here’s Your Free Journal Business Plan DOC

This is a high quality, full blown business plan template complete with detailed instructions and all related spreadsheets. You can download it to your PC and easily prepare a professional business plan for your Journal business.
Click Here! To get your free business plan template

Free Book for You: How to Start a Business from Scratch (PDF)

A Step by Step Guide to Starting a Small Business
This is a practical manual in a PDF format, that will walk you step by step through all the essential phases of starting your Journal business. The book is packed with guides, worksheets and checklists. These strategies are absolutely crucial to your business' success yet are simple and easy to apply.

Copy the following link to your browser and save the file to your PC:

https://www.bizmove.com/free-pdf-download/how-to-start-a-business.pdf

How to Delegate Tasks Effectively

1. Delegate to someone who is naturally responsible and accountable.

Anything less and you've got a problem.

2. Link performance to salary.

Make the task/accountability that you're delegating a requirement for the person to get paid.

3. Identify what the signs/measures of failure are.

This way, you can inform the person, in advance, what isn't acceptable, and what you'll be "looking out for...." This works.

4. Identify the measurables of the job/task/item.

Then, you'll both know if the job is getting done.

5. Develop an iron-clad reporting system.

A daily checklist, a weekly report, a monthly financial statement, a weekly meeting. Whatever it takes.

6. Install an oversight process.

Have someone else that you trust to check in/check up on the employees performance, results, accuracy, honesty.

7. Identify consequences for inadequate performance, in advance.

This way, no surprises and whatever actions you take are not punitive or arbitrary.

8. Double-check the work yourself from time to time.

This means to review the work, chat with customers, get outside verification.

9. Build in a system of continuous improvement of the delegated task/accountability.

This keeps the employee focused on creating new and better ways of doing what you need.

10. Customize a reward/incentive package, if appropriate.

Everyone has their own unique way to be motivated. Make sure that you understand theirs and create something around that, not around your own way. But don't be too generous -- that usually backfires. Remember, you're their employer, not their friend or business partner.

How to Form a Business Partnership That Lasts

After choosing one another as potential partners, establish mutual ideas, goals, and philosophies operating in the team you are developing.
Look for enough compatibility to challenge and stimulate one another over time, as well as the presence of mutual trust.

Choose a partner whose strengths complement the limits of the other partner, and vise versa.

Establish the project or core focus of the partnership that is being created.

Determine the kind of Partnership that will be created.
Will it be Equal, or possibly an Associate relationship, or any other possible combinations in between? Factors such as determining level of financial risk, availability of time and energy for the project, and prior existence of any intellectual property tied to the project are
some key items to consider. Hiring a Coach that has expertise in this area is recommended during the formative stages of the partnership, and at any time such support is needed in the future, in order to protect the best interests for each partner involved.

Develop a sound financial compensation plan for profits received that both partners agree to in a signed document or contract.
Legal representation for the partnership may be appropriate at this juncture.

Determine what roles each partner will play during the course of the project, defined and clearly documented for future reference.
Be accountable to your role, until both partners change the structure of roles established.

Create and support the intent to continually place a working plan into action,
review the results of the action taken, and making expedient and necessary shifts that will support the health of the partnership over the lifespan of the alliance.

If possible get the support of your immediate support system established before entering into partnership.
You will need to educate them about expenditures of time, money, energy and other resources that will be needed to successfully launch the project(s) your partnership represents.

Have planned, regularly schedule meetings on a weekly basis.
These meetings will be set up for the purpose of discussing the wins and challenges, what's working and what's not, areas of discord and mutual planning for future growth and expansion.

Set a minimum time period that both partners will agree to a "no exit" clause.
New ventures take time to be planted, watered and nourished, weeded and ultimately harvested.

 

 

Predict Your Future. Do not use a crystal ball to make forecasts of your business. By carefully analyzing the historical trends of
your business, as shown in your records for the previous five years, you can forecast for the year ahead. Your record of sales,
your expertise with the markets where you market, and your general knowledge of the economy should enable you to predict a revenue
figure for the next year.

When you have a Sales prediction figure, make up a budget demonstrating your prices as a proportion of that figure. In the next
year, you can compare actual P&L figures to your budgeted figures. Thus, your financial plan is an important tool for determining
the health of your business.

Make Timely Decisions. Without action, predictions and conclusions about the future aren't worth the paper they are written on. A
decision that doesn't lead to action is a bad one. The pace of business needs timely as well as informed decision making. In case
the owner-manager would be to remain ahead of competition, you must move to control your destiny.

Powerful Decision making in the small business requires several things. The owner-manager should possess as much accurate
information as possible. With these details, you need to determine the effects of all possible courses of actions and the time
demands. When you have made the decision, you have set up your business so the decisions you make could be transmitted into
actions.

Control Your Business. To work, the owner-manager needs to be able to motivate key people to acquire the results intended for
within the price and time limits allowed. In working to attain outcomes, the small business owner-manager has an advantage over
large business. You can be flexible and fast while many large firms must await committee action before a choice is made. You don't
have to get permission to act. And equally important, bottlenecks to implementing new methods may get your personal attention.

One of those Secrets is in determining what items to restrain. Even in a small business, the owner-manager should not try to be
all things to everybody. You ought to keep close control on people, products, money, and some other tools that you consider
significant to maintaining your operation pointed toward profit.

Manage Your People. Most companies realize that their biggest expense is labor. Yet because of the close contact with employees, a
few owner-manager of small businesses do not pay sufficient attention to direct and indirect labor costs. They have a tendency to
think of those costs concerning people rather than relate them to profit with respect to dollars and pennies.

Here Are Some Suggestions regarding personnel handling:

Gradually Review each position in your business. Take a quarterly look at the job. Is work being duplicated? Is it structured so
that it encourages the employee to become concerned? Can the tasks be given to another employee or employees along with a position
eliminated? Can a part-time individual fill the job.

Perform A little private mental game. Imagine you have to eliminate one worker, If you needed to let 1 person go, who'd it be? How
can you realign the jobs to make out? You may find a real solution to the fanciful problem is possible to your financial benefit.

Usage Compensation as a tool rather than seeing it as a essential evil. Reward quality work. Investigate the potential for using
increases and bonuses as incentives for higher productivity. By way of example, can you envision bonuses like morale boosters
through seasonal slacks or other dull periods?

Recall There are new ways of controlling absenteeism through incentive compensation plans. For instance, the owner-manager of one
little company eliminated vacations and sick leave. Rather, this owner-manager gave each worker thirty days annual leave to use as
the worker saw fit. In the conclusion of the calendar year, the employees were paid at regular rates for the depart that they did
not use. To qualify for the year-end pay, the employee had to establish that sick leave was shot solely for that purpose. Non-sick
leave had to be applied for in advance. Because of this, unscheduled absences and overtime pay have been reduced significantly. In
addition, workers were happier and more productive than they were under the old system.

Control Your Inventory. Don't tie up all your cash in stock. Utilize a perpetual inventory system for a cost control rather than a
system just for taxation purposes. Establish use patterns or buy patterns on the substances or items you have to stock to keep the
minimum number required to provide your clients to preserve production. Excessive inventory, whether it is finished merchandise or
raw materials, ties up capital that could be used to better advantage, for instance, to open a new sales territory or to purchase
new machinery.

Centralize your Purchases and avoid duplications. Be a comparative shopper. Verify orders in writing. Get the price and amount
straight right away.

Check what you Receive for quality and condition. Assess bills from suppliers against quotations. You don't want to be the victim
of their mistake.

You should, However, keep one fact in mind when you set up your inventory control system. Do not spend more on the management
system than it will yield in savings.

Control Your Products. From control of stock to control of products is but a step. Make sure that your sales people understand the
importance of promoting the products that are the most lucrative. Align your service policies along with your own markup in mind.
Arrange your goods that low markup items require the least handling.

Control Your Money. It is good policy to handle checks and cash as though they were perishable commodities. They are. Money in
your protected earns no return; also it Can be stolen. Bank promptly.

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