Fixed costs are constant regardless of the level of business activity. Every breakfast or lunch is an opportunity to be with one of your customers. An essential part of this is getting to know more about existing and prospective vendors and clients. Pricing is one fundamental element.

Maintain your Competitive Edge through Human Resource Management

If your business model is based on the idea that you will order what you need from your suppliers after you have taken an order from a customer, then you need to make sure you have very strong supplier agreements in place ' ideally backed up by a relationship with one person in the supplier firm who you can get to know personally and talk to as often as you need. It could take the form of a letter to yourself, written from five years in the future, describing all you have accomplished and how it came about. When you have people problems, it's a reflection on the effectiveness of your leadership. Don t make assumptions when you re looking at a new product or service idea.

You can tell investors where you are in your industry with a good descriptive company name

Accessing and developing resources in the business network are complex, long-term and multilateral. Economic recessions can also cut both ways. While putting together your numbers, include a capital reserve fund to spend on special projects or to be used for unforeseen emergencies. Only a single glance at the industrial world is needed to show that here is room for the advent of genius of the first order.

Know your target audience and know it well

The Yerkes-Dodson Law says that performance increases with stress, but only up to a point. Maybe you stand for the right to education for every child around the world, or are very sensitive to gender equality. Does a vision statement even have a place in a business plan? Then trim the fat.

Determine companies that are relatively new

You can get your business to work by installing people systems and a training program. It s advisable NOT to put your home up for collateral it s simply too big a risk. You want to reveal any positives that your business may have and make sure they receive due consideration. Today, with the Internet, you have the capacity to research and find real data.

Don?t spend money on Operations before you?ve made it

One such alternative is crowd funding, which uses the power of the internet to pool together lots of very small amounts from individuals to make a sizeable sum which can then be invested in small firms to help them grow. A lot of fledgling start-ups were able to get off the ground this way without any funding simply by adopting this method and trading on credit for a while. When is the last time your project manager held a meeting without you leading it? If there is a liability issue, real or apparent, acknowledge it and describe how you will deal with it in your plan.