Company is coming - are you ready?
This self assessment and tool kit is designed to help you make sure your business is 'market ready'. 'Market readiness' refers to having the product and experiences you offer to your target customer groups ready to go to market in a fashion that will lead to customer satisfaction, and make you some money in the process.
This tool kit is organized around five modules:
- A Know Your Customers
- B Tune Your Offers to Fit Their Expectations
- C Deliver Quality Service
- D Engage in Market Development and Marketing
- E Keep Things on Track
Each of these five modules is explored in a separate section of the toolkit. You can work through each module separately and at your convenience; there is no need to do it all at once. You can return to the tool kit as many times as you want to check out a different section or find a new resource.
Selecting a module will take you to introductory comments on the topic and pose questions about your business for you to consider. After each set of questions there are links to on-line resources and tools that could help you improve your market readiness.
Have a Business Plan and Budget
Do you develop an annual business plan and budget to guide your management activities? Do you refer to it often? If so, then you have a business planning tool to use in setting out your market readiness action plans. If not, you should think of adding this important management tool to your business.
'You need to know where you need to go if you expect to be able to get there!'
The results of your market readiness planning need to flow into an annual business plan and budget.
Do you have a business plan?
What is a business plan and why should you have one?
A business plan is a written document outlining the direction of the business over a specific period of time. The length of time depends on the business but typically a plan spans three to five years. A business plan describes the purpose of the business, its objectives, identifies what is required to start and run the business (capital, development, marketing and human resources), and outlines the sources for those requirements and/or creates an action plan to achieve identified goals.
The process of writing a business plan compels the operator to look closely at what they are proposing. The completed plan provides a realistic sense of the opportunities and risks associated with the business and serves as a benchmark against which future business performance will be assessed. A comprehensive plan can assist operators with attracting investors or obtaining financing from a financial institution. The more information a potential investor or financial institution has about your business, the better they are able to evaluate the chance for success. A good business plan explains how and why a business will succeed.
Your business plan should be reviewed regularly and updated periodically to reflect changes in the marketplace and in the development and operation of your business.
Links to "How to" Resources
These resources provide information on developing a Business Plan as well as a range of information on many aspects of running a business.
Canada Business
http://www.newcanadabusiness.ca/eng/guide/2089/
This site provides links to a variety of resources to help the user prepare a
business plan including business plan templates and an online business planning
application.
Centre for Entrepreneurship Education and Development
http://www.ceed.info/
CEED is an Atlantic Canada organization that provides programs and resources to
assist entrepreneuers. Programs are offered in Entrepreneurship Education,
Professional Development and Training, Small Business Financing and Resources,
and Social Entrepreneurship. Their web site includes an Entrepreneurs Tool Box.
Nova Scotia Government Site - Access to Business
http://www.gov.ns.ca/snsmr/business/
This site provides resources on starting and operating a business in Nova
Scotia. Look under 'Before Starting', then 'Planning' for links to resources on
developing a business plan.
Starting and Running a Tourism Business
http://tpr.alberta.ca/tourism/tourismdevelopment/startingatourismbusiness/default.aspx
This Alberta government site has lots of information on different types of
tourism businesses and links to resources, including one on Developing a
Business Plan.
Canada Business Services for Entrepreneurs
http://www.canadabusiness.ca/gol/cbec/site.nsf/en/index.html
This site provides extensive information and resources for entrepreneurs in
Canada.
Managing for Business Success
http://strategis.ic.gc.ca/epic/site/mfbs-gprea.nsf/en/Home
Provides information, tools and advice on many aspects of operating a business.
