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Clearly define your business idea and be able to succinctly articulate it. Know your mission.

Be willing to commit to the hours, discipline, continuous learning and the frustrations of owning your own business.

Conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality, service, and be aware of the outside influences that effect your business.

Seek help from other small businesses, vendors, professionals, government agencies, employees, trade associations and trade shows. Be alert & ask questions.

When planning the short- or long-term funding requirements of a business, it is more important to forecast the likely cash requirements than to project profitability etc. Whilst profit, the difference between sales and costs within a specified period, is a vital indicator of the performance of a business, the generation of a profit does not necessarily guarantee its development, or even the survival. Bear in mind that more businesses fail for lack of cash flow than for want of profit.

Effective meetings that produce results, begin with meeting planning. Identify whether other employees are needed to help you plan the meeting. Then, decide what you hope to accomplish by holding the meeting. Establish doable goals for your meeting. The goals you set will establish the framework for an effective meeting plan. Your meeting purpose will determine the meeting focus, the meeting agenda, and the meeting participants.

You need a business plan that addresses the tough issues head-on. The issues that bankers and investors really care about; the issues that will determine your success. Your plan needs to include: A realistic competitive analysis. A strategy that sets you apart from the competition. A marketing plan that fits your budget. Sales and profitability projections that you can justify and achieve!

Learning how to network effectively is a great way to build your business. By taking the time to meet with other businesspeople and discovering how you can help them and they can help you, you can develop relationships that will provide great rewards for you in the future.

Business Letter Writing: When you write a letter you create an image of you and your company in your reader's mind. A good letter should be effortless reading that makes you want to read more. It should be clear and concise, with short sentences and simple words. It should keep to the facts and be easy to read and to understand.

In a small business, poor management of time will prevent the business from reaching its full potential. Many demands are made on you because you are totally responsible for operating the business. The workday can be long, tiring and frustrating due to poor planning and people controlling your time and work. Time is wasted doing things that should be done in a few moments or not at all. All of us have the same amount of time; the challenge is using this resource effectively.

Whether starting a business or attempting to grow one, effective planning is the key element to ensure success. No company can expect to articulate its' goals or to secure financing without a well-conceived and well-presented business plan.