Yesterday’s message look at why the market downturn enhances the value of a small multi currency business.
Your own small multi currency business can be especially effective in producing income and securing your financial well being…plus fun and gratifying as well.
Multi Currency Income Business Plan
When you develop your own small multi currency business, a business plan is important but there is a catch.
Your business plan should not be too absolute.
We can never know exactly how our small multi currency businesses will evolve. The reality is that too much planning discourages many from getting started. Some potential businesspeople think they need a plan as an absolute map to follow.
This assumption is wrong. Can you imagine drawing a map to a place where no one has ever been?
Trying to plot the future is meaningless, complicated, frustrating, anxiety producing, and, quite frankly, a waste of time. Even worse, there is danger in trying to rigidly follow business plans because they are always inaccurate.
Yet some business planning can help bring success.
The question is how much?
Successful business plans are not maps. They are lights to help us see our first steps and they are mirrors that reflect on and brighten our passions.
Business plans are frameworks for our study to become experts. They support our confidence and act as waypoints along our business evolutionary path. They are markers that help us learn from experience.
Business plans are evolving sets of spark plugs, which ignite and continually restart the five-step evolutionary business process.
See more about this five step process at Small business Starts
Creating a business plan forces us to refine our idea, to gain knowledge, and gives us confidence to take action. Then it helped us learn from the action we take.
Marketing and Balance
After the business plan (even before we create our product) comes marketing.
A good small multi currency business requires five elements for success.
#1: Well-planned idea.
#2: Money management system.
#3: Legal structure.
#4: Marketing focus.
#5: Product-delivery system.
These five elements must be balanced.
A business can initially err in most of these functions and survive, but to succeed, the one function that must work from the beginning is marketing.
A business can refine its books if its initial accounting is not perfectly balanced. A business can squeeze through cash flow and financing difficulties. Firms can make up for hiccups in initial production and quality control. A company can improve if delivery is not smooth. Yet none of these problems exist, if marketing does not work in the first place. The world does not beat paths to our door just because we build better mousetraps. We have to let the world know.
All five business elements need to be enhanced at all times by marketing and the money management system. Marketing is the engine that generates the power of action within a business. Accounting and money management are parts of the steering and braking mechanism that help the business maintain a profitable direction.
Marketing is initially most urgent because, though accounting and money management are important, if marketing fails there is no business. There is nothing to count and no money to manage.
Once a business is off the ground, money-management becomes more important. Many businesses fail because managers fail to balance marketing with money management. If a business gets a good start using good marketing, there is a chance it will experience growing pains. This is the time to ease these pains with better money management. Excessive marketing can complicate rather than resolve growing problems. In the beginning, however, good marketing must come first.
Three of our upcoming courses can help you create a multi currency business. See details below.
Until next message, may all your plans bring success.
Join us at our Farm in the Blue Ridge. Here are delegates at a previous course with Thomas Fischer and me at our seminar hall on the farm.
Join Steve for our Import Export Tour. Here is a couple who have set up their own roving export business from this tour.
November IBEZ. Here are delegates enjoying Ecuador’s winter sun in our open air courtyard during a course coffee break.