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[M306]Master In Business Administration

by Elaine Masters, Ela

Online Business Education – Operational Risk Management Training

Over and over again as I work with small business owners I find some don’t have much of a plan, little own a Master Business Plan. Sure, I find the more successful ones do, but rarely do I find that they work their plan well or that the plan is actually comprehensive. This is great for my consultancy of course because we have something really powerful to get moving on. We need a Master Business Plan.

I guess I’m a bit like a builder, they can’t start without a plan and neither can I. How can I help you as much as I am capable of if you and I don’t have your Master Business Plan.

This is the easiest and most common sense way to make a comprehensive Master Plan:

1.Create Picture No. 1. This is a picture of what your business looks likes to you. It can be now or it can be in 1 year, it can be longer. If you don’t know what it looks like how do you know what you want your living picture to be. To get anything you have to see it first.

2.Create Picture No. 2. This is a picture of what your business looks like from the inside. Think about this as an outsider would so that your emotions don’t get in the way. Be objective so that you find both the good and the bad. Know how you really are.

3.Create Picture No. 3 This is a picture of what your business looks like from the outside. You need to know and think about how you are perceived and how the market place is affecting you. Again, be objective so that you can find both the good and the bad. Know how your are perceived.

4.Create your Master Picture. This becomes your master plan. It is the combination of your pictures 2 and 3. You have a list of all the bad and all the good. Now you can turn the bad into good. This is your guide to the actions you need to take to have the business you want. You know what makes up your picture.

5.Know what actions you will take. All the bad things need to have your ideas about how you will turn them into good things. This will give you a very clear picture of the right actions to take. A clear picture contributes to a clear plan

6.Know how long each action will take. Think through what is required for each action to be put into effect. This will give you a realistic understanding of the work you will need to do for each one. You can then work out how long each one will take. You can create timeframes to work with.

8.Know what your priority actions are. Think about the effect each action will have when it has been completed. It makes sense to set targets against each one in terms of when you want to achieve the results. You’ll know what is of more urgent importance.

7.Know when you will take these actions. This is really important to the business. You know what’s involved and you know the priorities. You need to schedule these into your daily activities so that you complete the actions when you want to and need to. You have clear steps to take.

9.Know how it feels when you achieve your plan. How you feel will determine how committed and focused you are to your plan. When you consider your Master Plan look at the benefits you will gain, and how these benefits will make you feel. Visualise it because that will get you motivated.

10Track your progress. If we don’t know how we are tracking its hard to keep your momentum going. You also need to make sure you are dealing with the challenges that are slowing you down perhaps. You need to maintain your sense of achievement as you tick off the completed actions. Know that you are on track and achieving.

Business and personal growth is the linchpin for great business owners.

This is a common sense, practical way to make sure you know how to do Master Business Plans. Take advantage of FREE online business coaching and masimise your Operational Risk Management Training Opportunity.

More tips for becoming a successful small business owner can be found at my website:

Master Business Planning
Elaine Masters
Business Consultant & Coach
Master Your Business
Online Business Education
Operational Risk Management Training
http://www.businesscoachingsite.com

The overwhelming success of a famous local bakery store in Singapore that has expanded in 9 other countries resulted from a single branch that only started 8 years ago. You can find 7-11 stores in almost every corner of the streets locally and internationally, deriving from the fact that it started from a store selling ice blocks. Giant brands did not always start big in their industry. They all started with a good idea through an outlet.

Franchising and Licensing Association (FLA) Singapore invited business consulting firm, Astreem Corporation to present on “How to Market Your Franchise & Develop Your Master Franchise Structure". The seminar was held at the National Library Board on 29th May 2008. Attendees were invited by FLA and are mainly from companies that have business investments, are intending to go into franchising, already franchising and want to go international and a few that are already franchising overseas. The speakers who presented in the seminar were franchise consultants, Felipe Matibag, Senior Consultant of Astreem and Hsien Naidu, Director and Founder of Astreem. Topics covered in the seminar were:
Basic principles of international franchising & franchise business opportunities
Checking readiness to franchise overseas & franchise opportunities
Developing the rules of engagement through management consulting
Determining sources of revenue and fee structure
Preparing financial models with business consultants
Setting up the Master Franchise operations with franchise consultants
Marketing your franchise with marketing consultants

Mr Matibag believes that the seminar was very helpful in spreading the gospel of international franchising. “There are many well-established local franchise opportunities that will be very successful overseas and they need to see the benefits of doing it and the processes involved. Most of our Asian neighbours view Singapore franchise opportunities as very good source of franchised brands to grow in their respective countries. One reason is that they consider Singaporean brands to be as good as successful as US and European brands yet less expensive and more suited to the Asian taste."

“To build a successful franchise chain, you must be a relentless brand builder and self-promoter. You need a clear brand image, a powerful brand message and a strategy for communicating it to the world which Astreem’s marketing consultants are well-trained at," stated Mrs Naidu.

Article Source : How to Write Business Plan

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Both Elaine Masters & Emily Yung are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Elaine Masters has sinced written about articles on various topics from Stress Management, Business Plan and Finances. . Elaine Masters's top article generates over 165000 views. to your Favourites.

Emily Yung has sinced written about articles on various topics from Franchise Opportunities In, Franchise and Business Plan. Emily Yung is a franchise marketing consultant in Astreem Corporation. Astreem Corporation is a business and franchise consulting company that specializes in helping business owners to grow their business through franchise development and business matchi. Emily Yung's top article generates over 49500 views. to your Favourites.