B6
Thursday, August 28, 2014
business
calgaryherald.com
CAPITAL IDEAS CAPITAL QUESTION:
UPCOMING:
What makes a great business plan?
Mobile Monday Startup Calgary
SEPT
08
Entrepreneurs share tips for crafting a roadmap for success
A chance for those in the mobile ecosystem to connect, learn and share with each other When: 6 p.m. to 8 p.m. Where: Cardel Theatre (180 Quarry Park Blvd. SE) Admission: Free. Details at startupcalgary.ca/programs/mobile-monday
Art of Leadership conference
SEPT
08
Connect with over 1,800 of Calgary’s most notable professionals When: 8:30 a.m. to 5 p.m. Where: TELUS Convention Center, north building (120 9th Ave. SE) Admission: $499 to $899. Details at theartof.com
BNI Vibe Breakfast Networking
SEPT
10
Network with twenty of Calgary’s finest business owners When: 7 a.m. to 8:30 a.m. Where: Venue 1008 (1008 14th St. SE) Admission: $25 (includes breakfast). Details at bnivibe.eventbrite.ca
Are you ready for entrepreneurship?
SEPT
18
An interactive workshop from Alberta Women Entrepreneurs on the entrepreneurial life. When: 5:30 p.m. to 7:30 p.m. Where: The Parlour Room at The Commons (#150, 1900 11th St. SE) Admission $29 to $39. Details at awebusiness.com
Photo by Kelly Zenkewich/Capital Ideas
Devesh Dwivedi, business coach at Idea2Inception (idea2inception.com), presents on how to create a two-sentence business plan at The Business Link’s Network and Learn event, held at the Calgary Public Library central branch on August 19. “The budget. The results of this may tell you your million-dollar idea may not be so profitable after all. [Be ready to] plan, analyze and adjust.” — Shawn Alain, president of Viral In Nature — viralinnature.com “A great business plan is one that really makes you stop and think about where you are now and where you want to be five, 10, 15 years down the road. If you go into business not knowing where you want to end up, you will have nothing to aim for and trouble monitoring progress.” — Jackie Appleby, owner of Primp & Polish Beauty Boutique — primpandpolish.ca “Simplicity, realistic forecasts and assumptions, and use of diagrams and images to explain complex concepts and processes are the key to a great business plan. You’re never sure of who will read your plan; bankers, investors, partners and customers all have different educational and experiential backgrounds ... so keep it simple and realistic to make sure your readers get your points and stay interested.” — Devesh Dwivedi, business coach at Idea2Inception — idea2inception.com “Have an exit plan. When you start a business plan, you’re thinking about running your business — it’s a given. But very few people actually think about how they are going to leave the business … It’s better for you to decide what it will be rather than leave it up to chance or fate. Start with the end in mind.” — Steve Fylypchuk, business broker at Murphy Business Alberta — murphybusiness.ca “We use a business planning tool that includes, but is not limited to: Values, purpose, targets, goals, actions, key initiatives, core competencies, profit, critical people and processes, quarterly accountabilities and even a SWOT analysis, all in one simple and easy-to-use document. It’s a phenomenal tool and it keeps us on track for our quarterly reviews — it helps us generate a great business plan!” — Carmen Goss, president of Prominent Personnel — prominent-personnel.ca “Accurate and relevant knowledge of your industry, customers, competitors and product [is key]. Knowledge is power. Without the right information, your plan will lead you in the wrong direction.” — Julia Harrington, business and finance librarian for Calgary Public Library — calgarypubliclibrary.com “A good business plan is well-researched. I’m a big believer in gathering pages and pages of information, including the worstcase scenarios and backup plans. Don’t be afraid to be realistic, crunch the numbers and face the realities. To be an entrepreneur you have to be an optimist, but you also have to know what the worst case scenario is and what your out is. Then condense it all down and make it concise.” — Allison Keating, owner of Floss Dental Hygiene Care — flossdhc.com
“Every business should have a good business plan. It should be simple, realistic, easy to understand and easy to implement. Some plans are used for specific reasons, like applying for a business loan or to attract investors, whereas mine is used to define my business and is only for the internal management of my company. I use deadlines and forecasts to keep Sun 7 Designs on point, and it sets me on the right track to increase sales annually.” — Valery Klassen, owner of Sun 7 Designs — sun7designs.com “A plan with a vision and goal in mind that is engineered backwards will reduce or eliminate barriers and stalling.” — Bob McInnis of Remarkable People — remarkablepeople.ca “[A business plan] has to be a living document that isn’t thrown in the drawer and forgotten. It’s the road map to success … We advise our clients to revisit and tweak frequently based on changing conditions.” — Sue McMaster, principal consultant at QUEST Communications Inc. — questcommunications.ca “In a word: Deadlines. A business plan without any scheduled dates for completion and follow-through is nothing more than a wish list. Frankly, the ability to execute — that is, to move an idea from concept to implementation — is what differentiates an entrepreneur from a dreamer.” — Margot Micallef, founder and president of Oliver Capital Partners Inc. — olcapa.com “A great business plan is one you will actually use. It’s simple enough that you can get it done, fluid enough to grow with, and inspiring enough to pull you through tough times. It connects client needs to your brilliance, and paves a clear line to profit and market positioning.” — Paula Onysko, founder of Paula Onysko Coaching & Consulting — paulaonysko.com “A great business plan has all the elements of knowing what you want to do, who you want to do it for and why you are in this business. It’s essential to business … It’s also great for evaluating yourself and keeping business owners accountable.” — Ave Peetri, director of Coaching by Ave Peetri — coachingbyavepeetri.com “Sometimes we get too caught up in the numbers and our specific goals. Don’t forget to integrate your values and what’s important to you about your work, and create time for stillness, reflection and replenishment.” — Michelle Phaneuf, conflict manager at REA-Reaching Enduring Agreements — reaagreements.com “A good business plan has a great story to tell about [your] business concept, product or service that provides a solution to customer challenges. It has to be believable, doable and sustainable. A good business plan should also include a marketing strategy, a sustainable implementation plan with a timeline and a budget.” — David Saxby, president of Spark Communications Inc. — sparkcommunications.com
Have an event that Capital Ideas should know about? Contact us at hello@capitalideascalgary.com. “Details, details, details! A great business plan clearly describes how your business will function, who will do what and when, and how much money will be spent and earned. When preparing your financial forecasts, use a spreadsheet to calculate different scenarios. I also use conservative revenue estimates and leave a 50 per cent cushion for unexpected expenses. Remember, even the best business plan may be wrong, but you can always write a new version!” — Richelle Skrilec, founder and CEO of shopandshare.ca “A great business plan is something that a business owner or business management team can look to for guidance. They can fall back on it when they are questioning what they are doing, and it can put them back on track. It’s realistic, not hypothetical — it’s something that you can actually put into place.” — Jack Zenert, marketing and business consultant at ZedBiz — jackzenert.ca
These answers were collected from attendees of The Business Link’s Network and Learn event on Aug. 19, as well as from Capital Ideas members. For your weekly opportunity to share your business advice the way these members have, join us at capitalideascalgary.com.
NEXT QUESTION: What do you want to learn? Being an entrepreneur means constantly picking up new skills and broadening your area of expertise, which is why we want to hear from you. What do you want to learn? Visit capitalideascalgary.com to respond to the question — we’ll publish the best answers, along with your name and the name of your business, in the Calgary Herald.
B U S I N E S S OW N E R S H E L P I N G B U S I N E S S OW N E R S
JOIN US! Get expert advice on your biggest challenges
Share insights with entrepreneurs like you Appear in the Calgary Herald
SIGN UP at
capitalideascalgary.com
Questions? Contact us at hello@capitalideascalgary.com. Follow us on Twitter @capitalideasyyc