B6
BUSINESS
W e d n e s d a y, A p r i l 1 5 , 2 0 1 5 ED M O N T O N J O U RNAL e d m o n t o n j o u r n a l . c o m
CAPITAL IDEAS c apital id e a se dm o nto n .c o m
P R O J E C T L E A D E R : K A R E N U N L A N D , 7 8 0 - 4 2 9 - 5 2 6 0; k a r e n @ c a p i t a l i d e a s e d m o n t o n . c o m
COMMUNITY QUESTION:
UPCOMING:
What have you learned from putting together a business plan?
APR
20
Lunch with John Herdman
Entrepreneurs reflect on committing their company’s paths to paper
MAY
Alberta Business Hall of Fame Gala
CAPITAL IDEAS
Local University: Search Marketing Seminar
“Putting together a business plan is a bit like taking a napkin sketch and turning it into a prototype — it takes an idea and makes it real. And believe me, an idea that stays on a napkin or in your mind, no matter how brilliant, is little better than no idea at all. A solid business plan is an entrepreneur’s best way to say: ‘Here it is. Take a look.’ They can hold it in their hand. It gives substance to the dream.” — Mark Kandborg, president of All My Sins Productions — allmysinsmovie.com “I have put together between 60 to 70 business plans. When you put it all together, it becomes a lot easier to see the holes in your business. Once you know where the trouble spots are, it’s much easier to fix them.” — Kevin MacDonald, business consultant at L6S Business Consulting Inc. — L6SBC.ca “Unless the business plan is meant to be a living document (i.e. updated weekly), don’t bother with one. Things change so rapidly, and the realities you face will very likely be vastly different than what the business plan anticipated. As such, it’s good to create the plan, but know that it needs to be maintained and updated regularly. Finally, even when you think your estimate for revenues are conservative, reduce them even more, and then some. Maybe then it will come close to reality.” — Ashif Mawji, CEO of NPO Zero — npozero.com
PHOTO SUPPLIED BY: MIKE MACK
Mike Mack, founder of X5 Management (x5management. com), says that writing a business plan has been invaluable to his company. “It has allowed us to better understand the strategic direction that makes the most sense for us. The process of writing or completing a plan is imperative to any business, regardless of size. Putting it to paper and creating priority-based action has allowed us to be more effective with the execution of the plan. It’s a vital roadmap!”
“We encourage our clients to invest a little time, effort and resources into developing a business plan. If your plan leads you to abandon the concept, compare that to the costs had you proceeded! On the other hand, if you have a home run, your plan prepares you for expansion and attracting needed growth capital. In between, your plan helps make more effective use of resources and guides you into the future.” — Jim Ewing, co-founder of Pro-Vision Solutions Inc. — linkedin.com/in/ JimEwingProVision “I kept a copy of my first business plan that I prepared and signed in 1980. Periodically, I look at my mission statement prepared so long ago and I am amazed at how the power of a signed statement becomes your eventual reality.” — Bob Gaetz, owner, broker and president of Gaetz Realty Inc. — gaetzrealty.com “After putting many business plans together over the past 10 years, the biggest thing I have learned is that there are always numerous things you didn’t think about. It may seem like you have everything figured out until you start writing it down and putting it all together. That is the beauty of a business plan; it will always tell you what you are missing so you can move forward 100 per cent prepared.” — Stacey Hogbin, owner of Wevive Fitness — wevivefitness.com
“The value in a business plan is the doing of it. You will think of things you would have never thought about otherwise as you go through the process. What is your target market? Why will people buy from you? What need does this business fulfill? What products or services have the most profit margins? Without a business plan, you are like a ship in the ocean without a way to navigate. You are running on hope.” — Laurie McNaughton, owner and coach at ActionCOACH — actioncoach.com/ lauriemcnaughton “The No. 1 underlying factor for any business startup is risk taking; an all-inclusive business plan will help you understand and overcome the fear of taking risks. Our business plan helped us understand that there are more negative consequences in not taking any risks at all … Have no fear, embrace the concept of making mistakes and be willing to find solutions with patience and openness, especially with all the great resources you have available to you online.” — Ahmad Sabetghadam, CEO and head chef at Sabzy Persian Grill — sabzy.net “A genius is often merely a talented person who has done all their homework. After coaching hundreds of startups and judging the Venture Prize competition, I’ve learned that it’s a lot better to open a new business first on paper and then in reality. In other words, test drive the concept.” — Jim Spiers, business coach, facilitator and mentor at Microbusiness Training Centre — microbusiness.ca “We have our clients list the tasks they anticipated having to complete themselves to accomplish their goals. Then we have them block off time in their calendars to complete these tasks. We’ve often found that the original list of tasks creates a schedule that’s not practical to maintain. Thus we work with the entrepreneur to identify what tasks should be delegated or eliminated. Then we adjust the goals to ensure we have a realistic plan.” — Josh Spurrell, president of Spurrell & Associates Chartered Accountant — spurrell.ca
These answers are in response to a question posed by TEC Edmonton (tecedmonton.com) as part of our Community Question series. The 13th annual TEC VenturePrize Awards Celebration, highlighting the top finalists in the TEC VenturePrize business plan competition, will be held on April 29 at the Shaw Conference Centre. For more information and to get your tickets, visit ventureprize.com.
07
MAY
28
Join John Herdman, head coach of the Canadian women’s national soccer team, as he takes you on a journey of how the team has risen to worldwide prominence Where: The Westin Edmonton (10135 100th St.) When: 11:30 a.m. to 1:30 p.m. Admission: $59.95 to $79.95. Tickets at edmontonchamber.com
An evening with Junior Achievement Northern Alberta to celebrate new inductees Where: Northlands Expo Centre (7515 118th Ave.) When: 5:30 p.m. to 9 p.m. Admission: $350. Tickets at jacan.thankyou4caring. org/northern-alberta/abhof-2015
A full-day workshop where you’ll learn how your business can use the Internet to get more customers Where: Lister Centre, University of Alberta, (87 Avenue and 116 Street) When: 8 a.m. to 4 p.m. Admission: $199 Tickets at localu.org/capideas
For more great events, visit capitalideasedmonton.com/edmontonevents.
“I had to complete a business plan as part of the now defunct Alberta Self-Employment Training Program. It was beneficial, but not for the reasons one might think. I didn’t need funding, so I wrote it for my target audience and turned whole sections of it into my website content. It was a great time-saver, and by writing in plain, concise language, I probably made the plan more usable for the bank, too.” — Nikki Van Dusen, president of NikComm Inc. — nikcomm.ca “If you have an idea, check out Business Model Canvas; it’s valuable as both a learning and planning tool. And remember, just because a venture isn’t a ‘growth’ business doesn’t mean it isn’t worth pursuing. Filter your feedback, try not to take things personally, and don’t be afraid to fail.” — Jared Zamzow, founder of Rhynopack — rhynopack.com “My business plan transformed my business life from random to orderly. By setting goals, I have much better control over my cash flow and I’m able to set bolder goals. Furthermore, I achieve them.” — Karolina Zitnansky, image consultant and owner of Style & Chic — styleandchic.ca
CAPITAL QUESTION: If you had $100,000, how would you invest it in your business? It’s fun to imagine what you might do with a surplus of cash, which is why Wellington Holbrook, executive vice-president of ATB Business, is curious to hear from you: If you had $100,000, how would you invest it in your business? You can answer the question in two ways: • Open today’s Capital Ideas email if you’re a member, or • Visit capitalideasedmonton.com We’ll publish the best answers, along with your business name and website address, on April 22. For more great information on what business owners in Alberta think, visit atb.com/businessbeat.
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