Tom’ s Top 10 Tips
PLANNING YOUR BUSINESS FOR YOUR BEST NEW YEAR! TOM WILSON
Tom’ s Top 10 Tips
1. Write your business plan for a lay person, not a specialist in your industry. Keep it simple. Never outsource your business plan.
2. Create a Board of Directors. It doesn’ t have to be formal. Utilize mentors, peers, and friends.
3. Secure employees, partners, and resources with direct experience in your area of business, even if they have had failures.
4. Use focus groups to test ideas( get some friends together for a focus party).
5. Manage cash flow and capital very carefully. More businesses fail for negative cash flow than for lack of profit.
6. Plan for the potential. Most financial goals take twice as long and twice as much capital as forecasted.
7. Passion, persistence and hard work = over half of success.