I recently spoke at the local DIA AGM here in Salmon Arm on "How To Position Your Business In Changing Times." Through part of my research I met with a local businesswoman who I sat down and interviewed and got her insights on how she has successfully positioned herself. Cookie the owner of Culinary Inspirations (
http://www.culinaryinspirations.ca/) is the inspiration for this first blog. Cookie started her business two and a half years ago just before Halloween 2008. For those of you who may recall that was really the start of a major economic downturn. Further, she was starting a business in a community that is normally heavily reliant on tourists that come to enjoy the wonderful lakes and amenities our community provides and is world famous for during the spring and summer months. Despite these odds she has been profitable every month in business and has grown her business twenty percent per year. Cookie and all her great staff have done so well primarily due to two reasons. First, she has created a corporate culture and atmosphere that is customer focused and kind and respectful. People are greeted as they come in to her store and as they leave and always with a smile and enthusiasm. Customers love going in because it feels like they are coming home. She also responds to her customers and requests and gives a personalized service that make all her customers feel special. This has lead to her business getting a great reputation locally and has meant her business continues to grow by word of mouth and she doesn't fall victim to the seasonality of many other businesses that rely heavily on the tourists (diamonds in her own backyard is the thought that comes to mind).
The other important thing I learned about Cookie and Culinary Inspirations was the value of having a detailed and written business plan. She told me she spent two years developing her business plan and doing all the research before she even opened up the business. She still uses the business plan to this day. She stated it allows her to stay on track and target and not be swayed by ideas that may be working for others. An interesting thing Cookie did that I found especially interesting was after her first full year she went back and put her actual numbers back into her business plan and was extremely close to the numbers she put together in the original plan. I find this amazing as most people just starting a business normally exaggerate the numbers. Cookie admits that much of her success is also instinct and living by the golden rule.
So what does this mean to you? I sincerely hope it means you see the value in having a written and detailed business plan. Below is a partial list of what a detailed business plan can do for you:
1. How to prepare for change and assess and mitigate potential risks
2. How to capitalize on opportunities and overcome business challenges
3. How to conduct/assess competitor analysis
4. How to define and act on a niche market
By now I know there are many other benefits to having a business plan but I hope you all see that there is significant value in having one for yourself and your business. If you don't feel you have the experience or expertise to do one on your own or you want an objective opinion and approach then get help. There are many organizations that can help (like Community Futures in Canada) or individuals who specialize in this area. I also think having another person who can help hold you accountable to your goals and plan is of equal importance. This individual will also care about your success and will be part of your success team.
I love working with entrepreneurs and businesses and would love the opportunity to help you as well. I look forward to your feedback and requests for topics or information and providing value to you and your business. Thank you for taking the time to follow Corey the Coach.
