A commonly held belief in business is that if someone can’t afford your product, then you either need to make it cheaper or find a different customer. However, the truth is that Customers rarely make decisions based on price; they make decisions based on perceived value.

Mary Kay Ash of Mary Kay Cosmetics famously stated: ‘Ideas are a dime a dozen. People who implement them are priceless.’ This is where a business coach can be invaluable. The fastest way to learn is to study a successful person who has walked the path you want to walk.

Ok, so you’ve done your homework and your business idea is feasible. You’ve started your business and you’re ready to conquer the world. What’s the next step in business best practice? A business plan. 

Starting a business is an incredible journey, but it’s not one for the faint-hearted. As an accountant and business coach for over 11 years, I know what it takes for an SME to succeed in a sea of competitors. The best piece of advice I can give? Proper planning!

According to Census data in the USA, more than 40% of all small businesses started up for under $5,000. 64% of entrepreneurs in a recent Intuit survey started with less than $10,000. But whether you are starting with a little or a lot of cash, forecasting is essential for any business to survive. All businesses must deal with uncontrollable variables but a forecast will prepare you for the future as much as possible. The main purpose of a forecast when starting a business or considering a new business idea is feasibility.

An effective business planning process gets to the heart and soul of your business.